Morgan Stanley (NYSE:MS) is today celebrating the first anniversary of its presence in Saudi Arabia, Morgan Stanley Saudi Arabia (MSSA). John Mack, the firm’s global Chairman and CEO, is in the Kingdom to mark the occasion and to congratulate the team on its successes to date.
Georges Makhoul, President of Morgan Stanley in the MENA region, said, “Mr Mack’s visit to Saudi Arabia marks a great year for the firm. Within its first year, MSSA has built the largest on-the-ground presence of any of the global investment banks operating in the Saudi market. We are very proud to have positioned the firm as a Saudi Securities industry leader within this time.”
“In a relatively short period, MSSA has established itself as an innovator in the local market, having accomplished a number of market firsts. For example, the firm became the first investment bank in the KSA to introduce the book building process to an IPO, with the Saudi Vitrified Clay Pipes (SVCP), which won the International Financial Law Review (IFLR) “Middle East Equity Deal of the Year” said Mr Makhoul.
MSSA also advised on the first concurrent public offerings, and it was the first to compensate non participating shareholders in a rights offering (Sipchem). The firm brought eight IPOs to market in its first twelve months of operation, out of the 26 for the market, more than any other advisor in the Kingdom.
Dr Fahad Al Mubarak, Chairman and CEO of MSSA, added, “We are very proud of our achievements in the past twelve months, and continue to see enormous opportunity in the Kingdom looking ahead. As the public and private sectors continue to grow strongly, we see an increasing demand for the innovative and sophisticated products and services that MSSA has built a reputation for providing.”
Morgan Stanley Saudi Arabia will host a dinner for clients and guest this evening. John Mack will welcome guests and comment on the Market Environment and Impact on Global Economy.
Notes to Editors
MSSA is a joint venture between Morgan Stanley and The Capital Group, a former leading local investment bank in Saudi Arabia. MSSA has a head office in Riyadh with additional branch offices in Jeddah and Khobar.
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