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The GCC will continue to attract initial public offerings this year, despite the challenges facing the global economy, with the listing momentum in Dubai, in particular, set to continue.

Between announced and rumoured IPO plans, between 27 to 39 companies could float their shares in the region this year, Kamco Invest said in a report on Monday.

“While we expect the trajectory of interest rate hikes, geopolitics, secondary stock market volatility and oil price volatility to continue to remain risks in 2023, it is worth noting that the prevalence of these factors did not stop strong IPO activity in 2022,” the report said.

Looking specifically at Dubai, the pipeline of government and public sector companies looking to go public continues to rise amid strong economic growth in the emirate.

It is the right time for family offices and small and medium-sized enterprises to list and raise funds for growth and develop financial resilience amid a weakening global economic outlook, panellists told the inaugural Mena IPO Summit in Dubai.

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