A new reporty by Ernst & Young has found that Initial Public Offering (IPO) activity in the Middle East rose significantly in the first quarter of 2010, recording a five-fold increase in the funds raised. Five IPOs in Saudi Arabia and one in Qatar made up the geographical composition of the regional IPO market for the first quarter of 2010. Mazaya Qatar Real Estate Development Co, with an offer size of $144.2m was the Middle East's largest IPO, followed by Saudi Arabia's Herfy Food Services ($110.2m) and Alsorayai Trading Industrial Group ($64.8m).