Companies have raised almost $18 billion in the Middle East’s equity markets in 2014 – more than three times the previous record for a year. The bumper 12 months comes ahead of plans by Saudi Arabia to open its doors to direct foreign investment in its $500 billion stock market.

A renewed interest in Middle Eastern markets has seen overall ECM activity in the region rise from $5.45 billion in 2013 to $17.8 billion over the year-to-date, according to data provider Dealogic.