Are you considering working as an investment banker in the UAE? There's often a hype around Dubai being the best place to work or start an enterprise, particularly due to tax benefits. But it's a good idea to understand the ranking of the investment banking industry in the region and discover the best firms to work for there before making a move.
In this guide, we'll give you a well-summed up overview of each of the top investment banking firms in UAE, from global giants like Goldman Sachs and Morgan Stanley to local banks like Emirates NBD Capital and First Abu Dhabi Bank. Read on to see what sets each of the banks apart.
The United Arab Emirates (UAE), and more specifically the city of Dubai, is a hub for financial transactions in the Middle East and North Africa (MENA) region. Investment banks in UAE and the entire MENA region serve a crucial role by helping governments and companies of all sizes to execute complex financial transactions including the legal paperwork.
Basically, you can summarize the work of investment banking firms in the UAE and globally as:
Keep in mind that deal activity across MENA is generally low compared to established markets like the US and Europe.
The top IB firms in the UAE fall under three categories: bulge bracket banks (BBs), elite boutiques, and local or regional firms. The best investment banking firms in UAE among the bulge brackets are JP Morgan, Goldman Sachs, Morgan Stanley, BofA, and Citi. Other BBs like Barclays and Deutsche Bank are considered as weak shops in Dubai.
Other top investment banking firms in the UAE with strong deal flow and great potential include Rothschild, Moelis, HSBC, Lazard, BNP Paribas, and Houlihan Lokey. For local banks, look out for Abu Dhabi Commercial Bank, First Abu Dhabi Bank PJSC, Emirates NBD PJSC, and Saudi National Bank SJSC.
Let’s take a closer look at the top investment banking firms in the UAE and explore their key strengths.
Some of the largest global investment banks still manage to get a good market share in the MENA region just as in others. Let’s look at the ones that do well in the UAE, including the financial services areas they excel at below.
JP Morgan
JPMorgan needs no introduction in most regions globally and it's still the case in the UAE. The bank's operations in the Middle East span over a century. Their investment banking team handles various investment banking services including mergers and acquisitions.
It's not just about regional presence. JP Morgan tops the list of the best investment banking firms in the UAE because of its impressive performance year after year. For instance, JP Morgan ranked first in league tables for MENA M&A deals in 2023, closing 20 transactions worth over $21 million, while grabbing the second spot for investment banking fees at $86.2 million.
👉 If you want to know more about this bulge-bracket firm, check out our JPMorgan Interview Guide!
Goldman Sachs
Goldman Sachs is another top investment banking firm in the UAE that brings over 150 years of global finance experience to their Dubai office where they handle major deals across the Middle East. The firm grabs a top 5 spot in MENA M&A rankings in most years. In 2023, Goldman Sachs generated $31.7 million in investment banking fees.
It also made headlines as a joint bookrunner for Dubai Electricity and Water Authority’s (DEWA) massive $6.1 billion IPO in 2022. This is the largest IPO in Dubai's history and the largest in the Middle East since Saudi Aramco's IPO in 2019. So, working with the firm might expose you to some mega IPOs to M&A deals here and there.
👉 Check out our Goldman Sachs Interview Guide to learn more about how to kickstart your career at this leading investment bank.
Morgan Stanley
Morgan Stanley has been active in the Middle East region since the 1970s. But they set up their first shop in the Dubai International Financial Centre in 2006. The firm makes some big moves in the region. For instance, they jumped from 13th place in 2022 to the second spot in MENA M&A rankings in 2023, with an impressive 19.4% market share.
One of Morgan Stanley's recent major deals was in September 2024 where they led a $31 million investment round for Sokin. This deal highlighted their commitment to bringing innovative financial solutions to the UAE.
👉 Discover our Morgan Stanley Interview Guide if you want to know more about this top investment bank.
Citi
Another top investment banking firm in the UAE to consider if you want to become part of a bank that consistently ranks among the top players in MENA's financial sector is Citigroup. The firm has a six decades history in the UAE, as the first Dubai branch began in 1964. Citi topped MENA investment banking fee rankings in 2022 and took fifth place in 2023 with $59.4M in fees.
Their deal track record stands out too, from raising $3.5 billion for ADNOC in 2024, and helping Astra Tech secure $500 million in funding to advising on CYVN Holdings' $1.1 billion stake purchase in Nio. They've built deep roots in the UAE, with offices in Dubai's DIFC, Abu Dhabi's ADGM, and one of the country's first trading floors.
👉 Find out more about one of the top players with our Citigroup interview guide!
BofA Securities Inc
BofA Securities can also expose you to high-profile transactions in the UAE and valuable learning opportunities. Their first office launched in 1972 and now the firm operates across Dubai and Abu Dhabi.
BofA is particularly strong in M&A. For example, the firm climbed from 11th position in MENA league tables in 2022 to fifth place in 2023, handling 9 deals that marked 12.5% of the market share. As a result, the bank ranks well, often at the top 10 in MENA investment banking fees.
Besides the bulge bracket firms, the list of top investment banking firms is also made up of elite boutiques that do well in most regions, and local banks. Below is an overview of those you may want to consider.
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank (ADCB) has grown into a major player in UAE's investment banking scene since its start in 1985. ADCB is a full-service commercial bank headquartered in Abu Dhabi, and it consistently ranks among the top IB fee earners in MENA’s region. In 2023, they pulled in $45.6M in IB fees.
Although ADCB’s M&A business still faces tough competition from global US banks in the region, the firm does really well in equity and debt markets. You'll see their name behind major IPOs like ADNOC Gas and ADNOC Logistics and Services on the Abu Dhabi Securities Exchange. They've also built a solid reputation in bonds and sukuk deals across the MENA region.
BNP Paribas SA
BNP Paribas, headquartered in Paris, has maintained a strong presence in the UAE since 1973 with offices in both Abu Dhabi and Dubai. While they might not consistently rank in the top 10 for overall MENA banking fees, you'll find them particularly strong in debt markets. They climbed from 9th position in 2022 to 4th place in 2023, handling 14 significant issues.
The bank has made its mark in the region through major infrastructure and energy project financing. You can see their expertise in deals like the Fujairah 3 power project, the Al Dhafra Solar PV project (one of the world's largest solar installations), and the ADNOC gas pipeline assets deal. These transactions show their strength in complex, large-scale project financing, especially in the energy and infrastructure sectors.
👉 Check out our BNP Paribas Interview Guide to find out how to start your career at this renowned investment bank.
Emirates NBD PJSC
Emirates NBD was formed in 2007 through the merger of Emirates Bank International and National Bank of Dubai. The bank is now headquartered in Dubai, and has built a strong presence in the UAE. Its annual investment banking fees are often modest compared to firms like First Abu Dhabi Bank, but it ranks in the top 10 in MENA league tables.
Emirates NBD does well particularly in the debt markets. In 2023, they had 32 issues and a 4.8% market share. The firm has also played a role in several successful IPOs and follow-on offerings in the region. Some of the deals the bank has worked on include:
First Abu Dhabi Bank PJSC
First Abu Dhabi Bank (FAB) emerged from the 2017 merger of First Gulf Bank and National Bank of Abu Dhabi. Like most local and regional investment banking firms in UAE, FAB is strong in debt and equity deals. The firm led MENA equity-related transactions in 2023 with 7 issues and handled 35 debt deals. As a result, FAB ranked first in MENA investment banking fee rankings in 2023 with $89.4 million.
Some of the recent wins that show the bank's strength in equity and debt sectors include the $600 million green bond in June 2023 and a $500 million Sukuk issuance in 2022. Their position as a leading regional bank means you'll get hands-on experience with innovative financial products, including Islamic finance instruments and green bonds. But if you want to focus on M&A deals, you may not get enough exposure here.
Houlihan Lokey
After establishing the first office in the UAE in 2022, Houlihan Lokey is a relatively new player in the country. But it's worth checking out. It's headquartered in Los Angeles, California. In the UAE, it offers investment banking services such as mergers and acquisitions, capital markets, financial restructuring, and valuation advisory.
Houlihan Lokey has completed several landmark deals in the UAE, including:
HSBC Holdings PLC
This is one of the oldest international banks in MENA, having started operations in UAE back in 1946. Fortunately, this has served HSBC well as the firm has good dominance in the region. In 2023, the firm secured third place in the MENA region with $75.7M in investment banking fees, mainly from their strong equity and debt deals.
While their M&A business isn't comparable to US multinationals like JP Morgan and Goldman Sachs, you'll find HSBC offering comprehensive advisory services across mergers, capital raising, and structured finance. The global headquarters for HSBC are in London, UK. But the firm opened a new MENA HQ in 2024 in Downtown Dubai due to their long-term commitment to the region.
Lazard
Lazard established its first office in the UAE in 2014, focusing on asset management in Dubai. The firm's headquarters are located in New York City, Paris, and London. In the UAE, Lazard offers investment banking services including mergers and acquisitions, capital raising, restructuring, and financial advisory.
Here are some of the notable deals Lazard has been part of in the UAE:
Moelis
Moelis & Company, headquartered in New York, has built a strong reputation in the UAE since opening their Dubai International Financial Centre office in 2011. The firm is well-known for handling high-profile initial public offerings and complex restructuring deals. For instance in 2009, before establishing their offices in UAE, Moelis was involved in advising the government on the Dubai World's 2009 restructuring. This deal involved over 70 creditors.
Then in 2021, Moelis was part of the Finablr Group restructuring deal. The firm's involvement in landmark transactions, including Saudi Aramco's massive $29 billion IPO in 2019, shows their capabilities. So, Moelis is one of the best investment banking firms in the UAE for those who want to focus on M&A advisory, corporate restructuring, and strategic consulting. The bank has built strong relationships with both government entities and private sector clients in the region.
Rothschild
Rothschild & Co, the London-headquartered banking dynasty, established its UAE presence in 2007 with an office in Dubai International Financial Centre. The bank offers a mix of traditional investment banking services alongside wealth management. This sets Rothschild apart from purely institutional-focused banks in the region. The bank's strategy combines M&A advisory, debt and equity services with wealth management for high-net-worth individuals and families.
Saudi National Bank SJSC
Headquartered in Riyadh, Saudi National Bank (SNB) emerged from the 2021 merger of National Commercial Bank and Samba Financial Group. You'll find SNB consistently among the top 10 fee earners in MENA investment banking, particularly excelling in debt and equity deals.
Their UAE presence offers you a full suite of investment banking services, from M&A advisory and capital markets to treasury solutions and investment management, making them a significant player in the region's financial landscape.
To choose the right firm to work for in the UAE, consider your long-term career goals and exit opportunities, check a firm's deal types, network, and look for competitive compensation and benefits.
Here's how you can employ each of these factors in your search for the right firm.
Exit Opportunities
The top investment banking firms in the UAE don't offer equal exit opportunities. If you want to move to a European or US market after a while from a local or regional UAE bank, you might have a difficult time.
Lateral opportunities are generally not easy when coming from the MENA region unless you're going to Asia or other emerging markets. However, the odds are better when working for the bulge bracket firms. Ensure you look at where former bankers of the firms you're eyeing made exits to.
Deal Type and Quality
As you've seen throughout this guide, most IB firms offer comprehensive investment banking services. But there are areas where they get more deals than in others. For instance, the US multinationals in the UAE often rank well in M&A deals while most local banks lag behind in that sector. Yet they rank well in debt and equity markets.
Also, some banks specialize heavily in sovereign wealth funds, real estate, or energy sectors, which could either focus or limit your expertise.
So, take the time to understand the type of deals an investment banking firm often secures and where they rank well in league tables. You can check the recent deals on each firm's website. Your choice should align with the kind of experience you want.
Network
One of the best ways to know what to expect especially in terms of work culture from a firm is to hear from insiders. So, try to connect with current or former employees of the banks you've shortlisted through LinkedIn to gain insights into the company's work culture, growth opportunities, and any other aspect you may want to know.
Consider Benefits and Growth
Check the average salaries that each bank offers. Depending on your needs, you can opt for firms that offer competitive salaries, health benefits, training programs, and clear paths for advancement.
The UAE's investment banking landscape offers a mix of opportunities across global bulge bracket firms, elite boutiques, and leading regional banks. Global giants like JP Morgan, Goldman Sachs, and Morgan Stanley dominate M&A and mega-deals, while local firms such as First Abu Dhabi Bank and Emirates NBD excel in debt and equity markets, often leading regional IPOs.
Each firm brings unique strengths, from HSBC’s long-standing presence to Moelis’s expertise in complex restructurings. When choosing the right fit, consider your career goals, the firm's deal focus, and potential exit opportunities. Leverage insider insights and evaluate compensation packages to ensure the firm aligns with your long-term aspirations in this dynamic and growing market.
