Citigroup Says Saudi Is Best Emerging Market for Deals
- Middle East M&A deal pipeline is strong with fees increasing
- Downstream oil, gas, petrochemicals among most active sectors
Skyscrapers stand in the King Abdullah financial district in Riyadh, Saudi Arabia, on Saturday, Jan. 9, 2016. Saudi Arabian stocks led Gulf Arab markets lower after oil extended its slump from the lowest close since 2004.
Photographer: Waseem Obaidi/BloombergSaudi Arabia’s planned privatizations, including a share sale in the world’s biggest oil company, represent the biggest investment banking opportunity in emerging markets, according to Citigroup Inc.
Implementation of the kingdom’s plans to restructure the economy -- known as Vision 2030 -- "could translate into a fantastic wallet for the investment banks," Omar Iqtidar, Citigroup’s head of investment banking in the Middle East, said in an interview in Dubai. "We are seeing momentum picking up, with skeptics increasingly converted into believers of the restructuring," he said.