Deutsche Bank is expanding in Saudi Arabia and the United Arab Emirates as the lender expects sovereign bond sales and initial public offerings to drive deals this year.
The Frankfurt-based bank plans to hire in Dubai and Abu Dhabi to cover sovereigns and large corporates, Jamal Al Kishi, chief executive officer for the Middle East and Africa, said in an interview in Dubai. It’s also built its team in Saudi Arabia to about 90 people on expectations that the nation’s stock exchange may be upgraded to emerging market status by two major index providers this year.
“We are definitely more positive on the outlook for deals this year across sovereign bond sales, equity capital markets and privatizations,” Al Kishi said. “We also expect to see a lot of private sector companies tapping markets for both equity and debt.”