After the GCC’s 2022 IPO boom, there has been a slowdown in 2023. But GCC countries still saw 46 IPOs with total proceeds worth $10.79 billion, with the UAE raking in $6.07 billion from eight IPOs (the biggest of which was ADNOC Gas), according to Kamco Invest.
[Download full list of UAE IPOs since 2022 – Excel | 2024 UAE IPOs | 2022 UAE IPOs]
A company may need to adjust its DEI policies and practices to meet regulations when preparing for an IPO.
For instance, each new company floating on the Abu Dhabi Securities Exchange (ADX) or Dubai Financial Market (DFM) must meet the 2021 quota for one woman per listed company board, set by the Emirates Securities and Commodities Authority (UAE SCA) in 2021.
The average size of IPOs in the UAE financial markets amounted to about $759 million, Kamco Invest reported – much higher than the average $124 million size of listings in other GCC countries.
[Find out more –NOORA, Aurora50’s network for corporate women |
The Inclusion Summit, where hundreds of DEI change-makers meet in UAE]
Maitha Al Murar, Group Chief HR Officer, AD Ports Group, says there is “no lack of female Emirati talent”.
Investment research firm MSCI upgraded First Abu Dhabi Bank’s (FAB) environmental, social responsibility and governance rating from A to AA in April, putting it in the ‘leader’ category – in part due to the bank joining Aurora50 as a corporate partner for the Pathway20 boardroom accelerator programme.
A new report shows that 6.7 percent of CEO positions in the UAE are held by women, higher than the global average of five percent.