Top Bankers Descend on Dubai Ritz as Aramco IPO Work Starts - Bloomberg:
Dozens of bankers from Citigroup Inc. to JPMorgan Chase & Co. descended on the heart of Dubai’s financial district on Thursday to start work on the mammoth initial public offering of Saudi Aramco.
Executives from Morgan Stanley and local investment bank Samba Financial Group also turned up for the kickoff meeting at the opulent Ritz Carlton hotel, just one day after news of their appointment came out. Every now and then, some would exit the closely guarded meeting room -- marked by an electronic sign bearing Moelis & Co.’s name -- passing guests on their way to the pool overlooking the office towers of Dubai International Financial Centre.
Representatives from Saudi Arabia’s sovereign wealth fund and finance ministry could also be spotted at the five-star property, which is fronted by a limestone facade and rows of palm trees. Around 5:30 p.m., several of the dark-suited dealmakers began trickling out to relax in the art-deco environs of Cafe Belge, known for its pots of mussels and a selection of Trappist beers costing up to 100 dirhams ($27) a pop.
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