MOVES-Goldman hires Citi banker as co-head of investment banking in MENA
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AlSane, a Kuwaiti national, has spent 13 years with Citi where he has most recently been managing director in its investment banking unit, focusing on mostly Abu Dhabi and Kuwait, one of the sources said.
Goldman has also hired Omar AlZaim from HSBC as head of investment banking for Saudi Arabia, one of the sources said.
Goldman Sachs and HSBC did not immediately respond to requests for comment. Citi declined to comment.
Bloomberg reported the news of the appointments earlier on Sunday.
Goldman Sachs has been pushing to win deals in Saudi Arabia and Abu Dhabi, where initial public offerings (IPOs) and mergers and acquisitions are on the up.
It landed a lead role https://www.reuters.com/world/middle-east/abu-dhabis-adnoc-adds-goldman-sachs-lead-banks-drilling-ipo-sources-2021-07-01 in the IPO of ADNOC’s drilling unit, sources said in July, in it first such high-profile deal in the emirate since 2019.
Goldman’s investment banking unit was sidelined from any new business from Abu Dhabi more than two years ago after state fund Mubadala’s subsidiary filed a lawsuit against it to recover losses suffered through its dealings with Malaysia’s fund 1MDB.
The lawsuit was dropped last year.
In Saudi Arabia, Goldman is advising on the sale of Saudi Aramco’s gas pipelines stake sale and previously worked on Aramco’s IPO. (Reporting by Davide Barbuscia and Saeed Azhar; Editing by Pravin Char)
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