Citigroup Inc. is working on about seven M&A deals in the Middle East and North Africa as a rebound in oil prices pushes transactions to record levels.
The deals are “mainly in Saudi Arabia and the United Arab Emirates,” Naveed Kamal, the head of corporate banking in MENA, said in an interview. “Depending on how many of those are successful, it could be one of the best years for us; it could also be one of the best years for the market.”
Some of transactions are “sizable” and involve companies looking at acquisitions outside the region to build networks and diversify geographically, Kamal said. “Fundamentally, the increase in M&A activity is a sign of renewed confidence in the business environment.”
