Want to Make a Gulf Dealmaker Laugh? Ask When’s the Next IPO - Bloomberg:
Times are especially tough for dealmakers in the Gulf, where the currents battering global markets have converged. But a simple question did brighten a senior banker’s mood the other day: He burst out laughing when asked about his next initial public offering.
The promise that Saudi Arabia would anchor a regional investment-banking boom moved further into the distance after the crash in oil prices and the weekend arrests of senior members of the House of Saud.
The reaction Monday in Dubai’s financial center amid the market rout ranged from gallows humor -- jokes about stocking up on toilet paper -- to resignation to some guarded optimism. The bankers and lawyers all agreed that no clients would be making any critical decisions until the dust settles. Some complained air-travel restrictions related to the coronavirus meant they couldn’t visit those few customers contemplating moves.
“This kind of uncertainty may affect investment decisions and will require strategic and tactical adjustments but will also create new opportunities,” said Miguel Azevedo, head of investment banking for the Middle East and Africa at Citigroup Inc.
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