Deutsche Bank expects mergers and acquisitions to pick up in the Middle East and Africa next year after a “subdued” 2016, according to the head of the company in the region, Jamal Al Kishi.

Bloomberg News reports that deals and initial public offerings will add to accelerating debt sales as governments seek to fill budget gaps caused by the oil slump, Al Kishi said in an interview in Dubai. Rising borrowing costs and slower growth will encourage private sector consolidation and fundraising, he said.

Next year “looks promising and there is a healthy pipeline of debt capital markets deals, mergers and acquisitions, and even some initial public offerings,” Al Kishi said. By contrast, 2016 has “been a fairly subdued year for the investment banks in the region.”

Bond sales in the region have been among the bright spots for securities firms and Deutsche Bank in particular, as IPOs and deals have been declining. The lender’s market share for bond and Sukuk sales in the Middle East and Africa has increased even as the investment bank slid in its home territory. Deutsche Bank has struggled to stem a slide in its shares and maintain client confidence since the U.S. Department of Justice requested $14bn in September to settle a probe tied to sales of mortgage-backed securities.

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Deutsche Bank Sees Revival in Mideast Deals After ‘Subdued’ 2016

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