IPO activity in the UAE during the opening months of 2026 is expected to mark a turnaround from this year’s subdued performance, with up to nine mandates currently under preparation, according to multiple sources.
One UAE-based banker said the market is “moving in the right direction” after 2025 saw a slowdown in regional equity capital market activity. Data from S&P Global Market Intelligence shows that 40 IPOs have raised a total of USD5.81 billion across the GCC so far this year, placing proceeds on track for their lowest level since the pandemic-hit year of 2020.
Although proceeds have been dampened by weak post-listing performance from several issuers, analysts maintain that prospects for 2026 remain positive.
“We are already seeing five to six mandates lined up for the first half of next year, in addition to another three that we are aware of but not directly involved in,” the banker noted, adding that the compressed IPO calendar could make it difficult to accommodate all deals, increasing the likelihood of overlapping transactions.
Typically, the UAE’s IPO market gathers pace in the first five months of the year before slowing during the summer, with activity resuming in the fourth quarter ahead of year-end holidays. In 2026, however, the available window may be narrower, as Ramadan is expected to begin in mid-February, followed by the Eid break, a period when IPO activity has historically been limited.
Even within this tighter schedule, several landmark listings are anticipated in 2026. Among them is Etihad’s IPO, expected around the second quarter, according to another UAE banking source. Backed by Abu Dhabi sovereign wealth fund ADQ, the airline’s offering, estimated at around USD1 billion, is likely to rank among the year’s largest.
Other names reportedly considering market debuts in 2026 include Dubai-based real estate developer Binghatti and online classifieds platform Dubizzle Group, which previously opted to postpone its IPO.
