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Citigroup seeks to do more business in Gulf area
(MENAFN) Over the past two years, Citigroup Inc.'s C.N investment banking team has grown by 50 percent, and more employees are being hired in Saudi Arabia and the United Arab Emirates to compete with rivals looking to profit from the booming Gulf IPO market.
With the help of high oil prices and government-sponsored privatization initiatives, the Gulf region has emerged as a promising market for the sale of public shares this year.
According to Refinitiv data, Gulf issuers have raised roughly USD16 billion in IPO proceeds this year, or about half of the total IPO proceeds from Europe, the Middle East, and Africa.
In stark contrast to the United States and Europe, where global banks have been reducing headcount due to a lack of dealmaking, the growth in Gulf equity capital markets. This year, Omar El Duraie, the director for power, renewables, and utilities at Citigroup, relocated from London to Dubai.
According to Miguel Azevedo, Citi's head of investment banking for the Middle East and Africa, excluding South Africa, it intends to increase its workforce in Saudi Arabia and the United Arab Emirates by the end of the year.
With the help of high oil prices and government-sponsored privatization initiatives, the Gulf region has emerged as a promising market for the sale of public shares this year.
According to Refinitiv data, Gulf issuers have raised roughly USD16 billion in IPO proceeds this year, or about half of the total IPO proceeds from Europe, the Middle East, and Africa.
In stark contrast to the United States and Europe, where global banks have been reducing headcount due to a lack of dealmaking, the growth in Gulf equity capital markets. This year, Omar El Duraie, the director for power, renewables, and utilities at Citigroup, relocated from London to Dubai.
According to Miguel Azevedo, Citi's head of investment banking for the Middle East and Africa, excluding South Africa, it intends to increase its workforce in Saudi Arabia and the United Arab Emirates by the end of the year.
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