Three years ago, Gulf IPOs were the hottest market for global bankers, but volumes have now fallen below $1.1 billion in 2026, driven by regional conflict and a broader slowdown. This downturn has forced firms such as HSBC Holdings Plc and EFG Hermes to chase fees overseas, focusing on Egypt, Turkey, and India. Gulf listing volumes are now lower than quieter markets like sub‑Saharan Africa, which has raised $1.37 billion, and the gap will widen after Dangote Petroleum Refinery’s $1.6 billion IPO, the continent’s largest ever.

While Gulf state‑backed M&A deals surged nearly 200% to $300 billion in the first half, IPO pipelines remain uncertain. HSBC turned to Turkish secondary share sales, raising $1.6 billion this year—double the prior year—and now leads the market with seven deals totaling $552 million. EFG Hermes is deep in Egyptian IPO work, including a potential Cairo listing for fintech unicorn MNT‑Halan’s Egyptian unit, and has advised on offerings for Banque du Caire and Misr Life Insurance.

Emirates NBD, once a Gulf IPO heavyweight, has expanded into India, acquired a stake in RBL Bank, and arranged Airtel Money’s London listing. Executives note that regional investors are seeking global exposure while non‑Gulf issuers tap Middle Eastern liquidity, highlighting a strategic pivot amid the regional slowdown.