EFG Hermes’ Karim Meleka sees IPO, infrastructure momentum in MENA amid reforms

Held under the theme MENA Investment Playbook, the recent 19th EFG Hermes Annual One-on-One Investor Conference in Dubai brought together 220 companies from 12 countries and 675 institutional investors and fund managers representing 252 global institutions.

With more than 15,000 meetings conducted, the forum reaffirmed its status as the region’s largest and most influential investment platform. It provided a valuable opportunity to explore investment strategies shaping the Middle East and North Africa.

We sat down with Karim Meleka, co-head – Investment Banking at EFG Hermes, on the sidelines of the event to discuss the outlook for IPOs, infrastructure investment trends, and how the firm is navigating a challenging global macroeconomic landscape while maintaining a strong deal pipeline.

How would you describe the overall sentiment at this year’s conference, particularly from an investment banking perspective?

The sentiment was very constructive. There’s a strong appetite from investors to explore opportunities in MENA, especially in markets like the UAE and Saudi Arabia. From an investment banking standpoint, we’re seeing continued momentum in IPOs, particularly in sectors aligned with national transformation agendas — such as infrastructure, logistics, fintech, and consumer goods. The conversations we’ve had at the conference have reaffirmed that the region remains a bright spot amid global volatility.

What trends are currently driving deal activity across MENA?

A few key trends are emerging. First, government-led privatisation programmes, especially in the GCC, continue to generate a healthy pipeline of IPOs. Second, there’s a growing focus on infrastructure and sustainability-linked investments, which ties in with the region’s long-term strategic goals. We’re also seeing cross-border M&A activity pick up, with regional champions looking to expand their footprint beyond domestic markets. And finally, there’s more private capital stepping in to fill financing gaps in underserved sectors.

With global macroeconomic uncertainty, how is EFG Holding adapting its investment banking strategy?

We’re staying agile by focusing on sectors with strong fundamentals and long-term visibility. Our strategy is to align closely with economic reform agendas in key markets like the UAE and Saudi Arabia. We’re also leveraging our advisory expertise to guide clients through volatile environments — whether that’s optimising capital structures, preparing for IPOs, or identifying strategic partners. Being present on the ground and maintaining strong local relationships has been instrumental.

There’s been a lot of focus on infrastructure. How significant is this space to your deal pipeline?

Infrastructure is critical. It’s not just traditional assets like roads or ports — it includes digital infrastructure, renewable energy, and logistics networks. Governments are increasingly partnering with the private sector to accelerate project delivery. We’re currently advising on several infrastructure transactions, some involving international players looking to invest in long-term, stable assets in the region. It’s a space we expect to remain very active.