The world's largest oil company has surprised the market by delaying the expected initial public offering of its energy trading business.
- May 13, 2023, 4:00 PM CDT
Signs are emerging that the still continuing IPO boom in the Gulf could be reaching its zenith. Lower oil and gas revenues as a result of falling Brent crude prices, headwinds for the global economy, high inflation in the U.S. and Eurozone, and ongoing central bank interest rates hikes are not only pressuring energy markets, but may also negatively impact proposed IPOs in hotspots Saudi Arabia and UAE.
So far in 2023, almost no IPOs have been listed in Saudi Arabia. In the meantime, in the UAE, the heat is still on. In 2023 Saudi Arabia registered only a value of $72 million in listings, peanuts in comparison to the same period in 2022 when a level of $4 billion was reported.
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