Barclays’ Head of CEEMEA Equity Capital Markets, Nikita Turkin, said global markets are entering a period that looks “largely more of the same,” with artificial intelligence acting as a key structural driver and equities becoming increasingly attractive relative to debt. “We are in a scenario where rates are declining, volatility is muted… and there is a greater focus on equities rather than debt,” he told reporters.
Following the post‑pandemic downturn, equity capital markets (ECM) volumes have steadily recovered. Turkin noted that 2025 closed “at its highest level since then — broadly comparable to 2019.” He expects momentum to continue, adding: “Our house view is that ECM activity will accelerate. We expect more deals next year… the pipeline is as strong as it has been in several years.”
In the Gulf Cooperation Council (GCC), the IPO pipeline is particularly deep. The region experienced a breakout year in 2022 and has maintained “a broadly solid run” since, despite market fluctuations. Turkin pointed out that over 50 companies publicly rumoured to be considering IPOs make it “one of the strongest IPO pipelines globally.” IPOs alone accounted for 45 percent of total ECM volumes in 2025.
Despite perceptions of a slowdown, issuance levels remained robust. “Issuance was around $12 billion, similar to 2023,” Turkin said, noting that market share shifts were driven more by changes in Europe than by weakness in the Gulf. Barclays is increasing its presence in the region, expanding research coverage, adding local sales teams, and obtaining a provisional licence in Saudi Arabia. Turkin said the bank’s 50‑year history in the Gulf underpins its “long‑term commitment and confidence in the region.”
Turkin highlighted the growing sophistication of Gulf markets, pointing to the rise of accelerated bookbuilds, fully marketed offerings, and rights issues. UAE exchanges, he said, demonstrate particular agility. “The authorities are quick to recognise when regulations need to be updated,” he said, praising the Dubai Financial Market and Abu Dhabi Securities Exchange for a “commercial and proactive” approach that compares favourably with major European markets. He expects the UAE to increasingly attract listings from companies outside the GCC, predicting that within a decade, international firms will routinely choose the UAE for their IPOs.
On oil price concerns, Turkin said he remains unfazed. Barclays forecasts Brent crude around $65 through 2026, while investors focus on fundamentals rather than oil. With the UAE generating roughly 70–74 percent of GDP from non‑oil sectors, diversification is firmly embedded. “There is a strong sense of optimism, ambition, and global orientation,” he said, noting regional companies are pursuing international listings, such as AIR Global’s recent debut in the U.S.
Looking ahead, Turkin expects cross‑border activity to continue evolving. Most companies may prefer local listings but will maintain flexibility between Saudi Arabia and the UAE. For firms with significant U.S. growth, American listings will remain relevant, yet Gulf markets, he said, are now firmly on the global map.
