Bankers in the Middle East aren’t getting much of a summer break this year, with a number of initial public offerings slated for the fourth quarter and a strong pipeline already building for 2024, according to Citigroup Inc.
The Wall Street firm has received a number of requests for proposals for offerings as the region continues its run as a hot spot for share sales, Rudy Saadi, head of Middle East and North Africa equity capital markets, said in an interview with Bloomberg TV on Monday.
“We expect to launch a number of IPOs in Dubai and in Saudi Arabia post the summer,” he said, without giving a number of deals. “The pipeline is solid, it’s promising for post the summer and 2024.”
IPOs in the Middle East have fetched $5.1 billion so far this year, exceeding volumes seen during the same period in nine of the last 10 years, data compiled by Bloomberg show. Only 2022 was busier, with $14.7 billion raised this time last year, according to the data.
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