Some 33 companies in the Middle East, including the Gulf oil producers, raised $8.69 billion (Dh31.9bn) by selling shares to the public in the first half of the year, a surge of 79.9 per cent from the same period last year, Ernst & Young said in a statement.
Around the world, total capital raised in IPOs fell 59 per cent to $37.4bn in the second quarter compared with the same period last year, with the number of offerings slashed by more than half, the consultancy firm said.
During the same period, Middle East IPOs raised 21 per cent more than they did in the second quarter of 2007.
"The region has shown some resilience as a result of liquidity created on the back of continuously increasing oil prices," Phil Gandier, a manager at Ernst & Young Middle East, said in the report.
The regional IPO pipeline remained "optimistic", Gandier said. Oil prices have surged more than six-fold since 2002.
Top global oil exporter Saudi Arabia was one of four countries accounting for half of the capital raised globally in IPOs in the quarter, along with China, Brazil and the United States, Ernst & Young said.
"Companies that have either withdrawn or postponed – their IPOs would revisit going public once they realise market conditions in the Middle East region are less fraught with the uncertainty that is persisting in other regions," Gandier said.
On its own, Alinma Bank of Saudi Arabia raised $2.8bn in an IPO in May – about 82 per cent of the total capital raised in the country in the three-month period.
"The trend in the market is fewer but larger IPOs," Ernst & Young said.