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Home»Finance»Citigroup targets more deals in Gulf region
Finance

Citigroup targets more deals in Gulf region

November 23, 2022No Comments2 Mins Read
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DUBAI, Nov 21 (Reuters) – Citigroup Inc’s funding banking staff has elevated by 50% over the previous two years and extra individuals are being added within the United Arab Emirates (UAE) and Saudi Arabia, becoming a member of rivals in search of to benefit from a red-hot Gulf IPO market.

The Gulf area has grow to be a vibrant spot for public share gross sales this 12 months, boosted by excessive oil costs and government-led privatisation programmes.

Gulf issuers have raised about $16 billion in preliminary public choices (IPOs) this 12 months, accounting for about half of complete IPO proceeds from Europe, the Center East and Africa, Refinitiv knowledge exhibits.

The expansion in Gulf fairness capital markets is in sharp distinction to america and Europe, the place international banks have been trimming headcount in a dealmaking drought.

Citigroup moved its director for energy, renewables and utilities, Omar El Duraie, to Dubai from London this 12 months .

It’s planning so as to add extra individuals in Saudi Arabia and the UAE by the tip of the 12 months, mentioned Miguel Azevedo, Citi’s head of funding banking for the Center East and Africa, excluding South Africa.

“This 12 months the area has been extraordinarily energetic whereas the remainder of the world has been on pause,” he informed Reuters.

Many IPOs have had books coated inside an hour or a couple of hours from opening. Some have elevated the dimensions of choices throughout the course of to accommodate robust demand.

Others increasing within the Gulf embody Rothschild & Co (ROTH.PA), which has opened an workplace in Saudi Arabia, whereas Goldman Sachs (GS.N) is hiring bankers for its wealth administration and funding banking companies within the area.

(This story has been corrected to vary first paragraph to say the funding banking staff has elevated by 50%, not doubled)

Reporting by Hadeel Al Sayegh
Enhancing by David Goodman

: .

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