DUBAI, Oct 14 (Reuters) - 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% 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
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
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.
(Reporting by Hadeel Al Sayegh
Editing by Mark Potter)