Page 59 - AAE PR REPORT - January 2024

1/17/24, 10:25 AM Power Letters 2024: Moustafa Gad, head of Investment Banking - EFG Hermes
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.

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