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FinancialNews
23-11-22
Citigroup aims for additional contracts in Gulf region
(MENAFN) Citigroup Inc's C.N investment banking team has surged by 50 percent in size during the last two years as well as additional people are being recorded in the UAE and Saudi Arabia, joining rivals looking to take benefit of a red-hot Gulf initial public offering market.
The Gulf region has developed into a bright place for public stake sales in 2022, triggered by peak oil costs and administration-directed privatization plans.
Gulf issuers have collected around USD16 billion in IPOs in 2022, amounting to around 50 percent of overall IPO proceeds from Europe, the Middle East as well as Africa, as shown by Refinitiv data.
The expansion in Gulf equity capital markets is in severe compare to the US and Europe, where worldwide banks have been reducing headcount in a dealmaking deficiency.
Citigroup encouraged its director for power, renewables as well as utilities, Omar El Duraie, to Dubai from London in 2022.
MENAFN23112022000045014228ID1105222871
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