Citigroup Inc is gearing up for a record year of deals from Africa in 2018.
“We’re very excited about the prospects for this year across the Middle East and Africa and think this will be a very active year for us,” Miguel Azevedo, Citigroup’s head of investment banking for the region said in an interview in Abu Dhabi. “We have more deals in the pipeline than ever, mostly initial public offerings, but also bond sales and mergers and acquisitions.”
There could be at least five IPOs in Africa this year, he said. Economies across the continent have also stabilised and global growth is picking up. “There are several African companies that have grown to the size where they do global IPOs,” Azevedo said, declining to be specific about the transactions Citigroup is working on.
For the Middle East, Azevedo is also optimistic as the region moves to attract capital from global investors. “There could be five to 10 IPOs and equity offerings in the Middle East this year,” he said. “Investor interest in the Middle East is very strong. Economic growth in the region is still good, the foreign-exchange rates are stable and that will bring in investors.”
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