Citigroup Expects Record Gulf IPO Year With Hiring Spree Across Region - Bloomberg

Citigroup Expects Record Gulf IPO Year With Hiring Spree Across Region - Bloomberg

Citigroup Inc. is boosting its presence in the Gulf region as it expects activity including initial public offerings to reach a new historic high.

“2021 was a record year, but I actually believe 2022 will be even better,” Miguel Azevedo, Citi’s head of investment banking for the Middle East and North Africa, said in an interview with Bloomberg TV on Monday. “We are adding resources all across the region. We are basically in Saudi Arabia and in Dubai and we are adding on both of those.”

The Middle East saw a boom in IPOs last year, with Abu Dhabi joining the rush as governments in the region seek to diversify their economies away from oil and reinvigorate their capital markets. Dubai is seeking to close the gap with Abu Dhabi and Riyadh this year with a clutch of planned privatizations, starting with its main utility.

Lured by the region’s deep pools of capital, Wall Street banks from Citigroup to JPMorgan Chase & Co. and Goldman Sachs Group Inc. are seizing on the opportunity to capture market share, expanding teams on the ground in the hope of winning advisory roles.