Egyptian investment bank EFG Holding plans to expand its workforce in Saudi Arabia in 2024 amid a surge in deal-making activity, according to a report.

The bank intends to increase headcount by 30% to 47 employees this year, Bloomberg reported, quoting CEO Karim Awad.

The Cairo-based bank, which advised on the initial public offerings (IPOs) of Ades Holding and Saudi Aramco, views Riyadh as a “significant” market not only for its liquidity and investor base, but also for a diverse range of industries, the news agency said.

EFG Holding aims to participate in up to six IPOs in Saudi Arabia this year, with three to four deals in the pipeline in the UAE, one in Kuwait and potentially two in Egypt, Bloomberg reported.

The investment bank intends to sustain hiring in the UAE, where it currently has 130 employees.

The expected expansions in Saudi Arabia, the UAE, Egypt and Kuwait will drive growth in the future, the news agency said.

EFG’s net income rose 39% to 2.5 billion Egyptian pounds ($52.3 million) in 2023.

Awad remains optimistic about the bank’s performance in 2024, driven by its operations in the Gulf and Egypt, as well as a liquid balance sheet, the report said.

(Editing by Seban Scaria seban.scaria@lseg.com )