Overall, 2023 is undoubtedly a dismal year for global IPO performance, but the listing activity in the Middle East region is exceptionally hot, and this momentum is likely to continue into 2024. According to data compiled by the media, the total amount of funds raised through IPO in the Middle East in 2023 was 10.5 billion US dollars, which is not as high as last year's 23 billion US dollars, but it is also the third highest year since 2007. In 2019, due to the listing of Saudi Aramco, this figure reached $312. The data also shows that the Middle East region accounts for 45% of the total IPO volume of EMEA (Europe, Middle East, and Africa) this year, and this proportion is 51% in 2022. Although not as good as last year, bankers predict that the pace of Middle Eastern IPOs will not slow down quickly given strong growth, government reforms, and favorable investor demand. Christian Cabane, Head of Equity Capital Markets at Bank of America EMEA, stated that the IPO prospects for the Middle East and North Africa region in 2024 are very strong. He added that the difference between this and the next two years may be that in 2024, more private companies will be able to enter the market.