Saudi Arabia’s planned privatizations, including a share sale in the world’s biggest oil company, represent the biggest investment banking opportunity in emerging markets, according to Citigroup Inc.
Implementation of the kingdom’s plans to restructure the economy — known as Vision 2030 — “could translate into a fantastic wallet for the investment banks,” Omar Iqtidar, Citigroup’s head of investment banking in the Middle East, said in an interview in Dubai. “We are seeing momentum picking up, with skeptics increasingly converted into believers of the restructuring,” he said.
Deputy Crown Prince Mohammed bin Salman is overseeing an unprecedented shakeup of the biggest Arab economy as the country seeks to reduce its reliance on oil after a plunge in prices that started in 2014. The country plans an initial public offering of Saudi Arabian Oil Co., which the prince said may value the company at more than $2 trillion.