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  "documentTitle": "2022: a record year for MENA IPOs",
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  "authorName": "EY",
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  "notes": "The slide highlights volatility in 2022 due to macroeconomic factors and provides specific year-end performance figures for major regional indices.",
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      "kind": "callout",
      "text": "Following a deal with IMF, EGX-30 crossed the 2022 finishing line achieving y-o-y gains of 22.2% reversing earlier losses to become the Middle East's best performer in 2022.",
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      "text": "MENA exchanges performance",
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      "kind": "disclaimer",
      "text": "Notes: The US$/EGP exchange rate has changed from 15.76 as of 1 January 2022 to 24.76 as of 31 December 2022. Most GCC countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the US$.",
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      "text": "Market return: 22.2%",
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      "kind": "paragraph",
      "text": "MENA equity performances experienced volatility during the course of 2022 as a result of rising interest rates, inflation and geopolitical unrest which impacted investor sentiment. At the end of 2022, 24 out of the 51 MENA IPOs had a negative return compared to their IPO price. Following a deal with IMF, EGX-30 crossed the 2022 finishing line achieving y-o-y gains of 22.2% reversing earlier losses to become the Middle East's best performer in 2022. Abu Dhabi also finished strongly with its General Index generating a return of 20.3% followed by the MSM General Index at 17.6%. Boursa Kuwait increased by 6.2% followed by the Bahrain All Share index which increased by 5.5% and the DFM General Index was up at 4.4% for the year. The Tadawul ended 2022 marking its first annual loss at 7.1% in seven years despite hitting its highest level in nearly 17 years in May 2022. Qatar Stock Exchange (QSE) also ended at a loss with an 8.1% decrease by the end of 2022.",
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      "kind": "source-note",
      "text": "Source: Refinitiv Eikon.",
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      "kind": "title",
      "text": "MENA equity markets",
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      "evidence": "The document highlights the need for IPO readiness.",
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