Emirates NBD revives equities business with Dubai IPOs

Emirates NBD revives equities business with Dubai IPOs

DUBAI - Emirates NBD has won a lead spot on all Dubai initial public offerings this year, boosting its fees and reviving a long-dormant business in the face of stiff competition from local and international banks.

Dubai's biggest lender, majority owned by Dubai's government, helped run the IPOs of Dubai Electricity and Water Authority, business park operator Tecom and toll-road operator Salik, which have collectively raised over $7.5 billion.

ENBD climbed to claim the sixth-highest fees from Gulf IPOs from 12th last year, making about $14.55 million so far this year and $4.85 million in 2021, according to Refinitiv data.

HSBC ranks first while Saudi National Bank and Riyad Bank are second and third, the data showed.

ENBD, the United Arab Emirates' second biggest lender by assets, is known for its strong debt franchise but has shifted focus to its equities capital markets (ECM) business to keep up with the surge in deals and as bond issuance plummeted this year on market volatility and rising interest rates.

ENBD has been "building on their research capabilities and their distribution reach through their private banking and retail clients," said Mohammed Ali Yasin, an investment and capital markets advisor in Abu Dhabi.

It conscripted its debt bankers to work