It’s a good time to be an M&A banker in the Middle East

Oil Drum Stack

Just one month into the year, five banks are merging: a three-way merger in oil-rich Abu Dhabi and a cross-country combination in Kuwait and Bahrain. More deals are in the works.

Bloomberg News reports that as oil prices settle at a new normal that’s barely enough to balance the budget of Gulf Arab monarchies, governments are engineering ways to stay competitive, prompting an unprecedented consolidation wave. Abu Dhabi, home to 6% of global oil reserves, combined three of its investment firms to create a wealth fund with about $250 billion of assets, shortly after another mega-merger between two of its largest lenders.

It’s not only banks that are combining. Saudi Aramco is in talks to acquire Saudi Basic Industries Corp., in what would be Saudi Arabia’s largest-ever M&A deal. Insurers, airlines and other petrochemical firms are said to be exploring potential tie-ups.

Hit the link below to access the complete Bloomberg News article:

M&A Bankers Wanted for Gulf Merger Boom

Warren vs. Wells Fargo Poised to Heat Up During 2020 Campaign

 

 

 

 

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...