Companies have for many years deserted their home markets for listings in London, which offers deeper liquidity and a path to join the benchmark FTSE indexes. It's a wake up call for local exchanges," said a banking source. Abu Dhabi-headquartered Anghami, the Middle East's rival to Spotify, recently announced it was merging with a SPAC, with a planned listing on the Nasdaq exchange, after achieving the valuation it was looking for.

The UAE recently introduced a raft of reforms, such as a cut in trading fees, aimed at making its equity markets more attractive. But such measures may not be enough. SPAC mergers have become more attractive to Gulf companies which find traditional IPOs more complicated and expensive, yet uncertain to succeed amid lacklustre investor appetite. Trading volumes have declined substantially on local bourses from highs seen in , which indicates that investors interest in those markets has dropped, said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital in Abu Dhabi.

To meet the challenge, the Dubai Financial Market, the emirate's main exchange, is consulting market participants about inviting SPACs to list in Dubai, a source familiar with the matter said. Amsterdam emerging as a capital of sorts for such listings, while Britain has also said it will modernise its listing rules to attract more "blank cheque" flotations in the City of London.

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