Originally established as a sales and trading brokerage, Arqaam Capital is now ramping up its efforts in equity capital markets (ECM), debt capital markets (DCM), and loan syndication, amid increasing deal activity in Saudi Arabia and the UAE. However, the expansion comes with its own challenges, such as compressed fees and intense competition.
Based in Dubai’s DIFC, with offices across the UAE, Saudi Arabia, Egypt, and Lebanon, the financial services firm has secured regulatory approvals in Saudi Arabia, enabling it to provide advisory services on ECM transactions.
Rawad Kassouf, Head of ECM Execution & Syndicate at Arqaam, told Zawya that the company is growing its team in Saudi Arabia and is actively leveraging its pool of 27 research analysts to enhance research capabilities, as well as regional and international distribution support for issuers.
Arqaam recently acted as joint bookrunner for Dubai Holding REIT. “We’re originating deals from the UAE, Saudi Arabia, and Oman, and we anticipate advising on more ECM transactions before the end of the year,” said Kassouf, who previously served as a senior investment banker at ADCB before joining Arqaam to expand its ECM division in August last year.
While Saudi Arabia and the UAE remain focal points for capital markets activity, Kassouf noted that Oman’s potential upgrade from frontier to emerging market status—possibly in the coming year—may drive an increase in foreign direct investment and valuation re-ratings.
Saudi Arabia is expected to retain its leading position in ECM this year, largely fuelled by industrial sector listings, with real estate listings gaining traction as well.
