HSBC has once again been recognised as the best investment bank in the Middle East, affirming its longstanding leadership across equity and debt capital markets, advisory and structured finance.
More than a tally of deal volume, the award reflects HSBC’s enduring role as a critical partner to the region’s sovereigns, corporates and financial institutions as they pursue capital market development, economic transformation and global integration.
HSBC’s platform in the Middle East is defined by both scale and integration, where it has the largest footprint of any international bank in the region. “Our local presence, combined with global reach, makes us the only international bank that can genuinely act as both local and global coordinator,” said Samer Deghaili, co-head of capital markets and advisory, MENAT.
This deep presence is reinforced by infrastructure that few competitors can match. “We were in the UAE 20 years before the UAE was formally formed,” remarks Deghaili.
Today, HSBC trades all major GCC equity markets directly, has onshore sales and syndicate teams, and fields one of the region’s most awarded equity research teams. This operational depth has allowed the bank to execute deals underpinned by nuanced local investor insight, while still accessing global capital at scale.
Leading Saudi Arabia’s ECM evolution
HSBC’s capabilities were particularly visible in Saudi Arabia, where the bank acted as sole global coordinator on four major IPOs in 2024, capturing 57% market share by deal value. “There is no other international bank that can generate 85%–90% of onshore demand in Saudi IPOs,” notes Mohammed Fannouch, co-head of investment banking, HSBC Saudi Arabia. “Our affiliation with Saudi Awwal Bank (SAB), our dedicated local team, and our track record all contribute to making us the highest-demand generator in any syndicate.”
Key mandates included Aramco’s $12.4 billion secondary offering – the tightest discount ever for a Saudi transaction – and the IPO of OQ Gas in Oman, the largest ever in that market. On each transaction, HSBC combined local insight with international sales strength, including the ability to place stock with global institutions through a research platform that is, by Deghaili’s own words, “unmatched in coverage and quality”.
HSBC also continues to innovate within the Saudi market – whether pioneering cornerstone investor structures or advising on regulatory adaptations such as settlement reforms and MSCI rebalancing timelines.
HSBC’s role as a financing powerhouse was also evident in the breadth of its loan, export finance and project finance mandates
In 2024, HSBC maintained its number one ranking in MENA debt capital markets, building on a decade of leadership. According to Deghaili, the bank’s differentiation stems from a “comprehensive setup” – including on-the-ground teams in Saudi Arabia and Dubai, dedicated sukuk structuring resources, and an active local transaction management desk.
HSBC also benefits from onshore trading platforms via its SAB affiliate and is the only international bank to cover local currency markets such as SAR and AED across both senior and capital issuances.
Standout transactions included the landmark Kingdom of Saudi Arabia’s SAR-denominated sukuk and bond buyback and a GBP-denominated bond for PIF, the first non-financial Saudi issue in the UK market since 2018.
Other notable deals included Mubadala’s inaugural sukuk – structured by HSBC despite starting with another bank – and Aramco’s return to the sukuk market after a three-year hiatus. The Aramco sukuk attracted 60% demand from Islamic investors, underscoring HSBC’s strength in tapping new investor pools.
A versatile adviser
HSBC’s advisory platform continued to deliver in 2024, particularly in strategic M&A. The bank advised on some of the most complex transactions of the year, including Aramco’s $8.9 billion acquisition of a 22.5% stake in Petro Rabigh and Mubadala’s $2.5 billion real estate joint venture with Aldar.
Its cross-border capabilities were also demonstrated in deals such as ADIA’s $750 million structured investment in Indian airports and DP World’s acquisition of Hong Kong-based Cargo Services Seafreight. These mandates often involve deep collaboration between regional and global teams, particularly when bridging Middle East capital with Asia-focused investments.
“Clients trust us not just for execution, but for strategic dialogue,” says Fannouch. “We’re often brought in early and stay through the lifecycle of the deal.”
HSBC’s role as a financing powerhouse was also evident in the breadth of its loan, export finance and project finance mandates. Its infrastructure team, headquartered in Dubai, led several major project financings tied to the energy transition and Vision 2030 goals.
In Islamic and conventional corporate loans, HSBC stood out for its ability to lead complex, sole-mandate transactions across the credit spectrum – from GREs to sub-investment grade corporates.
“Our dual onshore-offshore structuring setup allows us to offer both IOC and non-IOC Islamic structures, which very few banks can,” says Deghaili.
The bank’s export finance platform has grown rapidly, with its global head now based in Dubai and a team of eight serving the region. This presence enabled HSBC to lead several milestone transactions in the past year, including the largest ever ECA-backed deal in the UAE and the first Shariah-compliant ECA structure with a major international agency.
ESG and structuring innovation
ESG issuance remains a cornerstone of HSBC’s strategy. The bank advised the governments of Saudi Arabia and Qatar on green financing frameworks and delivered debut sustainable bonds and sukuk for clients like Emirates NBD, Rakbank and NBK. HSBC was the only bank to act as ESG structuring agent on both of the region’s sovereign green bond deals in 2024.
It also introduced new ESG-linked formats, including Al Rayan Bank’s Islamic ESG KPI-linked repo – a first for the region – and Emirates NBD’s sustainability-linked loan bond, the first globally to meet full LME and ICMA guidelines.
“We don’t just apply green labels; we help build frameworks, guide issuers through second-party opinion processes, and drive investor engagement,” says Deghaili. “That’s the value add.”
Underpinning HSBC’s client delivery is a robust regional tech stack and operational infrastructure. The bank continues to invest in digitising trade, settlement and distribution capabilities, reducing latency in IPO book-building and streamlining transaction management across geographies.
Its sales and trading teams directly access all major exchanges in the region, giving it greater visibility into secondary flows and investor sentiment. “We don’t route through local partners. That control gives us sharper pricing, better feedback and better execution,” notes Deghaili.
Through its scale, regional commitment, structuring creativity and reliable execution, HSBC has maintained leadership in uncertain markets. “Our clients know we stay from start to finish,” says Deghaili. “That reliability is what keeps clients coming back.”
As the region’s economic transformation continues, HSBC’s deep-rooted presence and fully integrated platform continue to place it at the centre of the Middle East’s capital market evolution.
