The deal follows similar moves elsewhere in the Gulf, including oil and gas pipeline transactions by Abu Dhabi National Oil Co. and Saudi Aramco, as governments seek to bring in external capital without losing control of key assets. In these cases, investors obtained bridge financing from banks that were later refinanced by bonds.
At the start of the regional war in February, Wall Street banks were grappling with the prospect of a protracted slowdown in the Middle East. Three months in, many firms are rushing to add bankers after local investors largely looked past the conflict and doubled down on dealmaking.
