DUBAI: Citigroup Inc’s C.N investment banking team has doubled in size over the past two years and more people are being added in the UAE and Saudi Arabia, joining rivals seeking to take advantage of a red-hot Gulf intial public offering market.
The Gulf region has become a bright spot for public share sales this year, boosted by high oil prices and government-led privatization programs.
Gulf issuers have raised about $16 billion in IPOs this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.
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