• The UAE has recorded no IPO listings so far in 2026, against three IPOs raising $1.1 billion in 2025, per Dealogic as cited by The National.
• Morgan Stanley's Dan Simkowitz says some pipeline deals are paused but most are underway, and expects an IPO rebound once the conflict is resolved or stabilises.
• Gulf debt capital markets reached $1.2 trillion outstanding at end-H1 2026, per Fitch Ratings, with more than $100 billion raised this year.
• The World Bank expects Gulf economies to contract by an average of 4.3% in 2026, a sharp downgrade from its April forecast.
• This is a banker's expectation, not a dated pipeline: no specific deal or timetable was confirmed in the source.

The UAE's IPO market is empty for 2026, and a senior Morgan Stanley executive says it should reopen once the Iran war ends. Dan Simkowitz told The National on October 11 that a rebound is coming, while Gulf debt issuance has stayed busy. This is a view from a bank, not a priced deal: no specific listing, range or date was confirmed in the interview.

No listings yet in 2026

The UAE has recorded no IPO listings so far in 2026, according to The National's report on Simkowitz's remarks. Dealogic data cited in the same report shows three UAE IPOs raised $1.1 billion in 2025. The Iran war began on February 28, 2026, and a separate EnterpriseAM report from April described issuers shifting timelines from weeks to months, which fits the gap between last year's pace and this year's blank.

Debt markets carry the load

Gulf debt capital markets stood at $1.2 trillion outstanding at the end of the first half of 2026, per Fitch Ratings figures cited by The National, and more than $100 billion has been raised in regional debt markets this year. Simkowitz linked growing bond and credit interest to ADX's equity success. S&P Global Ratings, as cited, noted enduring demand but warned that risks build as benchmark borrowing costs rise.

The macro backdrop and what to watch

The World Bank expects Gulf economies to contract by an average of 4.3% this year, a downward revision of 5.7 percentage points from April, as cited by The National. IMF chief Kristalina Georgieva expects a contraction this year and a strong recovery next year, conditional on normalised shipping. Simkowitz described a higher but temporary risk premium, and said some pipeline deals are paused while most are underway.

The signals to track are a first filing or intention-to-float announcement from the UAE exchanges, durable shipping normalisation, and whether the ceasefire that followed the early-April halt in strikes holds. Until a mandate becomes a filing and a filing becomes a priced deal, the rebound remains an expectation. This is markets reporting, not investment advice.