The Middle East’s first summit on initial public offerings (IPOs) provided the backdrop for the region’s inaugural “Deals of the Year” awards, presented by the internationally-renowned investment, retail and commercial banking magazine, The Banker.
The 1st Middle East IPO Summit, organised by the Institute for International Research (IIR), gathered more than 300 government and industry delegates from across the region in Dubai for a three-day summit to discuss issues and opportunities associated with IPOs. A highlight of the summit, which is taking place at the Al Murooj Rotana from February 25th-28th, was The Banker magazine’s glittering black tie awards ceremony at The Fairmont hotel – the first of its kind in the Middle East.
The seven projects identified by a panel of experts as the “Deals of the Year” came from a variety of Middle East markets, including the UAE, Oman, Qatar, Bahrain, Kuwait, Saudi Arabia and Egypt.
Following the format of The Banker’s prestigious international awards, now in its fourth year and covering a total of 52 countries, one winning deal was selected for each Middle East country and recognised at the Dubai awards ceremony. Winning deals were selected on the basis of their complexity, innovation and pricing performance, as well as their success in fulfilling clients’ objectives. The actual size of each deal was a factor, but of secondary importance – the quality of the deal was key.
-more-
The winning projects, clients and banks announced at The Banker “Deals of the Year” awards were:
United Arab Emirates
Client/project: Investcom IPO;
Value: US$778 million;
Banks/roles: Citigroup and HSBC – Joint Bookrunners; Bank Audi – Co-Lead Manager and Collection Agent; Abu Dhabi Commercial Bank, Dubai Bank, Global Investment House – Co-Lead Managers;
Reasons for the award: This was the largest international equity offering by a Middle Eastern company; the first to list on the newly formed DIFX stock exchange; and had an exceptional reception by the market.
Oman
Client/project: Oman Telecommunications Company (Omantel), IPO through part-privatisation;
Value: US$750 million;
Bank/role: Bank Muscat – Lead Manager;
Reasons for the award: This was the largest IPO in Oman; generated exceptional market interest; and had a strong appeal among smaller investors.
Qatar
Client/project: QatarGas II Project Term Loan;
Value: US$3.2 billion;
Banks/roles: RBS – Lead Arranger, Bookrunner & Underwriter; ABN AMRO, GIB, Qatar National Bank and SMBC – Joint Bookrunners;
Reasons for the award: This deal was groundbreaking in size; had an innovative financial and contractual structure; and had successful distribution to international and domestic markets.
Bahrain
Client/project: Khaleej Finance & Investment Company, Sharia’h-compliant equity linked product;
Bank/role: Deutsche Bank – Sole Provider;
Reasons for the award: This deal saw the creative use of traditional Sharia’h contracts; offered an innovative, tailor-made structure to fit the client’s requirements; and had an efficient and timely delivery.
Kuwait
Client/project: MTC acquisition of Celtel;
Value: US$3.4 billion;
Banks/roles: NBK – Mandated Lead Arranger, Facility Agent, Bridge Financer and Rights Issue
Barclays Capital, CSFB – Mandated Lead Arranger and Bridge Financer; UBS – Mandated Lead Arranger, Bridge Financer and Advisor; Citigroup, Goldman Sachs, Rothschild – Advisors;
Reasons for the award: This deal created a leading mobile operator in the Middle East and Africa; provided the optimum solution for both the acquirer and the target’s objectives; and was the largest Middle Eastern corporate acquisition transaction financing.
Saudi Arabia
Client/project: Yanbu National Petrochemical Company (Yansab) IPO;
Value: US$778 million;
Bank/role: SAMBA – Financial Advisor and Lead Manager;
Reasons for the award: This was the first IPO of a subsidiary of a government-owned petrochemical company; encouraged Saudi citizens to increase their shareholding in the sector; and had a strong market reception.
Egypt
Client/project: National Societe Generale Bank’s 91 per cent acquisition of Misr International Bank (MIB);
Value: US$380 million;
Bank/role: EFG Hermes – Lead Advisor;
Reasons for the award: This deal was the first large-scale banking sector privatisation in Egypt; it created a leading group in the local private commercial banking market; and was the cornerstone of Egypt’s banking reform.
Commenting on the first “Deals of the Year” awards ceremony to be held in Dubai, Stephen Timewell, Editor-in-Chief of The Banker magazine, said: “The clients, banks and landmark projects from the seven regional markets are deserving winners of the Middle East awards. The deals recognised by our panel of judges were milestones in the development of the capital markets in the countries concerned. Undoubtedly, they have contributed to the rapid maturation of regional economies and are deserving of the highest praise.”
Gareth Parry, Project Director of the IPO Summit, said, “There could be no better or more appropriate platform for The Banker magazine’s celebration of the best deals in the region than the 1st Middle East IPO Summit. The winning “Deals of the Year” are case studies that should be studied regionwide. With more than 300 IPO summit delegates attending the awards, the significance of these deals will have been recognised not only by the panel of judges, but also by the key influencers, opinion formers and legislators from around the region.”
Note to editors:
The 1st Middle East IPO Summit, held from February 25th-28th at the Al Murooj Rotana Hotel, Dubai, resembles a Who's Who of the financial world, including senior managers at DIFC, Zamil Group, DIFX and DFSA. Experts include Mohammed H. Abudawood, Vice Chairman, Abudawood Group of Companies, Saudi Arabia; Dr. Karim El Solh, Chief Executive Officer, Gulf Capital, UAE; John A. Sandwick, Managing Director, Encore Management S.A., Switzerland; Dr. Habib Al Mulla, Chairman, Dubai Financial Services Authority; Jeffrey Culpepper, Head of Corporate Finance, Deutsche Bank; and Steffen Schubert CEO, Dubai International Financial Exchange.
Dubai International Financial Exchange were the Lead Sponsor of The Banker Magazines “Deals of the Year” Awards ceremony.
Global Investment House is the diamond sponsor for IPO Summit, whilst the gold sponsors are SHUAA Capital and Gulf Capital. The silver sponsors are Dubai Bank, Gulf International Bank, Atlas Investment Group, and Zawya and the Associate sponsor is JordInvest.
Associated media include ISI Emerging Markets, The Banker, CNBC Arabia, MENAFN and the Middle East Monitor.
