With a long-standing presence in the Middle East, supported by a strong UAE hub and regional investment banking coverage in key markets, Citi continued to lead from the front in 2024.
According to Dealogic data, Citi ranked first by total M&A deal value in the region, with $17.5 billion advised – well ahead of its nearest competitors.
This included multiple landmark deals across sectors such as energy, infrastructure, renewables, industrials, technology and consumer. Citi’s execution highlights its integrated sector coverage and ability to work across jurisdictions.
Among Citi’s most high-profile roles was its work with as exclusive financial adviser to Audi on its agreement to bring Qatar Investment Authority (QIA) into Sauber – the Swiss motorsport group that will become Audi’s factory F1 team from 2026. The strategic partnership will provide a capital injection to accelerate Audi’s entry into F1 and marks QIA’s first major investment in the sport. Citi’s involvement included fairness advice and continuity, having also advised Audi on its original acquisition of Sauber.
Citi also advised Masdar on one of Europe’s largest renewable energy transactions: the $1.4 billion acquisition of Saeta Yield from Brookfield Renewable. Citi’s role spanned structuring, tactical advice and cross-border execution between the UAE and Europe.
In the technology space, Citi served as exclusive financial adviser to Lenovo on its $2 billion strategic collaboration with Alat, a PIF subsidiary. The deal involved a zero-coupon convertible bond and marks one of PIF’s largest tech investments globally. Citi also acted on the associated equity warrant issuance.
Citi’s performance in 2024 was not just about volume, but also about sophistication
Citi’s credentials in sovereign-linked M&A were again on display. The bank advised Adnoc on several high-impact transactions, including its $3.6 billion acquisition of OCI’s stake in Fertiglobe, its acquisition of a 30% stake in Azerbaijan’s Absheron gas field, and its 24.9% shareholding in Austria’s OMV. Each of these transactions reflects Adnoc’s international growth strategy and the broader ambition of the UAE to secure global energy partnerships and accelerate energy transition goals.
Citi also advised Sabic on the $3.3 billion sale of Saudi Iron & Steel Company (Hadeed) to the PIF. The transaction will create a national steel champion aligned with Saudi Arabia’s Vision 2030 and underscores Citi’s ability to navigate public-private transactions in strategic sectors.
Citi demonstrated further breadth with deals across the aerospace and logistics sectors. It advised Abu Dhabi Developmental Holding Company on the consolidation of its aviation MRO assets into Abu Dhabi Aviation via a share swap structure. It also assisted Abu Dhabi Ports on its acquisition of an 80% stake in Dubai-based Global Feeder Shipping.
In the digital infrastructure space, Citi advised Network International on its $2.8 billion sale to Brookfield. Having worked on Network’s IPO in 2019 and its follow-on acquisition of DPO Group, Citi brought continuity and insight as joint financial adviser on the sale process.
Citi’s performance in 2024 was not just about volume, but also about sophistication. Many of the transactions were cross-border, multi-stakeholder deals requiring detailed knowledge of valuation, regulatory alignment and long-term sector positioning. Across these deals, Citi demonstrated a repeatable playbook: tailored structuring advice, sector expertise and senior-level commitment to execution.
The breadth of its work – from energy and renewables to technology, logistics and industrials – speaks to Citi’s ability to support sovereign wealth funds, global corporates and national champions in reshaping portfolios and expanding international footprints.
