Political trouble is leading to a contraction in Middle East investment banking.
Outbound M&A by the region’s sovereign wealth funds has been a key driver of investment-banking income up to now. They might continue to take advantage of distressed asset prices in the US and Europe, however, Gulf governments will now have to be mindful of the political implications of using state funds for foreign ventures. “Buyouts will need much clearer justification of the benefits to the local economy,” says one banker.
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