Insights on GS Dubai IBD (MENA coverage)

Goldman Sachs' IBD presence in Dubai, covering the MENA region, has been evolving. Here's what you need to know:

1. Team Structure:

   • GS Dubai IBD operates as a coverage team for the MENA region. However, it has faced challenges in the past, particularly due to reputational issues stemming from the 1MDB scandal, which led to a period of being effectively blacklisted in the region.
   • The team has been regaining momentum recently, leveraging Goldman Sachs' global reputation to rebuild its standing in the market.

2. Generalist vs. Coverage Work:

   • The team primarily focuses on coverage work rather than operating as generalists. This aligns with the typical structure of regional IBD teams, where the focus is on building relationships and executing deals within specific industries or geographies.

3. Recent Deals:

   • While specific recent deals are not detailed in the available context, GS Dubai has been working to re-establish its presence in the MENA market. However, it still trails behind top-performing firms in the region like Moelis, Rothschild, and others.

4. Competitors and Market Position:

   • Moelis is currently the top-performing firm in the MENA region, followed by Rothschild, Morgan Stanley, HSBC, and JPMorgan. GS is picking up steam but remains behind these players in terms of deal flow and market activity.
   • UBS, Credit Suisse, Deutsche Bank, and Barclays are less active in the region, and BAML primarily focuses on coverage with execution handled out of London.

5. Culture and Hours:

   • GS Dubai's culture has been described as poor compared to competitors like Moelis, which is known for good culture despite long hours.

If you're considering GS Dubai IBD, it may be worth evaluating its current trajectory and comparing it to other top firms in the region like Moelis or Rothschild for better deal flow and reputation.

Sources: Investment Banking in Dubai, Non US/Europe IB/PE Overview, Goldman Sachs SLC IBD Overview, Goldman Sachs SLC IBD Overview