Total regional IPO deal values in all of this year came in at approximately one-sixth the value of all IPOs last year, according to a report by Ernst & Young.

Middle East markets raised $2.06 billion from 15 IPOs by November 25 this year as compared to $12.46 billion in all of last year.

Of the four regional IPOs between October and November of 2009, three were Saudi Arabian insurance companies and one bank in Syria.

Syria's Albaraka Bank, part of the Bahrain-based Albaraka Banking Group, was the biggest IPO raising $37.23 million followed by Saudi Arabia's Gulf General Co-operative Insurance Company (Al Khaleej Insurance) at $21.3 million.

Al Alamiya Co-operative Insurance Company and Buruj Co-operative Insurance Company, both from Saudi Arabia, raised $16 million and $13.87 million, respectively.

'In 2009, IPO activity was concentrated in three countries,' said Ernst & Young Middle East transaction advisory services managing partner Phil Gandier. 'Qatar raised $952.03 million, Saudi Arabia raised $1.03 billion and Syria raised $76.99 million in 2009.

'There has been no IPO activity in any other country in the Middle East in 2009. It is difficult to foresee with any certainty when the IPO activity will pick up even though as many as 114 IPOs have been announced.'

Globally, after stagnant markets in the first two quarters, IPO activity started to pick-up in the second half of this year, principally driven by deals from Asia and South America.

These two regions have raised $68.6 billion in listings so far this year accounting for 72 per cent of the total IPO value, according to the update.

The number of deals for the 11 months is dramatically down this year, with only 459 IPOs listing so far compared to 740 deals for the same period last year.

The capital raised globally in the first 11 months of this year was $94.9 billion, which is at parity with the amount raised in the same period last year.

'Emerging market activity has dominated IPO markets this year with Chinese companies the largest source of total funds raised globally,' said Ernst & Young strategic growth markets global vice-chair Gregory K Ericksen.

'Brazil's stock market has seen a flurry of activity, notably in financial services. China and Brazil are clearly playing an integral role in leading the global economic recovery.'

IPO activity in North America declined in value by nearly 38 per cent, from $26.6 billion in the 11 months last year to $16.6 billion this time with 66 IPO listed so far this year.

European IPOs only accounted for 10 per cent of total IPO deals and a modest $5 billion in value. This compares with 22 per cent of total value of IPO deals last year, with 160 IPOs raising $13.6 billion.-TradeArabia News Service