Deutsche Bank is ramping up its investment banking presence across the Middle East and North Africa, riding a surge in sovereign and corporate debt activity that has turned 2025 into one of the busiest years yet for regional capital markets.
The German lender’s deal flow in MENA has jumped 30% year-on-year, with momentum strongest in sovereign and financial-sector issuances. From its regional hub in Dubai, the bank’s Central and Eastern Europe, Middle East, and Africa (CEEMEA) team is broadening coverage and headcount, targeting clients across the UAE, Saudi Arabia, and Qatar.
“MENA remains a cornerstone for our franchise,” said Abdeslam Alaoui, Deutsche Bank’s Managing Director and Head of CEEMEA Capital Markets. “We are selectively expanding our reach—focusing on clients where we can add long-term strategic value rather than chasing every deal.”
Debt Rush and a Shifting Landscape
After an August surge that reopened issuance windows, bond activity briefly cooled amid IMF meetings and anticipation of the U.S. Federal Reserve’s rate decision. Market watchers now expect a fresh wave of transactions once policy clarity returns.
Across the region, bond issuance has hit $125.9 billion year-to-date, up 20% from 2024 and marking the highest nine-month total ever, according to data from the London Stock Exchange Group. Saudi Arabia led with over half the proceeds, followed by the UAE (26%) and Qatar (9%).
Alaoui noted a rise in non-dollar and sukuk issuances, with issuers embracing alternative currencies such as the euro, Swiss franc, sterling, and even CNH and HKD in private placements. “Issuers are becoming more opportunistic—diversifying funding bases and exploring currencies they haven’t touched in years,” he said.
Key Deals and Expanding Reach
Deutsche Bank has acted as joint lead manager on several marquee transactions this year, including the Republic of Türkiye’s $2 billion, 10-year bond, which achieved the country’s lowest spread of 2025. The bank also co-led Mubadala’s $750 million issuance, the tightest-spread deal in its history.
Beyond sovereigns, Deutsche Bank’s roster includes Qatar National Bank, Ahli Bank Qatar, Doha Bank, DP World, Sobha Realty, and OCP, among others—cementing its role as a leading player in both financial and corporate sectors.
Regional activity shows no sign of slowing. Saudi Arabia alone has raised $19.5 billion through two bond sales this year, while Kuwait returned to the dollar market after eight years with an $11.25 billion issuance. Abu Dhabi, Sharjah, Bahrain, and PIF are also active participants heading into the final quarter.
“If current market conditions hold, issuers will likely continue pre-funding and tapping the market before year-end,” Alaoui added.
In a year defined by tightening spreads and expanding horizons, Deutsche Bank’s MENA playbook reflects a simple truth: in the race for capital, presence—and precision—matter more than ever.
