Citi is the standout winner of the award for the region’s best bank for advisory in 2023. In a strong year for M&A, it was way ahead of the pack. It advised on 18 completed deals collectively worth $32.1 billion, giving it a 26.5% share of the market, according to data from Dealogic.
And during the awards period, the 12 months to the end of March 2023, it also led in terms of announced deals – transactions declared but pending approval from shareholders and regulators. Citi advised on 18 announced deals worth $24.4 billion over the period, well ahead of its rivals and more than the third- and fourth-placed banks combined.
The year was full of standout deals. Citi advised Abu Dhabi National Oil Company (Adnoc) on its acquisition of a 24.9% stake in Austrian energy-and-chemicals group OMV from the Emirati sovereign wealth fund, Mubadala Investment Company. The deal simultaneously boosted Adnoc’s stake in two petrochemicals firms, Austria’s Borealis and Abu Dhabi-listed Borouge.
Citi also acted as exclusive financial adviser to Dubai logistics firm DP World on the sale of a minority stake in three UAE-based assets – Jebel Ali Port, Jebel Ali Free Zone and National Industries Park – to Saudi Arabia’s Hassana Investment for $2.4 billion.
“We are fortunate to be operating in such a dynamic region that is underpinned with strong fundamentals and a bold leadership executing long-term strategies,” says Hamza Girach, co-head of banking, capital markets and advisory, Middle East and Africa at Citi. “The region is undergoing change, and we expect more to come. Across all of that, our philosophy remains rooted to become the long-term trusted partner to all our key clients with best advice and execution excellence.”
Two other transactions with strong UAE connections stand out. In October, Abu Dhabi sovereign wealth fund ADQ announced plans to buy a controlling stake in Abu Dhabi Aviation and then to merge the commercial helicopter operator with other assets to create a globally competitive aviation business. Citi acted as exclusive financial adviser to ADQ.
Our philosophy remains rooted to become the long-term trusted partner to all our key clients with best advice and execution excellence
Hamza Girach
The other standout deal during the awards period was formation of a joint venture to hold an 81.7% stake in Vodafone’s €14.8 billion towers business. Citi advised Saudi Arabia’s Public Investment Fund on its acquisition of convertible notes representing a 12.5% stake in the joint venture; the deal closed in March 2023.
What has made Citi so strong across the region’s capital markets for so long is its ability to take on a wide range of roles – capital provider, underwriter, financial consultant and adviser. This strength is underpinned by its geographic reach: during the awards period it advised on deals for sovereign, financial and corporate institutions in Kuwait, the UAE, Saudi Arabia and Bahrain, covering multiple industries and sectors.
