Saudi Arabia’s stock exchange, which is only open to investors based in the Gulf region, was the number one market for initial public offerings in Europe, the Middle East and Africa this year, while the London Stock Exchange slipped to second after an 81% slump in deal volume over 2008.

There was $9.7bn (€6.8bn) raised on the exchange, more than on the London Stock Exchange, Deutsche Börse or Euronext Paris, according to data provider Dealogic.