The Middle East’s best investment banks

In 2024, the Middle East’s capital markets set new benchmarks. Bookbuilds that once took days are now covered in hours. Sukuk that began as niche instruments are now being opened to retail investors at scale. Regional champions are exporting their influence across emerging corridors from Central Asia to Africa, while global banks are doubling down on the Middle East as a critical hub.

What distinguishes this new era is not simply deal flow, but deal sophistication. Regional institutions are investing heavily in technology, talent and distribution to compete with the world’s largest platforms. They are no longer price-takers.

This report answers these timely questions: Which institutions stand ready to define the next chapter of the Middle East’s investment banking story – and why?

Drawing on leaders’ in-depth interviews and proprietary data, The Middle East’s best investment banks: Euromoney MarketMap 2025 benchmarks the institutions setting the pace through five thematic lenses:

1. Market performance – Revenues surged in 2024 as regional and global franchises competed on scale, structuring depth and balance-sheet commitment, establishing the Middle East as one of the world’s fastest-growing investment banking markets.
2. Capital markets execution – The region’s equity capital market (ECM) and debt capital market (DCM) platforms have reached new levels of maturity, with accelerated IPO and sukuk volumes, increasingly diverse issuers and execution standards on par with global markets.
3. Client impact – Leadership is increasingly measured by the ability to deliver client outcomes, from advisory precision and syndication efficiency to investments in talent, governance and partnership continuity.
4. Digital dealmakers – Technology has become a front-line differentiator, from eIPO platforms and AI-driven analytics to digital issuance and settlement tools that are transforming participation, efficiency and transparency across regional capital markets.
5. Outward expansion – Regional banks are extending their influence far beyond the Gulf, connecting regional capital to opportunities in Asia, Europe and frontier markets, while global institutions integrate the region more deeply into their worldwide networks.

This MarketMap does more than track volumes or league tables. It benchmarks the institutions structurally and strategically equipped to thrive – helping the industry to understand who leads today, and which platforms are building the resilience and innovation to shape the region’s future role in global capital markets.

More reports

The Middle East’s best investment banks evaluates how leading regional and international institutions are performing across advisory, execution and client impact in a rapidly evolving capital markets environment.

Our assessment covers banks active in Middle Eastern investment banking during 2024, combining three sources of evidence:

Quantitative data – league table data in selected metrics. 

Qualitative data – from shortlisted banks detailing strategic initiatives, client impact and innovation.

Structured interviews – with senior executives including heads of investment banking, capital markets and coverage.

Each institution is scored against six criteria, within four thematic pillars, which capture the capabilities needed to lead in today’s ME capital markets:

Market performance

1. Revenue performance and wallet share: year-on-year revenue, fee and wallet share growth across products and geographies.

2. Deal activity: value and volume of M&A, ECM and DCM/sukuk transactions.

Execution strength

3. Execution capacity upgrades: agility and cross-border coordination in deal processes.

Client impact

4. Client outcomes and innovation in transactions.

5. Investment in technology, capital and talent to improve client experience.

Strategic investment

6. Geographic or product expansion broadening client options.

Scores are assigned on a 0-10 scale for each criterion based on quantitative metrics, qualitative data and analyst judgement following structured interviews.

Based on overall performance, banks are placed into three tiers:

Leaders – Institutions showing strength across all pillars and consistently delivering superior revenue and execution results.

Outstanding – Banks excelling in specific areas, products or geographies.

Distinguished – credible performers with strong growth stories or a specialist edge.

MarketMap 2025 provides a structured benchmark of which institutions are best positioned to shape the next phase of ME capital markets – and how they are doing it.

Learn more about the world’s best investment banks in our global marketmap report.

Market performance: Delivering record volume with resilience

Investment banking activity in the Middle East rose to a multi-year high in 2024, driven by elevated bond and sukuk issuance, the busiest IPO calendar since 2007, and a revived pipeline of cross-border M&A. Revenues across most leading franchises surged, reflecting exceptional deal flow and repeat mandates from sovereign-related issuers and large corporates as the region’s markets deepened and investor participation broadened across borders and asset classes.

Across the top 12 investment banking franchises in the MarketMap 2025, aggregate Middle East net revenues totalled about $429 million in 2024, an increase of approximately 39% year-on-year, according to Dealogic data. Citi, HSBC and Bank of America together generated more than half of the total, while Saudi champions SNB Capital and Al Rajhi Capital delivered some of the fastest growth rates, cementing their status as institutional anchors of capital formation in their booming home market.

The performance underscored a structural shift: regional institutions are no longer junior partners to global houses but fully fledged competitors in origination, syndication and advisory. Through rapid scaling, investment in talent and technology, and closer alignment with international best practice, the leading Middle Eastern franchises have built the balance-sheet strength and execution depth to compete with global peers across products and geographies.

Revenue leadership and momentum

Among global franchises, Citi recorded around $95 million in net Middle Eastern revenues in 2024, up 64% from $58 million in 2023, underscoring the breadth of its franchise across M&A, DCM and financing. The bank advised Masdar on its $1.4 billion acquisition of Saeta Yield from Brookfield Renewable, supported cross-border transactions for Adnoc and the Saudi Public Investment Fund (PIF), and maintained leading roles across sovereign and corporate issuance. Citi’s ability to mobilise balance-sheet capacity alongside deep advisory expertise reinforced its position as a lead global coordinator on complex, multi-market transactions.

HSBC generated around $90 million in net regional revenues in 2024, up 73% from $52 million the previous year, solidifying its leading presence in Middle East investment banking. The bank led or co-led landmark sovereign and GRE transactions for Qatar and Sharjah, anchored distribution on major equity issuances such as the Parkin and OQ Exploration & Production IPOs and Aramco’s $12.4 billion secondary offering, and remained the region’s leading sustainable finance structurer across sukuk and conventional bonds. Its dual-hub model between Dubai and Riyadh enables simultaneous coverage of Gulf issuers and international investors, giving HSBC unrivalled reach across both DCM and ECM.

Bank of America earned around $53 million in net Middle Eastern revenues in 2024, up 20% from $44 million a year earlier. The bank played leading roles on flagship sovereign and corporate mandates – including acting as joint global coordinator on Aramco’s secondary offering – and on notable bond transactions for PIF, Adnoc Murban, ADQ and Mubadala. Its global investor connectivity, deep balance-sheet capacity and local presence across Dubai, Abu Dhabi, Riyadh and Doha continue to make it a go-to partner for large-scale regional financings.

FAB generated approximately $35 million in net regional investment banking revenues in 2024, down 11% from $39 million in 2023. Even so, FAB ranked among the region’s top five bookrunners for G3 bonds and sukuk and maintained its position as the Middle East’s largest loan arranger, completing more than 200 bilateral, syndicated and club deals during the year.

Standard Chartered Bank earned around $31 million in net regional investment banking revenues in 2024, up 29% from $24 million in 2023, as it maintained its position as ME’s number one DCM bookrunner for G3-currency bonds and sukuk for a seventh consecutive year. The bank executed benchmark transactions for numerous conventional and Shariah-compliant institutions, and continued to pioneer ESG-linked sukuk structures.

Among regional leaders, Emirates NBD Capital delivered net revenues of approximately $30 million in 2024, up 36% from $22 million in 2023, driven by continued expansion in syndications and structured finance, where it executed more than 80 loan transactions worth over $90 billion across the UAE, Saudi Arabia and Turkey. Leveraging the group’s balance-sheet strength and cross-border distribution, Emirates NBD Capital consolidated its role as a key arranger for regional corporates and GREs while deepening its institutional coverage and underwriting capabilities.

SNB Capital posted net revenues of around $26 million in 2024, up 63% from $16 million in 2023, aided by its role as lead manager for Aramco’s secondary share sale –the largest regional ECM transaction since 2019 – and by its continued leadership in the Saudi sukuk market, where it ranked as the top Saudi bank in global sukuk and bond league tables. Its extensive domestic investor network and role in landmark mandates for the government, PIF, Aramco and SNB reinforced its position as the Kingdom’s dominant investment bank.

Rothschild & Co generated around $18 million in net regional revenues in 2024, up 64% from $11 million in 2023, reflecting a strong year for independent advisory as the firm advised on multiple government-linked and corporate equity transactions across the GCC, including landmark mandates for Dubai Road and Transport Authority’s Parkin IPO, Al Seer Group’s Spinneys listing, and Saudi Tadawul Group’s investment in Dubai Mercantile Exchange.

ADCB earned net revenues of approximately $17 million in 2024, up 6% from $16 million in 2023, as it advanced a broad-based investment banking transformation spanning six verticals, from DCM and ECM to securitisation and fund finance. Its financial solutions business – covering sponsor, project, corporate, aviation and equity finance – remained the largest revenue driver, while securitisation and fund finance expanded rapidly, supported by one of the region’s only dedicated platforms in this field. Complementing these high-margin businesses, ADCB’s rebuilt ECM team secured mandates on every UAE IPO since mid-2024, leveraging its private bank distribution to outperform larger rivals in some allocations.

EFG Hermes generated net Middle East revenues of approximately $15 million in 2024, up 36% from $11 million in 2023, leveraging its Gulf presence to offset subdued domestic issuance in its home market, Egypt. Active across Saudi Arabia, the UAE and Kuwait, the firm participated in landmark IPOs across these Gulf markets including UIHC, Lulu and Beyout, as well as Aramco’s headline secondary offering, reinforcing its position as one of the region’s leading investment banks.

Al Rajhi Capital generated around $11 million net revenues in 2024, up 38% from $8 million in 2023, driven partly by its leadership in high-profile sovereign and corporate sukuk mandates. Among several landmark transactions, the firm acted as sole active Saudi bookrunner for Saudi Aramco’s $3 billion dual-tranche sukuk – the Kingdom’s first 144A/Reg S Islamic issuance – achieving record pricing and global diversification. Ranked second in SAR sukuk volume in 2024, Al Rajhi Capital has established itself as one of the region’s most active and technically sophisticated arrangers of Shariah-compliant debt.

Mashreq earned net investment banking revenues of approximately $9 million in 2024, up 29% from $7 million in 2023, expanding its franchise through frontier market and sustainable finance mandates that leveraged its strong balance sheet and distribution capabilities.

Together, these results show a market in which global and regional franchises now coexist on near-equal footing, with balance sheet strength, structuring expertise and client reach – rather than geography or legacy scale – defining competitive edge.

For issuers, that shift translated into greater confidence to access markets repeatedly and at scale. For banks, it meant turning episodic mandates into durable client pipelines. As liquidity deepened and regulators across the GCC strengthened coordination, the region took meaningful steps toward a more interconnected capital markets ecosystem – one increasingly capable of sustaining multi-currency issuance and continuous deal activity through different market cycles.

From rising volumes to sustainable value

The Middle East’s 2024 investment banking cycle marked a clear transition from opportunistic issuance to sustained franchise strength. Increased revenues across both global and regional houses reflected not only deep liquidity and state-driven deal flow but also an industry that has learned to translate policy momentum into predictable, fee-generating business. Sovereign and GRE mandates now anchor recurring pipelines, while corporate and private sector clients are emerging as steady contributors to advisory and financing income.

Regional banks such as Emirates NBD Capital, SNB Capital and ADCB have proven they can compete with international peers in execution quality and investor reach, while global institutions from Citi and HSBC to Bank of America and Standard Chartered have embedded themselves in local markets with permanent on-the-ground teams.

With revenues rising faster than overall issuance volumes, the region’s banks are capturing greater value per deal as advisory depth, repeat mandates and structuring sophistication become the new benchmarks of competitiveness. Together they are shaping a more balanced environment – one defined by scale, structuring expertise and balance sheet commitment rather than geography or legacy status. The result is a self-sustaining investment banking market where competition, recurring business and cross-border connectivity are setting the standard for emerging markets worldwide.

Capital markets execution: Delivering scale with precision

After years in which issuance was shaped by macro cycles and policy-driven privatisation, 2024 confirmed the transformation of the Middle East’s capital markets into sustained, strategic channels for corporates and sovereigns. Equity issuance reached its highest level since 2007, while debt markets expanded to record scale, with total outstanding GCC debt surpassing $1 trillion. Investment banks built deeper pipelines, advised on governance and valuation, and expanded distribution networks, enabling a new wave of issuers and products to come to market.

ECM: Institutional scale and deeper participation

The Middle East’s equity capital markets in 2024 were defined by sustained volume and growing diversity of issuers. Fifty-three IPOs raised $13.2 billion in the GCC – the busiest year since 2007 – with 48 offerings from Gulf corporates and only five from government-related entities. This shift marked a maturing market in which private sector listings, family-owned enterprises and portfolio company exits supplemented the sovereign pipeline.

Headline listings such as regional delivery platform Talabat in Dubai, full-line retailer Lulu in Abu Dhabi and integrated health group Fakeeh Care in Saudi Arabia showed that Gulf ECM can now rival global peers in scale. The $12.35 billion Aramco secondary offering – the largest sell-down globally in 2024 – reminded investors that the GCC can produce deals of global consequence.

Accelerated placements and rights issues became normalised tools for liquidity and shareholder restructuring. Aramco’s follow-on and EFG Hermes’s $30 million block trade for Dubai-based Salik demonstrated that execution certainty and structural flexibility, once confined to sovereigns, are now standard across the ECM spectrum.

Institutions such as HSBC, Emirates NBD Capital and FAB ran complex multi-jurisdictional books, balancing issuer goals with diverse investor demand. HSBC ranked first regionally by ECM deal value, acting as global coordinator on 10 transactions that raised around $19 billion, including Aramco’s secondary and the $2 billion IPO of OQ Exploration and Production – Oman’s largest-ever equity deal.

Much of the activity was concentrated in Saudi Arabia, which hosted 42 IPOs.

“No bank has done more IPOs in the Kingdom than HSBC – and over 80% of those we have led on a sole basis,” says Mohammed Fannouch, HSBC’s co-head of capital markets and advisory, MENAT.   “We are seen as a local bank by local clients, and as an international bank by overseas multinationals. That balance is our winning formula.”

The bank argues that premium ECM franchises require more than distribution. “It’s the credibility with regulators, the research depth, the sales force, and the ability to deliver both international and domestic demand,” Fannouch adds. “That is why issuers keep coming back to us.”

Private companies redefine the pipeline

Earlier waves of Gulf IPOs were dominated by government-related entities such as Aramco, DEWA, Salik and Adnoc Gas. In 2024, privately owned groups including Talabat, Lulu, Spinneys and Fakeeh Care came to the market alongside state-linked issuers like OQ E&P and Parkin.

The Lulu and Fakeeh Care IPOs were landmark listings for family-owned groups, signalling generational shifts in governance and ownership. They diversified the investor proposition beyond energy and utilities and broadened the Gulf’s sectoral equity story. Lulu’s fourth quarter IPO in Abu Dhabi was followed swiftly by Talabat’s listing in Dubai, testing investors’ capacity for back-to-back consumer deals. “Every IPO here is effectively a case study,” says Hitesh Asarpota, CEO of Emirates NBD Capital, which was joint global coordinator on both offerings. “Lulu and Talabat were both +$1 billion transactions that we had to steer through volatile markets and back-to-back execution windows.”

Regional depth meets global capital

Oversubscription levels in UAE and Saudi IPOs reflected the power of local demand, while cornerstone investors provided international stability. Local banks harnessed private bank and family-office relationships to drive allocations. “On most IPOs we have covered the full offering size from exclusive ADCB orders – our private bank and retail network play pivotal roles in amplifying success,” says Sami Tabbarah, executive head of investment banking at ADCB.

Banks also expanded institutional coverage to capture rising professional demand. “We are building a full-scale institutional equities team and expanding our research teams across key markets such as UAE, Saudi Arabia and India to support institutional sales,” says Emirates NBD Capital’s Asarpota.

HSBC, meanwhile, mobilised international investors for Middle East listings, helping clients achieve heavy oversubscription, tighter pricing and upsized allocations.

DCM: Sukuk innovation, ESG and retail inclusion

Over recent years, the region’s debt capital markets have evolved from a niche funding source into a core pillar of financing. The leading banks now differentiate themselves through structuring sophistication, cross-currency capability and access to new investor segments.

ADCB exemplifies this shift. Launched in 2021 with nine tranches, its DCM franchise executed 60 transactions in 2024, raising $47.8 billion and rising from 22nd to 7th in the MENAT G3 bonds and sukuk league table. “We’ve made huge strides in DCM – not just in the UAE and GCC, but now in Turkey, Uzbekistan and Kazakhstan,” says Tabbarah. “We are selective on which deals to take because we want to make sure we add value and manage our credit exposure, but we are being increasingly approached because of our demonstrable results.”

ADCB advised on Mubadala’s debut sukuk using a wakala structure aligned with Shariah principles. Its private banking integration with the investment banking franchise has also been key, enabling efficient placement of hybrid and high-yield instruments among high-net-worth clients and family offices.

Retail opens the sukuk market

If ADCB shows how a late entrant can rise through structuring and relationships, Al Rajhi Capital demonstrates how a dominant domestic player can broaden access. As the investment banking arm of the world’s largest Islamic bank by assets, it has made its DCM platform a cornerstone of Saudi market development.

In 2024, it executed SR122 billion ($32.5 billion) equivalent in sukuk across riyal and dollar markets, leading mandates for Aramco’s $3 billion sukuk, as sole local bookrunner, and PIF’s $1.5 billion issue, as joint lead manager. Its most innovative work was in retail participation. The MEAHCO healthcare sukuk – the first of its kind in Saudi Arabia – achieved 26% retail participation. Acting as sole financial adviser and lead manager, Al Rajhi Capital recommended a fixed rate to attract the retail segment and ran a promotional campaign that brought in more than 9,000 individual investors.

Equally notable was the first perpetual sukuk by a non-bank financial institution, Emkan Finance, upsized from SR1 billion to SR2.2 billion after strong demand and designed with monthly profit distributions to appeal to depositors. Such structures align capital markets development with the financial inclusion goals of Saudi Vision 2030.

Green and sustainable innovation

Sukuk and bond issuance is increasingly defined by sustainability-linked structures, as banks compete to embed ESG principles into regional financing.

HSBC has been instrumental in this transition, structuring Qatar’s first green bond after a two-year framework process and helping Sharjah diversify into the euro market with a sustainable bond. It also co-developed Emirates NBD’s $500 million sustainability-linked loan bond, the first such issuance aligned with the new International Capital Market Association (ICMA)/Loan Market Association guidelines.

“We’ve been the innovator and leader in bringing first-of-its-kind products into the region, such as green bonds, blue bonds and sustainability-linked sukuk,” says Samer Deghaili, HSBC’s co-head of capital markets and advisory, MENAT. “Many of these were market firsts that required working directly with regulators to establish frameworks.” HSBC remains the only international bank with a dedicated sustainability investment banking team based in-region.

Elsewhere, Emirates NBD Capital executed 29 ESG-labelled transactions worth $27 billion in 2024 across the UAE, Saudi Arabia and Turkey, benefiting from its membership of ICMA’s Principles and Advisory Council. “We’ve led green, social, Covid-response and even a blue bond. We’re the only UAE bank on ICMA’s advisory group, and one of the few Middle Eastern banks in the global top 20 for ESG issuance,” says Asarpota.

FAB is also at the forefront of sustainable finance issuance, ranking fifth in MENA in 2024 in sustainable bond and sukuk bookrunner rankings by deal volume. In total, the bank facilitated approximately $36 billion of sustainable finance in 2024 across debt and loans, a 34% increase compared with 2023.

Meanwhile, Mashreq has carved out a strong niche in sustainable debt, acting as bookrunner for $4 billion in green, sustainable and sustainability-linked bonds and loans in 2024. “Four years ago, ESG was just a buzzword. Today, we are being sought after to hand-hold clients looking to commence their journey in sustainable and transition finance – linking KPIs to the core of their business strategy,” says Chiradeep Deb, global head of investment banking at Mashreq Bank.

Cross-border corridors and niche currencies

Another defining trend has been expansion into new markets and currencies. Standard Chartered leveraged its Asian network to connect Gulf issuers with offshore liquidity pools, leading USD sukuk for Emirates Islamic Bank, Saudi National Bank, Qatar International Islamic Bank and Al Rajhi Bank, while helping clients diversify into currencies such as Swiss francs.

Mashreq, meanwhile, has built a niche in frontier markets, executing DCM deals in Turkey, Uzbekistan and Kazakhstan, where GCC investors contributed up to 20% of order books in 2024.

For Emirates NBD Capital, unlocking GCC liquidity for international issuers has become a defining strategy. “Our first Indian client was told: ‘Don’t bother with the Middle East, there’s no liquidity for you there.’ We persuaded them to stop over in Dubai – and secured a 27% allocation,” says Asarpota. The firm has since completed 35 to 40 transactions for Indian corporates and now ranks number one in Turkey for USD bonds and sukuk ahead of several bulge-bracket banks.

From volume to durability

The Middle East’s landmark year in 2024 reflected not only macro strength but the maturity of its investment banking ecosystem. Equity and debt markets alike demonstrated that regional and global institutions can deliver complex, multi-jurisdictional execution to global standards. Family-owned IPOs, ESG-linked sukuk and retail-inclusive offerings are now part of the region’s mainstream financial architecture.

Together, these advances mark a structural shift: capital markets that were once policy-driven are now self-sustaining, with banks competing on innovation, execution and cross-border reach. Having achieved impressive volume, the next test will be durability – sustaining this momentum as the Middle East cements its position as one of the world’s most sophisticated emerging capital markets hubs.

Turning capability into client impact

In Middle Eastern investment banking, delivery matters – but impact defines leadership. The most effective firms now compete not just on the scale of their transactions, but on how that capability translates into value: better pricing, greater investor access, smoother governance and sustained partnership. They have invested in people, capital and cross-border expertise that convert technical skill into client confidence across mandates.

Partnership built on preparation

Leading advisers have learned that the greatest service they can provide clients is readiness. Moelis exemplified this in Aster DM Healthcare’s GCC divestment, choreographing a cross-border carve-out spanning India’s public market rules and Gulf healthcare regulations. By balancing promoter, institutional and buyer interests, it delivered a clean separation – giving all sides clarity in an intricate public-to-private process.

With the Jeddah-based Savola Group, Moelis helped design and manage a rare sequence of capital actions – a rights issue, capital reduction and in-kind distribution of Almarai shares – that was the first of its kind in the Saudi market. By aligning regulators, shareholders and syndicate partners under tight timetables, the firm turned complex restructuring into a manageable, predictable process. These transactions showed how advisory strength becomes a risk-management tool, giving clients confidence through complex transactions.

The same disciplined approach underpinned Moelis’s work with Lulu Group in the run-up to its 2024 IPO. Acting as independent adviser, Moelis guided the family-owned company and its shareholders through governance, valuation and structuring considerations, ensuring the group was positioned for a successful market debut. Its role went beyond transaction readiness, helping institutionalise processes that will continue to benefit Lulu as a listed entity and establishing a benchmark for family-owned corporates preparing to access public capital.

Citi has taken a similar client-first approach to multi-jurisdictional coordination. Its work advising on Adnoc’s consolidation of its chemicals businesses – involving OMV, Borealis and Borouge – required synchronising listed entities and regulators across Europe and the Gulf. Delivering that integration on schedule provided the client with a clear governance and valuation framework for its global growth strategy.

Elsewhere, FAB demonstrates the same client-centric mindset on the financing side. As the region’s largest administrative agent – with more than 270 agency roles and a $200 billion book – it provides borrowers and lenders with the assurance that every covenant, waiver and drawdown is managed to international standards. This discipline turns the bank’s scale into an everyday client safeguard, keeping landmark financings on track from signing to maturity.

Long-term commitment and continuity

The region’s landmark deals rarely end at closing. They evolve through years of follow-up work, regulatory liaison and stakeholder management. Moelis’s sustained advisory roles with Aster and Savola illustrate how continuity of engagement delivers enduring client value – keeping multiple workstreams ready for market windows and executing swiftly when they open.

FAB’s long-arc financings show the same depth of commitment. Its 2024 portfolio included 14 project finance deals worth more than $14.5 billion and 48 real estate financings exceeding $10 billion – each requiring ongoing coordination of lenders, contractors and technical consultants. Clients benefit from an adviser that remains active through construction, operation and refinancing cycles.

Citi’s mandates on UAE-based Network International’s sale to Canada’s Brookfield Asset Management and Abu Dhabi Ports’ acquisition of Dubai-based Global Feeder Shipping show how multi-year dedication shapes results. Both deals spanned more than a year from announcement to completion, during which time Citi managed due diligence, valuation and negotiations, maintaining strategic continuity for its clients from first meeting to closing bell.

These examples demonstrate how client relationships in Middle Eastern investment banking increasingly resemble partnerships rather than projects – extending well beyond execution to long-term value creation and institutional trust.

Distribution designed around outcomes

The ability to align distribution precisely with client objectives has become one of the clearest differentiators in regional investment banking. SNB Capital has defined this standard in Saudi Arabia, where it led seven major equity offerings in 2024 – including Aramco’s $12.4 billion fully marketed secondary sale, Saudi Manpower Solutions Company’s (SMASCO) SR900 million IPO, and Saudi Telecom Company’s $1 billion accelerated bookbuild, the largest in MENA history.

Each transaction was executed at or near the top of the price range, often with extraordinary coverage ratios such as 128 .9x for SMASCO. These results reflected detailed pre-launch demand assessments, extensive investor education and close coordination between institutional and retail tranches. In Aramco’s fully marketed follow-on, SNB Capital balanced international inflows with domestic liquidity, securing exceptionally strong demand from both investor bases and achieving pricing near the upper end of the range – equivalent to roughly a 6% discount, considered notably tight for a transaction of this size.

Across these mandates, SNB Capital has demonstrated how execution discipline, regulatory coordination and retail inclusion can coexist to reinforce investor confidence and market depth. For many issuers, its integrated approach has helped transform one-off listings into repeatable market access within Saudi Arabia’s expanding equity capital ecosystem.

At the strategic end of the spectrum, HSBC turns distribution into a corridor. Its MENA-APAC connectivity links sovereign wealth and GRE clients to Asian assets and investors, enabling transactions that would stall without a simultaneous read on both sides. That’s how the Abu Dhabi Investment Authority’s structured investment into Indian airport group GMR, ADQ’s acquisition of a minority interest in Australian infrastructure firm Plenary, and DP World’s purchase of Hong Kong-based Cargo Services Seafreight all moved from possibility to closeability – because the bank could originate, diligence , underwrite and clear approvals across jurisdictions with an integrated cross-border team.

In ECM, HSBC stresses that repeat mandates are the ultimate proof of execution, as it has proven with Aramco and Adnoc. “When a client hires you on the IPO and then hires you again on the follow-on, it shows conviction. It shows we can deliver value across the entire capital markets journey,” says HSBC’s Fannouch.

When it comes to syndication, HSBC emphasises that it is not just a mechanical process but a strategic tool across ECM, DCM and loans. “Our syndication strategy goes far beyond a single investor base,” HSBC’s Deghaili adds. “Whether in IPOs, sukuk or syndicated loans, we deliberately mobilise Asian, European and local liquidity to create tension in the book. That diversification is what drives tighter pricing – and you can see the results in the aftermarket, where liquidity consistently jumps following our deals.”

Together, SNB Capital and HSBC show how the region’s leading institutions have redefined distribution around client value – combining domestic reach and global connectivity to deliver superior pricing, liquidity and investor diversification across the full capital markets spectrum.

Investing in talent to deepen client partnerships

The region’s leading institutions are also competing through the depth and specialisation of their teams. Banks have made significant investments in human capital to strengthen advisory quality, industry expertise and client engagement.

ADCB has more than doubled its investment banking headcount since 2022, building six verticals and five sub-verticals. Senior hires from global peers have brought experience and increased coverage in key sectors such as energy, real estate and technology coverage – enabling the bank to offer sector-specific insights and originate advisory opportunities that align financing with strategic growth. Its plans to expand pre- and post-IPO research capabilities will further enhance issuers’ visibility and investor confidence.

HSBC, likewise, has localised leadership and senior sector specialists in Riyadh and Dubai, relocating experienced bankers from London to the region to serve clients more closely. Its enlarged Saudi investment banking team now numbers around 50 professionals, supported by regional research and product specialists. This on-the-ground depth has improved responsiveness and allowed clients to access a broader range of structuring, advisory and capital-raising solutions without relying on offshore teams.

Together, these investments in talent and specialisation demonstrate that competitive edge in Middle East investment banking is strengthened by the calibre and continuity of people advising clients day to day.

Service as strategy

Across the industry, banks are formalising this relationship-led approach into tangible service propositions. Agency and syndication platforms, equity-advisory frameworks and governance advisory are no longer back-office functions but integral elements of the client offer.

For issuers and investors, the results are visible in outcomes: faster regulatory pathways, tighter pricing, broader investor reach and resilient aftermarket performance. The region’s most effective institutions have moved beyond transactional delivery to embed capability within the client experience – turning advisory expertise, market access and disciplined follow-through into enduring partnership value.

Digital dealmakers: technology redefines investment banking

In Middle Eastern investment banking, technology has shifted from being a back-office concern to a front-line differentiator. Whether through digital IPO platforms, AI-powered analytics or new tools for settlement and structuring, banks are embedding technology into deal execution with growing sophistication. What was once regarded as peripheral infrastructure is now a critical marker of competitiveness, influencing how issuers select their advisers, how investors engage with offerings, and ultimately how deals succeed in fast-evolving regional markets.

Digital IPO platforms broaden participation

One of the clearest examples of technology changing the rules of engagement is in equity issuance. Sico Bank has emerged as a regional pioneer with its eIPO platform, designed to streamline public offerings and expand participation.

The utility of this innovation was proven in the Al Abraaj Restaurants Group IPO in Bahrain in December 2024, where Sico acted as mandated lead manager, underwriter, listing agent, price stabiliser and liquidity provider. The IPO was oversubscribed 2.6 times, generating significant demand for more than 99 million shares, with almost 50% of applicants subscribing via the eIPO platform. The system’s biometric know-your-customer (KYC) capabilities reduced friction for investors and allowed Sico to process applications with greater speed.

Larger banks are also re-engineering IPO and tender offer processes. Emirates NBD Capital launched a digital tender offer platform for ADQ’s acquisition of Aramex shares – the first of its kind in the UAE. The system was linked directly to the DFM database, enabling shareholders to authenticate via one-time password and submit acceptances online. By replacing a previously manual, branch-based process with a secure digital workflow, Emirates NBD Capital reduced processing risks and accelerated execution timelines. 

AI and data management in execution

For banks with ambitions to scale rapidly, technology is central to managing complexity. In the case of ADCB’s emerging securitisation and fund finance franchise, big data analytics is crucial. “Digitisation, big data and – going forward – AI are central to scaling our business. In securitisation alone we track hundreds of loans across deals – something we couldn’t do without new technology,” says ADCB’s Tabbarah.

ADCB’s systems aggregate information from hundreds of underlying loans, enabling the bank to triage risks, identify problems early and report with consistency to investors and regulators. This infrastructure gives credibility to a business line few others in the region have managed to establish. 

Elsewhere, FAB has also woven technology into day-to-day execution. The bank has modernised its bookbuilding and settlement systems and introduced AI-driven news feeds in its securities services unit, automatically tailoring information flows to client portfolios. These innovations have enabled FAB to manage high-velocity transactions such as Adnoc Drilling’s accelerated bookbuild, executed overnight at the tightest discount achieved in the GCC at the time. In July 2024, FAB also pioneered the first digital bond issuance on the Abu Dhabi Securities Exchange, using HSBC’s Orion asset tokenisation platform.

Predictive analytics reshape distribution

Mashreq has invested heavily in digitising its trade finance distribution, scaling annual throughput from less than $1 billion to around $4.5 billion within three years – without adding to headcount. “We embraced intervention from technology and digitisation with open arms,” says Mashreq’s Deb. “With the same team strength, we were able to churn five times the volume of trade by taking advantage of an in-house predictive analysis framework, proactively leading us to the counterparties that are most likely to buy the risk, at a price point that is reflective of their appetite and availability of credit limits.”  Deb believes the platform will mature to a point where Mashreq could double volumes with relative ease.

For a privately owned institution competing against state-backed rivals, the ability to leverage technology for scale and efficiency is critical – not just for profitability, but for credibility with issuers and investors across key corridors.

Technology in structuring and settlement

Digitalisation is not confined to the front end of capital markets. It is increasingly embedded in structuring and settlement, where Middle Eastern exchanges are seeking to align with international best practice.

A landmark came in Parkin’s 2024 IPO on the DFM, where HSBC introduced the exchange’s first stabilisation mechanism through its role as stabilisation manager. While fundamentally a regulatory and structural innovation, the mechanism relied on trading technology to monitor price bands and execute aftermarket interventions in real time. By bringing in a practice long familiar in developed markets, HSBC gave regulators, issuers and investors a new level of confidence that retail-heavy IPOs could be supported by transparent, rules-based aftermarket activity.

The bank has also pushed the boundaries of deal structuring through its dual-hub capital markets and advisory model spanning Riyadh and Dubai. As HSBC’s Deghaili notes, “the innovation of bankers is often centred on products.” This setup has enabled HSBC to deliver complex innovations such as AirCap’s global sukuk – the first by a non-Islamic issuer – requiring sophisticated modelling to unlock liquidity from both Middle Eastern and Asian Islamic investors.

Competitive dynamics in a digital age

Taken together, these initiatives illustrate how digitalisation is changing the competitive balance. Global banks still dominate in cross-border distribution and complex structuring, but their once-exclusive tools are increasingly being matched by regional peers. 

Crucially, technology is not just about efficiency. It is about credibility and positioning. By embedding AI, digital tender offers, predictive analytics or stabilisation tools, banks are signalling to issuers and regulators that Middle Eastern markets are converging with international standards. In turn, this strengthens the case for more cross-border capital flows and more ambitious transactions.

As Tabbarah of ADCB puts it: “We’re not just keeping pace with the market, we’re helping to shape it through innovation and strategic foresight. That’s how we continue to outperform expectations.”

For investment banks in the region, the message is clear: in the next phase of market development, technology will be a crucial factor in who leads and who follows. Those that can harness digital platforms, AI and data not just to process deals, but to shape them, will likely be the true winners of the region’s investment banking transformation.

Outward expansion: Middle Eastern capital goes global

For much of the past decade, the competitive strength of regional investment banks lay in their ability to mobilise deep pools of domestic liquidity for local issuers. International banks dominated cross-border M&A and global distribution, but local institutions secured their place by anchoring home-market capital formation and catering to the needs of sovereign-related borrowers.

That foundation is now evolving. In recent years, a more assertive dynamic has taken hold: Middle Eastern banks and investors are no longer confined to domestic or regional deals, they are competing for mandates in Europe, Asia and frontier economies, structuring cross-border acquisitions and building platforms that connect Middle Eastern capital with global opportunities. Outward expansion is being institutionalised as a strategic investment – broadening client options, diversifying geographic risk and positioning the Middle East as a globally significant capital exporter.

New corridors into frontier and Asian markets

Mashreq has taken the lead on successfully opening doors to new markets on multiple occasions. “We are naturally wired to venture into new territories and successfully carve a niche for ourselves in untested markets,” says Mashreq’s Deb.

A case in point is financial institutions in countries of the Commonwealth of Independent States (former constituents of the Soviet Union), which previously had no access to debt capital from the Middle East. “Since 2023, Mashreq has been instrumental in channelling Middle Eastern liquidity to the tune of $2 billion into Uzbekistan, Kazakhstan and Azerbaijan, often on a sole basis,” Deb adds.

The bank has replicated that model in South Asia, winning sole mandates such as a $750 million syndicated loan deal for State Bank of India, and bringing GCC investors into Indian corporates at scale. It has executed deals in over 25 markets, and its distribution includes insurers and development finance institutions alongside traditional regional debt buyers. This connectivity allows frontier issuers to access Gulf liquidity in ways that would not have been considered just a few years ago.

Emirates NBD Capital has also shifted its business mix decisively. “Five years ago, 80-90% of our business was UAE. Today it’s closer to 35%, with Saudi Arabia and Turkey each around 25%. That diversification has completely changed the way we operate,” says Emirates NBD Capital’s Asarpota. Turkey has become a cornerstone of its international franchise, while its application for a merchant banking licence in India – expected to be in place by the end of 2025 – signals a longer-term commitment to bridging Gulf and South Asian capital markets.

Extending reach into developed markets

Since 2021, ADCB has rapidly scaled its investment banking business, emerging as one of the fastest risers in regional DCM and local ECM league tables. That volume growth has been matched by geographic diversification. ADCB has executed mandates not only in the GCC region, Turkey and Central Asia but also in developed markets in North America and Europe. “The UAE and wider GCC is our home market, but we will follow our GCC clients across the globe,” says ADCB’s Tabbarah. The bank counts Abu Dhabi and regional sovereign wealth funds and GREs among its clients and has provided financing for their projects and acquisitions in the West – with further growth expected in this area following Gulf governments’ recent commitments to increase investment in the US.     

International banks are also playing a key role in deploying Gulf capital in developed markets. Citi’s advisory work for Masdar on its €1.4 billion acquisition of Saeta Yield in Spain, and for Audi in bringing Qatar Investment Authority into its Formula 1 team, highlights how Gulf investors are reshaping sectors from renewable energy to global sport. The banks that can bridge regional capital with international opportunities are becoming strategic partners in outbound investment.

HSBC underscores that this outward push is not limited to Europe and North America. “Roughly one third of our current M&A pipeline involves the Middle East-Asia Pacific corridor,” says HSBC’s Fannouch, citing examples of how the bank has helped Abu Dhabi GREs acquire assets in Australia and Singapore. 

Elsewhere, FAB brings the balance-sheet heft to play on a global stage. With a footprint across 20 markets, predominantly in GCC, Asia, Europe and the Americas, it closed more than 50 leveraged finance transactions globally in 2024, committing over $11 billion – primarily across GCC, EU, US and Asian deals. Its role in landmark financings, from cross-border infrastructure to green utilities, demonstrates how Middle Eastern banks are competing directly with global peers in developed markets.

Sectoral specialisation at global standards

The internationalisation of Middle Eastern investment banks is not only geographic but increasingly sectoral. Regional institutions are building vertical expertise that travels with their clients and opens new doors in global industries.

ADCB has been proactive in crafting sectoral expertise, with notable successes in aviation finance – one of its five sub-verticals under its financial solutions segment. That specialised approach has allowed it to win key mandates such as AviLease’s $2.5 billion facility in Saudi Arabia. In digital infrastructure, it was sole underwriter on Khazna’s $9.5 billion data-centre financing in the UAE – one of the largest in the region – while its recent sector hires in energy and AI are helping to cultivate cross-border advisory opportunities.

FAB has also pursued sectoral expertise. Alongside its core role in energy transition, it has expanded internationally in real estate and healthcare finance. In 2024 alone, it executed more than 48 real estate transactions worth over $10 billion, many for cross-border sponsors, and arranged $822 million in acquisition financing for Aster DM Healthcare’s GCC business. FAB has also supported financing for digital infrastructure and utilities beyond the Gulf, aligning its sector expertise with global demand for long-duration assets.

Mashreq, meanwhile, has carved out a distinctive position in education finance. Its coordinating role on GEMS Education’s $3.25 billion sustainability-linked leveraged loan was one of the first large-scale applications of ESG principles to a leveraged buyout in emerging markets. That deal has become a touchpoint for how regional banks can innovate in niche sectors and export structuring approaches abroad.

These sectoral specialisations reinforce the outward expansion of Middle Eastern banks. By developing vertical expertise in high-growth sectors such as aviation, real estate, digital infrastructure, healthcare and education, they are not only following clients into international markets but competing as sector specialists in their own right. 

Global reach becomes systemic

The internationalisation of Middle Eastern investment banking is no longer episodic. What began with selective frontier mandates and opportunistic GRE financings is now hard-wired into the operating models of the leading regional houses. The significance lies less in individual transactions than in the infrastructure now in place: vertical sector teams, cross-border regulatory licences and international syndication platforms that allow Gulf banks to compete alongside – and increasingly against – global peers.

For issuers and investors alike, this evolution changes the equation. Sovereigns and corporates from Asia to Europe can now access Middle Eastern liquidity through regional intermediaries that understand both sides of the trade. At the same time, Gulf sovereign wealth funds, government-related investors and large family offices are deploying capital abroad, supported by local banks with the capability to originate and structure assets internationally and to distribute them to global partners. The result is a more diversified and durable system of cross-border finance – one in which Middle Eastern institutions are embedded in global industries such as energy, aviation, digital infrastructure, healthcare and education.

The next mandate: Regional depth, global reach

Middle Eastern investment banking has reached an inflection point. The past year showed that the market is no longer defined by mobilising local liquidity but by converting regional depth into global influence. The banks that lead today are not only executing landmark ECM and DCM transactions – they are building cross-border platforms that connect Gulf capital to the world.

This year’s MarketMap revealed a structural shift: execution power, technology adoption and geographic diversification have become the decisive competitive weapons. The strongest franchises are collapsing barriers between ECM, DCM, loans and M&A, and deploying balance sheets earlier in the process to win mandates in markets as far apart as India, Spain and North America.

Digital capability is no longer a side project. Tender platforms, AI-driven analytics and distribution tech are now embedded in live transactions. ESG-linked products have moved from experimental to mainstream, even as pricing benefits narrow. Retail and family-office channels, long central to Gulf dealmaking, are being redefined as banks deploy digital platforms, targeted campaigns and allocation strategies to harness them more effectively in crowded IPO and sukuk order books.

Our rankings highlight how this new order is playing out.

HSBC remains the region’s standout international franchise, combining global distribution reach with deep local presence to play a dominant role across debt, equity, loans, M&A and sustainable finance.

Emirates NBD Capital has evolved into the GCC’s most diversified regional platform, building strength in loans, sukuk and equity while deepening its presence beyond the UAE.

Citi stands out as the leading cross-border M&A adviser, trusted by sovereign wealth funds and corporates on complex, transformational transactions, and maintaining strong execution across capital markets.

First Abu Dhabi Bank combines balance-sheet scale with innovation in sustainable finance and structuring, reinforcing its position as one of the region’s leading integrated financing franchises.

Bank of America maintains a focused presence in the region, executing major equity and debt mandates that leverage its global balance-sheet capacity and investor reach, as well as playing key advisory roles in complex M&A transactions.

Abu Dhabi Commercial Bank has rapidly risen in regional rankings, expanding from a niche player into one of the most active DCM and structured-finance franchises in the GCC, underpinned by disciplined execution and data-driven growth.

SNB Capital has consolidated its position as Saudi Arabia’s anchor investment bank, leading in IPOs and sukuk through unmatched domestic investor access and execution scale.

Standard Chartered continues to leverage its MENAT-Asia corridors and sukuk structuring expertise to serve clients across both emerging and frontier markets.

Mashreq has used its independence and agility to pioneer new cross-border markets and anchor ESG-linked financings, demonstrating how speed and innovation can offset scale.

EFG Hermes remains the leading Egyptian investment bank with extensive reach in the GCC, supported by its research capabilities, distribution strength and investor access.

Al Rajhi Capital combines sukuk structuring depth with extensive retail placement power, broadening access to Saudi capital markets.

Among independent advisers, Rothschild & Co and Moelis & Co continue to demonstrate the enduring value of independent advice in an increasingly balance-sheet-driven market, where long-term client partnership and governance credibility remain powerful differentiators. Sico continues to outperform its size with strong ECM and advisory credentials and its pioneering eIPO platform, while KFH Capital draws on its Islamic finance strengths to deliver specialist structuring and Shariah-compliant distribution across the region.

The next frontier is already visible. As regional capital outflows accelerate, banks will need to provide seamless corridors into Asia, Europe and frontier Africa. As governments push ever larger privatisation pipelines, and growing numbers of corporates seek to raise funds from public markets, execution speed and certainty will separate leaders from followers. And as AI becomes embedded across origination, syndicate and distribution, the best banks will anticipate investor flows and compress timelines in ways that reshape the client experience.

Key competitive differentiators to win the next cycle

Execution as edge

Speed, certainty and scale have become the currency of mandate allocation across ME’s IPOs, sukuk and cross-border transactions – they are no longer delivery metrics but the basis of competitive advantage.

Technology-enabled distribution

Digital platforms and AI analytics are shifting bookbuilding and settlement from reactive processes to anticipatory tools, giving banks with the right systems a structural lead.

Retail and family office access

Mobilising household and private wealth at scale is no longer just about filling order books – it now shapes pricing, allocation discipline and secondary-market liquidity, giving banks with systematic access a structural edge.

Sustainable and Islamic innovation

New hybrids such as ESG-linked sukuk or sustainability murabaha will position the Middle East not just as a participant in global markets but as a standard-setter.

Regional capital outflows

Advisers who can channel sovereign and private capital into Asia, Europe and Africa won’t just capture fees – they will define the region’s role in reshaping global industries.

Middle Eastern investment banking is no longer just about access to capital. It is about access to capability, and capability in 2025 looks like this: fast, cross-border, digital and client-first.