Power Letters 2024: Moustafa Gad, head of Investment Banking of EFG Hermes, an EFG Holding Company

At EFG Hermes, EFG Holding’s Investment Bank, the leading investment bank in frontier and emerging markets with a current footprint spanning 12 countries across four continents, a transformative wave is set to sweep through our operations in 2024, driven by the strong economic tailwinds in our region.

EFG Hermes enjoys a successful year

We continue to strengthen our presence in the GCC as we ramp up our pipeline of prominent equity transactions across the region’s largest exchange, a testament to our unwavering efforts to capture the rising demand in the region and bring quality, value-generating investment prospects to local and global investors.

We were successful in advising on some of the GCC’s most prominent listings, having advised on ADNOC Gas’ initial public offering (IPO) on the Abu Dhabi Securities Exchange and Al Ansari Financial Services’ IPO following the advisory on the IPO of Dubai-Based Education Platform Taaleem as part of the rise of the private sector led IPOs on the Dubai Financial Market, amongst others.

This underscores our unrivalled ability to continue tapping into the region’s robust pipeline of state-owned and private company offerings that unlock compelling prospects for global and regional investors.

Looking at the landscape, 2024 promises to sustain the momentum in the GCC region, with Saudi Arabia taking centre stage. The depth of the market, particularly in the private sector, makes Saudi Arabia a powerhouse that contributes significantly to the economy.

These signs are already apparent as we witness a surge in demand for both equity capital markets and merger and acquisition, setting the stage for a record number of live mandates entering 2024.

Focus on UAE and Oman

Shifting our focus to the UAE, a market we know intimately due to our over 22 years of presence, having established our operations back in 2002, we are witnessing a noteworthy evolution unfolding.

The private sector is stepping more into the limelight, marking a departure from the historical dominance of government-backed institutions in the IPO arena. This trend, coupled with a surge in private sector activity and a rise in M&A deals, paints a picture of a market on the brink of exciting changes.

In 2023, we also took strides in Oman by actively participating in shaping regulatory frameworks. EFG Hermes has played a pivotal role in facilitating the successful IPO of OQGN – the sultanate’s biggest IPO ever – contributing to Oman’s drive to list state-owned institutions and enriching the stock market.

Our second Omani listing this year follows the listing of OQ’s oil and gas drilling unit, Abraj Energy Services.

Delving into debt capital markets, our success story in Egypt, where innovative financial products were introduced, serves as a benchmark.

As we look ahead to 2024, the anticipated easing cycle from the Federal Reserve is poised to provide an additional economic boost, further solidifying the GCC’s position. This isn’t just a story of financial growth; it’s a narrative of our commitment to fostering economic expansion, financial market development, and collaborative success in the Middle East.