Companies from Europe, the Middle East and Africa are exploring potential stock market listings in the UAE, as overseas businesses show growing interest in accessing the country’s capital markets despite a slowdown in regional IPO activity.
Foreign-incorporated companies currently represent only a small portion of listings on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX). However, Emirates NBD Capital CEO Hitesh Asarpota said there has been significant interest from high-quality companies outside the GCC looking at potential UAE listings.
The UAE entered 2026 with expectations of three to four IPOs, with several companies initially targeting listings between April and June. However, a number of anticipated offerings have since been delayed or remain on hold.
Potential candidates include Dubai Investments Park, which has been considered for a possible listing before the end of the year. Digital classifieds company Dubizzle has yet to revive its previously postponed Dubai listing plans, while Etihad Airways and real estate developer Binghatti Holding have also been widely identified as potential future IPO candidates.
Market participants said the slowdown in IPO activity was already developing before the US-Iran conflict, as investors became increasingly selective over valuations and new offerings. The conflict subsequently added further uncertainty, affecting both issuer and investor confidence and contributing to delays or withdrawals of planned listings.
Despite the more selective environment, investor appetite remains for companies offering exposure to new sectors or strong growth opportunities, particularly when offerings are appropriately priced.
IPO activity across the GCC has also moderated from previous highs. IPO proceeds declined from a record USD 13.7 billion across 53 listings in 2024 to approximately USD 7 billion in 2025, amid lower oil prices, valuation concerns and changing global investor flows.
International investors have historically represented around 15% to 25% of demand for UAE IPOs. Asarpota expects this contribution to settle at approximately 10% to 15% as market conditions stabilise.
The growing interest from foreign companies could broaden the UAE’s future IPO pipeline and further strengthen Dubai and Abu Dhabi’s position as regional capital market hubs for companies from outside the GCC.
Source: AGBI
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
