Dubai is a new hotspot for bankers chasing IPO deals

Dubai is a new hotspot for bankers chasing IPO deals

In a year that’s seen the worst slump in initial public offerings since the financial crisis, investment bankers covering deals in the Middle East are busier than ever.

As listings dwindle in London, Hong Kong and New York, the United Arab Emirates and Saudi Arabia have emerged as new IPO hotspots buoyed by high oil prices and investor inflows. Listings in the region have fetched $22.6 billion this year — over half of the proceeds in Europe, the Middle East and Africa. Investor demand is strong, with this week’s dual listing of Americana Restaurants International Plc drawing $105 billion of orders for a $1.8 billion offering.

To handle the flurry of activity, global banks are drafting in otherwise idle teams in places like London to help, relocating staff or expanding. Goldman Sachs Group Inc. and JPMorgan Chase & Co.’s top IPO bankers for emerging markets in EMEA are spending more time in the region. Dubai’s biggest lender, Emirates NBD PJSC, hired three bankers to cover offerings, according to people familiar with the matter. Citigroup Inc., meanwhile, has boosted its regional investment banking team by 50 percent over the past two years.

“We always fly in specialists,” Miguel Azevedo, head of investment banking for