This MENA business update covers three stories that didn’t make international headlines last quarter. But they probably should have.
First, companies across the region raised $700 million through IPOs in a single quarter. Second, Saudi Arabia’s female workforce hit 36%, ahead of Vision 2030 targets. Third, Dubai’s commercial real estate is running at 90%+ occupancy with prices jumping 60% in some buildings.
None of these are isolated. They’re connected. Let me explain.
Story 1: $700 Million in MENA IPOs
In Q3 2025, 11 companies went public across MENA. Total raised? $700 million. That’s up 120% from the same period last year.
Saudi Arabia accounted for eight of the eleven listings. The biggest one, Dar Al Majed Real Estate, pulled in $336 million by itself. That’s almost half the total from one company.
But it’s not just Saudi. Egypt had a couple of listings. Morocco’s Vicenne debuted. Algeria has companies in the pipeline.
The Sector Shift
Here’s what I found interesting. The sectors shifted.
Earlier in the year, Saudi IPOs were in healthcare and mobility. By Q3, it moved to real estate, hospitality, and retail.
That shift tells you something. When companies in consumer-facing sectors start going public, they’re betting on domestic demand. They’re not just raising money. They’re betting that people in the region will keep spending.
And there’s 19 more companies lining up to go public in the coming months.
Regulatory Momentum
There’s also regulatory movement worth noting:
- UAE now allows combining Board Chair and CEO roles under certain conditions
- Saudi’s CMA is looking at raising or removing the 49.5% cap on foreign ownership of listed companies
These are signals that the region wants more international capital coming in.
The real story in this MENA business update isn’t the $700 million number. It’s that capital markets here are maturing. Companies are getting strategic about timing.
Source: EY MENA IPO Eye Q3 2025
Story 2: Saudi Arabia’s Workforce Transformation
Second story in this MENA business update is about who’s working.
Female workforce participation in Saudi Arabia has moved fast. Back in 2017, it was around 20%. Today? Over 36%.
That’s ahead of the original Vision 2030 target of 30%. They hit it early. The new target is now 40%.
Qatar and UAE are even higher, around 55-60%.
Why This Matters Beyond the Obvious
There’s a straight-up economic argument here.
McKinsey estimated that closing workforce gender gaps in MENA could add $2.7 trillion to regional GDP. That’s real money.
At the company level, the research is consistent. Diverse leadership teams tend to outperform. MSCI data shows higher returns on equity, around 10% versus 7% for less diverse companies.
The Speed is the Story
What I find encouraging is the speed.
A few years ago, this was just a conversation. Now it’s policy. It’s hiring. It’s showing up in the numbers.
Other stats from Saudi Arabia:
- Female unemployment dropped from 16% to 11%
- 45% of SMEs are now led by women
The region is building something different. This workforce shift is a big part of that story.
Source: Arab News, Atlantic Council
Story 3: Dubai Commercial Real Estate Boom
Third story. And this one I’m seeing play out right here in Dubai.
Commercial real estate is booming. And not in a speculative way. In a “companies are physically moving here and need offices” way.
The Numbers
- Office capital values increased 23.7% annually
- Grade B offices in Downtown Dubai and DIFC grew 29.6% year-on-year
- Grade A office occupancy: 90-96%
- Average office valuation: AED 2,000 per sq ft
Some buildings have seen prices jump dramatically:
The Opus: Dhs 3,800 → 9,000 per sqft
Almas Tower: Dhs 3,000 → 5,000 per sqft
Business Bay emerged as a leading location for office transactions, supported by strong economic outlook and corporate expansions.
What’s Driving This
This isn’t hype. It’s demand.
Companies are relocating regional headquarters to Dubai. They need physical space. When occupancy hits 90%+, prices follow.
Projected 2025 appreciation is another 12%. Rental yields are running 7-10%.
For this MENA business update, the real estate story is the clearest signal. Companies vote with their office leases. And right now, they’re voting for Dubai.
Source: ValuStrat Dubai Real Estate Q2 2025, Arabian Business
What Connects All Three
So why does this MENA business update matter?
One word: confidence.
IPO activity surges because companies believe in the region’s growth. More women enter the workforce because policy is enabling it and companies are hiring. Capital flows into commercial real estate because businesses are physically moving here.
That’s not hype. That’s not speculation. That’s confidence backed by capital, regulatory reform, and real demand.
This MENA business update isn’t a news recap. It’s an attempt to understand what changes when policy, capital, and behavior align.
This article is based on my video essay. Watch the full breakdown on Ideas at Desk on YouTube.
