Deals
Top Bankers Descend on Dubai Ritz as Aramco IPO Work Starts
- Dozens turn up for kickoff as Aramco speeds up preparations
- Bankers relax at Belgian cafe after first day of meetings
Photographer: Simon Dawson/Bloomberg
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Dozens of bankers from Citigroup Inc. to JPMorgan Chase & Co. descended on the heart of Dubai’s financial district on Thursday to start work on the mammoth initial public offering of Saudi Aramco.
Executives from Morgan Stanley and local investment bank Samba Financial Group also turned up for the kickoff meeting at the opulent Ritz Carlton hotel, just one day after news of their appointment came out. Every now and then, some would exit the closely guarded meeting room -- marked by an electronic sign bearing Moelis & Co.’s name -- passing guests on their way to the pool overlooking the office towers of Dubai International Financial Centre.