In some years this award is a close decision, with two or three banks vying for the prize. This wasn’t one of those years.
Citi is hands down the Middle East’s best investment bank. In a strong year for M&A, it beat its rivals with ease, completing 18 deals worth $32.1 billion for a 26.5% share of the market, according to data from Dealogic. In a tough year for equity capital markets, it was there when it mattered. And in a solid year for DCM, it ranked number one in per-deal capital raise, completing 29 issues with an average value of $255 million.
In advisory, the US bank advised Abu Dhabi National Oil on its acquisition of a 24.9% stake in the Austrian energy and chemicals group OMV from Mubadala. Another key client, the Dubai logistics giant DP World, sought and secured advice on the $2.4 billion sale of a minority stake in three UAE assets to Saudi Arabia’s Hassana Investment.
Another key regional deal during the awards period was the creation of a joint venture to hold an 81.7% stake in Vodafone’s €14.8 billion towers business, one of the largest of its kind in Europe. Citi advised Saudi Arabia’s Public Investment Fund (PIF) on its acquisition of convertible notes representing a 12.5% stake in the joint venture, in a highly competitive deal that closed in March 2023.
In a relatively dry year for equity capital markets, Citi played a key role on Abu Dhabi petrochemicals firm Borouge’s $2 billion initial public offering on the Abu Dhabi Securities Exchange. Citi led investor dialogue and delivered seven cornerstone investors with $570 million in commitments. The sale drew $80 billion in orders and marked the largest-ever chemicals IPO in the Middle East.
“Citi’s early commitment to the region, holistic coverage of clients on all their banking needs and continuous drive to bring new creative opportunities to our clients are key factors behind this repeated recognition, not to mention our relentless focus on impeccable execution and the singular quality of our team,” says Miguel Azevedo, chairman of investment banking, Middle East and Africa at Citi.
Key factors behind this repeated recognition [include] our relentless focus on impeccable execution and the singular quality of our team
Miguel Azevedo
Another standout sale was the IPO of Dewa, Dubai’s main power and water company, which raised $6.1 billion in April 2022. At the time, it was the year’s second-largest initial stock offering. And it marked the biggest IPO in Europe, Middle East and Africa since the start of the pandemic. The deal valued Dewa at $33.8 billion, making it one of the world’s largest utilities by market cap. Citi was a joint global coordinator on the deal, successfully driving an equity story based on the firm’s position at the heart of Dubai’s energy transition story.
The US bank also delivered in debt markets, underlining its strength in financing in key Middle East markets. A $2.5 billion sale of sustainability-linked high-yield notes by Teva Pharmaceutical Industries in March 2023 was the second-largest deal of its kind, with Citi acting as joint active bookrunner on the transaction.
Another eye-catching deal in the sustainability space was the debut $3 billion RegS green multi-tranche offering by PIF in October 2022. The landmark inaugural green transaction attracted a lot of demand from global investors, with order books topping out at $24.4 billion. Citi acted as global coordinator, joint bookrunner and joint lead manager on the sale.
A host of other, smaller but no less important deals also stand out, including the $800 million inaugural bond sale by Israel Discount Bank, an $825 million debut syndicated term loan facility for Kuwait’s Al Ahli Bank in November and an $800 million primary accelerated equity offering for Bank Leumi.
