Egyptian investment bank EFG Holding is setting its sights on Saudi Arabia's flourishing initial public offering (IPO) market, announcing a significant increase in its Saudi workforce. According to a Bloomberg report, EFG plans to expand its Saudi Arabian team by 30% in 2024, bringing its headcount in the kingdom to 47 employees.
This strategic move comes amidst a surge in IPO activity within the region. EFG's CEO, Karim Awad, sees Saudi Arabia as a critical market not just for its abundant financial resources and established investor base, but also for the sheer diversity of industries it encompasses. The bank has already played a key role in facilitating high-profile IPOs such as those of Ades Holding and the oil giant Saudi Aramco.
EFG's ambitious plans extend beyond Saudi Arabia. The bank aims to participate in up to six IPOs in the kingdom this year, with an additional three to four deals in the pipeline for the United Arab Emirates (UAE). Kuwait and Egypt are also on the radar, with EFG potentially supporting one IPO in each country. The bank intends to maintain its current workforce strength of 130 employees in the UAE.
This regional expansion strategy is expected to be a key driver of future growth for EFG. The bank's net income experienced a healthy increase of 39% in 2023, reaching 2.5 billion Egyptian pounds (approximately $52.3 million). By capitalizing on the burgeoning IPO market across the Middle East, EFG is well-positioned to solidify its standing as a leading investment bank in the region.