MENA IPO Eye. MENA IPO market is set to scale up activity Q The MENA IPO Eye is a. the latest developments,

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1 MENA IPO Eye Q1 21 MENA IPO market is set to scale up activity The momentum seen in IPO activity in Middle East and North Africa (MENA) last year, particularly Mayur Pau MENA IPO Leader The MENA IPO Eye is a the latest developments, Oil and gas tops Company Domicile Sector Amount raised (US$m) Gulf Marine Tunisia Industrial Date of IPO closure Listing date Stock exchange (SE) 11 March 21 Retail Tunisia Telecommunications Qatar Total 128.8

2 Current state of play Consistent with global trend MENA IPO Q1 activity (Q1 211 Q1 21) Capital raised (US$m) 1,8 1,6 1, 1,2 1, $2.1 $82.8 $1,621. $1,28.8 Q1-11 Q1-12 Q1-1 Q1-1 Capital raised (US$m) Volume (No. of IPOs) No. of IPOs 2 MENA IPO Eye Q1 21

3 MENA IPO quaterly activity (Q1 211 Q1 21) Capital (US$m) 2, 1,5 1, 5 $1,621. $1,297.1 $1, $ $7.8 $218.9 $252. $226.1 $9.8 5 $ $2.1 2 $82.8 $ Q1-11 Q2-11 Q-11 Q-11 Q1-12 Q2-12 Q-12 Q-12 Q1-1 Q2-1 Q-1 Q-1 Q1-1 Capital raised (US$b) Volume (No. of IPOs) No of IPOs Global IPO quaterly activity (Q1 211 Q1 21) Capital (US $bn) $6.6 $65.6 $28.6 $29.1 $18. $.8 $29.6 $7.2 $2. $6. $25.6 $7.9 $. Q1-11 Q2-11 Q-11 Q-11 Q1-12 Q2-12 Q-12 Q-12 Q1-1 Q2-1 Q-1 Q-1 Q1-1 Capital raised (US$b) Volume (No. of IPOs) Volume Current state of play highlights MENA IPO Eye Q1 21

4 Key trends impacting MENA IPOs Regional stock exchange take their cue from strong global trend Real GDP growth (%) Y-o-y real GDP growth rate MENA MENA oil exporters MENA oil importers GCC.2 Non-GCC oil exporters e* 21e* GCC aggregate market capitalization (US$/m) Q1 21 Country Market cap, March 21 Market cap, December 21 % change Quarter On Quarter (q-o-q) Qatar Oman Bahrain Total 1, MENA IPO Eye Q1 21

5 Attractive valuations and strong corporate earnings keep Corporate earnings 21 GCC Corporate earnings 21 growth by GCC country 75, % Total GCC 12.% 6, 2% Dubai 6.8% Kuwait 2.% US$m 5,, % -2% Oman Bahrain 21.1% 18.6% Abu Dhabi 1.5% 15, -% Qatar 9.7% Y-o-y growth % -6% Saudi Arabia 6.8%.% 1.% 2.%.%.% MENA IPO Eye Q1 21 5

6 Challenges of MENA IPO markets Key trends highlights 6 MENA IPO Eye Q1 21

7 Broader outlook Spike in infrastructure spending private sector and, in turn, will raise the need for more capital Policy changes to boost listing Emerging Markets Index Listing could address lingering issues of family businesses MENA IPO Eye Q1 21 7

8 Firms rushing to IPOs Broader outlook highlights revenue Companies planning or in the process of making an IPO in 21 (publically announced) Company Acwa Power Omantel Exchange London Qatar Qatar Qatar Tadawul Tadawul Tadawul Tadawul Tadawul Bahrain Muscat Muscat Muscat Muscat Phil Gandier EY MENA consumer products and 8 MENA IPO Eye Q1 21

9 Key events to look out for Event Date Theme Contacts Mayur Pau MENA IPO Leader Darrell Traynor Executive Director Transaction Advisory Services Shahzad Shaikh Manager Transaction Advisory Services MENA IPO Eye Q1 21 9

10 EY Assurance Tax Transactions Advisory About EY ey.com/mena