Approximately $11.5bn as raised in the Arab region through 27 initial public offerings (IPOs) in 2014, said EFG Hermes head of research Wael Ziada. This was compared to $3bn in 2013 through 25 IPOs, Ziada said during his speech in EFG Hermes' One-on-One conference in Dubai on Monday. "Tightening global liquidity, coupled with falling oil prices are likely to lead to a slower first half in 2015 in the GCC, following a very active 2014 for IPOs across the region; however the story is quite different for Egypt, which is going through a different cycle," added Ziada. According to Ziada, EFG Hermes helped lead the regional "IPO boom" last year, co-leading high-profile transactions. Amongst such transactions included Emaar Malls and Dubai Parks and Resorts in the UAE, and the Arabian Cement Company in Egypt, the first IPO in Egypt since 2010. Ziada also noted that his firm is expecting to see mergers and acquisitions (M&A) activities led by Egypt.