Country remains the biggest driver for equity capital markets in region, analyst says
Saudi Arabia will remain the busiest of the Middle East’s stock markets, even as the United Arab Emirates pushes more companies to go public, according to Goldman Sachs Group.
Most of the marquee offerings have posted strong post-IPO performances, sparking further interest from international investors, Wilkinson said. Riyadh has had more listings than any of its Gulf rivals in the past year. Saudi Arabia’s economy, the biggest in the Middle East, has been boosted by the surge in oil prices to more than $85 a barrel and the government easing coronavirus lockdowns. The Tadawul all share index is up 8% this year, making it one of the world’s best performers, data compiled by Bloomberg show.
Goldman has rapidly built its Saudi presence since 2017, when it hired Eyas Aldossari as head of investment banking. That has helped it catch up with rivals including HSBC Holdings and JPMorgan, which have deeper historical ties in the kingdom.
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