Citigroup is eyeing the Persian Gulf countries
2022.11.22 10:51
Citigroup is eyeing the Persian Gulf countries
Budrigannews.com – Citigroup Inc. investment banking team has grown by 50% over the past two years, and more people are joining the ranks in Saudi Arabia and the United Arab Emirates (UAE) to compete in the burgeoning Gulf IPO market.
High oil prices and government-led privatization programs have boosted public share sales in the Gulf region this year.
According to data provided by Refinitiv, Gulf issuers have contributed approximately half of all IPO proceeds from Europe, the Middle East, and Africa this year.
In stark contrast to the United States and Europe, where global banks have been cutting headcount due to a dealmaking drought, the expansion of Gulf equity capital markets is occurring.
Omar El Duraie, Citigroup’s director for power, renewables, and utilities, relocated this year from London to Dubai.
Miguel Azevedo, Citi’s head of investment banking for the Middle East and Africa, excluding South Africa, stated that it intends to add additional employees by the end of the year in Saudi Arabia and the United Arab Emirates.
According to what he told Reuters, “this year the region has been extremely active while the rest of the world has been on pause.”
Within an hour or two of their opening, many IPOs have had their books covered.During the process, some have increased the size of their offerings to meet the high demand.
Rothschild & Co., which has opened an office in Saudi Arabia, and Goldman Sachs (NYSE:) are two other companies that are expanding in the Gulf.is looking for bankers in the region to work in its wealth management and investment banking businesses.
