JPMorgan Chase & Co. is no longer the top dealmaker in the Middle East and Africa after losing ground this year to rivals Citigroup Inc. and Morgan Stanley.
Citigroup leads the regional league table for initial public offerings, buoyed by its re-entry to Saudi Arabia in 2017 after a 13-year absence. It also worked on secondary placements from Egypt’s Hikma Pharmaceuticals and the United Arab Emirate’s Network International Holdings, according to data compiled by Bloomberg.
For Morgan Stanley, advising on the $18 billion merger of National Commercial Bank and Samba Financial Group, one of the biggest bank combinations of the year, helped propel it to the top of the table for takeovers. It also worked with a consortium that invested $10 billion in Abu Dhabi National Oil Co.’s gas pipelines.
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