Morgan Stanley banker who advised on Aramco IPO to join Saudi Fransi Capital: Reuters

Morgan Stanley banker who advised on Aramco IPO to join Saudi Fransi Capital: Reuters
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Updated 14 October 2021

Morgan Stanley banker who advised on Aramco IPO to join Saudi Fransi Capital: Reuters

Morgan Stanley banker who advised on Aramco IPO to join Saudi Fransi Capital: Reuters
  • He will join Saudi Fransi Capital as head of the investment banking team

One of Morgan Stanley's top dealmakers, who helped advise oil giant Saudi Aramco on its initial public offering (IPO), is leaving to join the investment banking arm of Banque Saudi Fransi.


Motaz Alangari, who is based in Riyadh, is leaving the Wall Street Bank after more than five years leading its Saudi investment banking business, according to a Morgan Stanley memo seen by Reuters.


He will join Saudi Fransi Capital as head of the investment banking team, said a source familiar with the matter, who declined to be named as the matter is not public.


A spokesperson for Morgan Stanley declined to comment.


Banque Saudi Fransi, which is 16.2 percent owned by Prince Alwaleed bin Talal's Kingdom Holding, did not immediately respond to a request for comment.


Investment banks operating in the Gulf are beefing up their presence and demand for investment bankers is on the rise amid a deals bonanza as economies recover from last year's COVID-19 linked contraction.


Alangari was involved in some of Morgan Stanley's largest deals in the region including Aramco's record $29.4 billion IPO. More recently, he was involved in the public share sale of Solutions by STC, a unit of Saudi Telecom, which raised around $966 million in September.


"During his time at Morgan Stanley, Motaz has helped greatly develop our franchise in Saudi Arabia, working tirelessly to promote the firm's interests in the kingdom across divisions," the memo circulated on Wednesday said.


He was previously at Samba Capital, the investment banking arm of Samba Financial Group, which was merged with National Commercial Bank to create Saudi National Bank earlier this year.


Deal activity in the Gulf region has been booming in the last two years, mostly in Saudi Arabia and the United Arab Emirates, as governments seek to monetise assets and diversify their economies away from oil.


Saudi Arabia's Capital Markets Authority said in September that around 45 companies were waiting for approval to list.


US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official
Updated 6 sec ago

US supply chain woes to stretch into 2022, warns top official

US supply chain woes to stretch into 2022, warns top official

WASHINGTON: The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.

Pete Buttigieg did the rounds on US political talk shows to stress that President Joe Biden’s administration was doing everything it could to alleviate congestion at the country’s overloaded ports, railways and roads, and that the government will “re-evaluate all of our options” to relieve the bottlenecks.

But “a lot of the challenges that we have been experiencing this year will continue into next year,” the transport chief and former presidential candidate told CNN’s “State of the Union” show.


Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings
Updated 3 min 44 sec ago

Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.

The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which is the highest in the region, said the report.

The Saudi Ports Authority, also known as Mawani, has forged partnerships with operators and major international shipping lines to develop the Kingdom’s seaports and contribute to the national goal of transforming Saudi Arabia into a global logistics hub.

Omar bin Talal Hariri, president of Mawani, said the authority is proud of the achievement and will intensify its efforts to meet the aspirations of the Kingdom’s leadership.

The index includes several sub-indicators, most notably, the number of scheduled visits by ships to the country within a week, capacity of the ships in standard units, in addition to the number of regular service paths provided by shipping lines to and from the country.


UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe

Updated 46 min 4 sec ago

UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe


RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe.

The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company’s efforts to expand its horizons and diversify its sources of production.

The company has opened its first plant for compressing and drying animal feed in Serbia with a production capacity of 120,000 tons and storage capacity of 20,000 tons.

 


Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister
Updated 17 October 2021

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

Foreign investments in Egypt’s oil sector see 26.02% decline, says minister

CAIRO: Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier.

“The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,” Tarek El Molla said in a speech to the Egyptian Petroleum Association. 


Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans
Updated 17 October 2021

Over 86,000 Saudi families benefit from Sakani subsidized loans

Over 86,000 Saudi families benefit from Sakani subsidized loans

RIYADH: More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings.

Of the total, 69,497 families benefited from the loan offered for ready-made housing units.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. It has a goal of reaching 70 percent homeownership by 2030.

The program also launched new e-services to serve people effectively.