Moelis appoints Moaath Alangari to lead Saudi business
Moelis & Co, the renowned U.S. boutique investment bank, has made a strategic move to expand its presence in Saudi Arabia by appointing Moaath Alangari to lead its business in the kingdom. This exciting development comes as Moelis secured a license to operate in Saudi Arabia earlier this year, demonstrating the bank’s commitment to tapping into the country’s thriving financial market.
Alangari, who previously held the position of vice president at Saudi National Bank’s investment banking arm, brings a wealth of experience and expertise to his new role. His appointment is expected to bolster Moelis’ capabilities in Saudi Arabia and further enhance the bank’s ability to serve its clients in the region.
The decision to hire Alangari comes at a time when international banks are actively seeking opportunities in Saudi Arabia, following the kingdom’s plans to float state oil giant Saudi Aramco. The successful $29.4 billion share sale of Saudi Aramco before the COVID-19 pandemic ignited interest in the region, prompting a surge in IPO activity.
In fact, IPO activity in the Gulf is gradually picking up momentum, with Saudi Arabia and the UAE leading the way in new listings. In 2022 alone, these two countries raised an impressive $22 billion, accounting for more than half of the total funds raised in the wider Europe, Middle East, and Africa region, according to Dealogic data.
The first half of this year saw Middle Eastern companies raise $5.3 billion through 23 market debuts, indicating a growing appetite for investment opportunities in the region. Saudi Arabia, in particular, has witnessed a series of IPOs as part of the government’s ambitious privatisation programme. This initiative has not only encouraged local companies and family businesses to go public but has also seen state entities divest their holdings in listed firms.
Moelis’ decision to appoint Alangari as the head of its business in Saudi Arabia aligns perfectly with the bank’s strategic objectives. By leveraging Alangari’s expertise and the newly acquired license, Moelis is well-positioned to capitalize on the burgeoning investment opportunities in the kingdom.
This move not only highlights Moelis’ commitment to expanding its global footprint but also underscores the bank’s confidence in the potential of the Saudi Arabian market. As the financial landscape in the region continues to evolve, Moelis is poised to play a pivotal role in facilitating investment and driving economic growth in Saudi Arabia.
With Moelis’ strong track record and Alangari’s leadership, the bank is poised to make significant contributions to the financial landscape of Saudi Arabia, further solidifying its position as a trusted partner for clients seeking innovative and tailored financial solutions.