Goldman Sachs leveraging revamp to boost Asia investment banking share, says regional top banker
Since September 2024, the bank has unified its merger and acquisition (M&A) teams, combined financial and strategic investor units and introduced a capital solutions group in the region, before merging three investment banking businesses and appointing Iain Drayton to head the integrated regional franchise last month.
The 19-year Goldman veteran, speaking for the first time since the revamp, said the regional integration is seen as a way to "expand the overall commercial opportunity in Asia-Pacific".
"By operating as a unified APAC platform, we can provide broader insights, more seamless execution, and deeper, regionally coordinated coverage," he said.
Before the revamp, Goldman Sachs' investment banking businesses in Japan, Australia and New Zealand, and the rest of Asia were separately operated.
Drayton, who previously led the Asia operations excluding Japan, said there has been a clear pickup in large-scale M&A and a meaningful uptick in equity capital markets activity across the region following the integration.
"On an APAC basis, we're seeing some strong tailwinds at the moment — quite a contrast to the headwinds that defined the past two to three years," Drayton said.
"Market sentiment, investor engagement, and transaction momentum are all moving in a more constructive direction."
Wall Street banks have voiced concerns over delays for deals as U.S. tariff policies roiled markets and stalled activity.
But dealmaking has resumed and markets have stabilised in Asia in recent weeks, with investors poised to deploy capital where valuations are compelling, Drayton said.
Goldman Sachs ranked top in Asia Pacific's equity capital markets league table this year as of Monday, having worked on $12 billion worth of such deals, ahead of rivals JP Morgan and Morgan Stanley, data from Dealogic showed.
The bank placed third in announced M&A, advising on $111 billion of deals, trailing Nomura Holdings and Morgan Stanley, the data showed. (Reporting by Selena Li and Kane Wu; Editing by Saad Sayeed)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
15 hours ago
- Khaleej Times
Aviation boom fuels real estate surge: UAE's airports set new benchmarks in urban development
Airport development significantly influences the real estate sector, driving economic growth and reshaping property markets. New or expanded airports enhance connectivity boosts demand for residential, commercial and retail properties paving the way for economic growth of the country. Experts and analysts said the airports' development is a catalyst for extensive real estate growth in the surrounding areas as it drives demand for residential and commercial properties, including hotels, offices, and retail spaces catering to the needs of travellers and businesses. They opined that proximity to a major airport enhances property values, making the region attractive to investors and developers. 'Airport often acts as catalysts for regional development, attracting businesses, investors, and residents seeking proximity to enhanced transportation options. Land prices near airports appreciate rapidly as investors anticipate growth and this trend lifts demand for various types of real estate properties in the country,' experts said. Latest data indicates that airports in the Asia-Pacific and Middle East region will invest $240 billion to expand capacity, modernise infrastructure, and support future passenger and cargo growth. In the post Covid-19 era, construction of new airports and expansion of existing facilities are in full swing as there has been a resurgence in air travel across the globe. Aviation Role in Realty Boom The UAE is known for its thriving aviation industry, with some of the busiest airports in the world serving millions of passengers every year. The government accords priority to expand major airports of the country to handle a big boom in air travel until 2030 by investing in aviation infrastructure and services. The UAE, which aims to host 40 million visitors by 2031, is implementing a multi-billion dollar airport development and expansion project that will help the airports to handle more than 300 million passengers annually. The emirate has also outlined plans to build new airports and expand existing ones to stay competitive as a global aviation hub. Strategic planning ensures sustainable growth, positioning the UAE as a global hub while transforming its real estate landscape with vibrant, mixed-use communities. The UAE's ambitious airport development and upgrade projects, particularly in Dubai and Abu Dhabi, significantly reshape its real estate sector. The emirate's airports are expanding in a fast-forward mode to welcome an estimated 150 million passengers this year compared to 140 million in 2024, according to the experts. DWC to Redefine Urban Living Elaborating, they said the $35 billion expansion of Dubai World Central (DWC), set to become the world's largest airport, and upgrades to Dubai International (DXB) — which welcome 92.3 million record passengers in 2024 — and Abu Dhabi's Zayed International Airport, which handled 29.4 million passengers last year, drive economic growth and property demand and will set new benchmark in urban living. These projects enhance connectivity, attracting global businesses, tourists, and residents, which boosts commercial real estate, including logistics hubs, warehouses, and office spaces near airports. For instance, Dubai South's 'airport city' integrates residential, retail, and hospitality developments, projecting a 15-20% rise in property values due to job creation and infrastructure improvements like roads and metro links. In addition, residential demand surges in Dubai South, Dubai Investment Park, Expo City and other areas as more people flock to the emirate in search of better future. 'Upon completion of expansion project, Al Maktoum International Airport is anticipated to be bigger than Dubai International with 250 million passenger capacity. And real estate sector will be among major beneficiaries of the mega project,' says an analyst. Transforming Abu Dhabi Landscape Similarly, Abu Dhabi's airport upgrades support tourism and trade, spurring hotel and retail developments. The airport's sustainable design and global hub status align with Abu Dhabi's Vision 2030, transforming the real estate landscape into vibrant, mixed-use communities. The $3.3 billion expansion of Zayed International Airport, formerly known as Abu Dhabi International, particularly the 2023 opening of Terminal A, significantly impacts Abu Dhabi's real estate sector. Designed to handle 45 million passengers annually by 2030, the terminal enhances connectivity, boosting tourism and trade. This drives demand for commercial real estate, with logistics hubs, warehouses, and offices thriving in areas like Khalifa Economic Zones Abu Dhabi (Kezad), where warehousing rents rose 14% in first quarter of 2025. Retail and hospitality sectors also benefit, with hotels and shopping centres catering to increased passenger traffic. Residential demand surges in luxury areas like Yas Island, Saadiyat Island, and Al Reem Island, where apartment prices up 2.54% to 5.23% in January-March 2025 quarter, fuelled by job creation and infrastructure improvements like Etihad Rail stations. Sharjah: A Sustainable Hub Sharjah's real estate sector is also transforming into a diversified, sustainable hub, fuelled by its airport's ambition to rank among the top five regional airports. The $654 million Sharjah International Airport expansion, set to increase passenger capacity from eight million to 25 million by 2027, is significantly impacting Sharjah's real estate sector. The airport welcome 17.1 million passengers in 2024. The project, which includes a new terminal, additional gates, and infrastructure upgrades, enhances connectivity, driving demand for commercial and residential properties. Some of the areas have already been seeing high transaction volumes, benefit from improved accessibility and economic activity. Moreover, commercial real estate, particularly office spaces and logistics hubs, is thriving, with occupancy rates exceeding 70% and prime rents rising 40% due to corporate relocations. Residential demand also grows in nearby areas, supported by job creation and infrastructure developments like roads, hotels, shopping centres and entertainment facilities. 'Dubai and GCC airports are already known for their passenger-centric design, new technology adoption and commitment to value creation, and we see a strong alignment with WAISL's philosophy of creating predictive, AI-driven NextGen airports with a superior RoI framework,' Preetham Kamesh, Strategic Advisor & Acting Global Business Officer, WAISL Limited. Major Projects in the Region As the UAE is implementing major airport projects, Saudi Arabia and other countries in the region also executing the policies to either develop new development or upgrade the existing facilities. As it targets 300 million passengers by 2030, Saudi Arabia is constructing a multi-billion mega hub in Riyadh, King Salman International Airport, which it also wants to ultimately become the world's largest airport for passenger capacity upon its completion in 2030. In Oman, Musandam Airport is being constructed for $250 million and is expected to be ready by fourth quarter of 2026. Bahrain is working at a project to develop a 40-million-passenger capacity international airport terminal that will replace its existing hub. In Kuwait, a new triangular terminal with 28 gates is expected to become operational in 2025-26. By 2040, airports in the Middle East will handle 1.1 billion passengers, more than double the 2019 figure of 405 million passengers. Schneider Electric's President of Gulf Countries, Amel Chadli, remarked that as the aviation industry in the Middle East experiences unprecedented growth, our strategic objective is to empower airports to scale efficiently — with intelligent, secure, and resilient systems that elevate the passenger experience, and we are helping airports around the world reduce their environmental impact. Sascha Goly, Global Segment Manager Logistics, Forbo Movement Systems, remarked that the MEASA region is where airport infrastructure is growing rapidly and sustainability is becoming a major focus. Scaling Real Estate Growth Experts are of the view that airport development typically stimulates infrastructure improvements, including roads, public transport, and utilities. These enhancements not only improve accessibility to the airport but also attract residential developments. As transportation costs decrease and commuting times shorten, suburban areas near airports become more appealing for families and professionals, thereby driving residential real estate development. 'While airport development can lead to increased real estate activity and economic benefits, it necessitates careful planning and community engagement to mitigate its negative impacts. Stakeholders must evaluate the opportunities associated with airport-related real estate development to ensure sustainable growth that benefits all parties involved.' In conclusion, experts have a consensus that airport development acts as a catalyst for real estate growth, but its success depends on strategic planning, sustainable practices, and balancing economic gains with community needs. The ripple effects transform regions, making them more competitive while reshaping urban landscapes. UAE Airports Expansion at a Glance The UAE airports will handle more than 145 million passengers this year compared to 140 million in 2023. Zayed International Airport is now able to handle 45 million passenger annually. The current capacity of Dubai International can reach up to 120 million passengers. Upon completion of expansion project, Al Maktoum International Airport is anticipated to be bigger than Dubai International with 250 million passenger capacity. Sharjah International Airport will be able to handle up to 25 million passengers by 2027. Setting New Benchmarks in Urban Living The UAE's ambitious airport development and upgrade projects, particularly in Dubai and Abu Dhabi, significantly reshape its real estate sector. Dubai South's 'airport city' integrates residential, retail, and hospitality developments, projecting a 15-20% rise in property values due to job creation and infrastructure improvements like roads and metro links. Zayed International Airport's sustainable design and global hub status align with Abu Dhabi's Vision 2030, transforming the real estate landscape into vibrant, mixed-use communities. Sharjah's real estate sector is also transforming into a diversified, sustainable hub, fuelled by its airport's ambition to rank among the top five regional airports. The Asia-Pacific and Middle East region will invest $240 billion to expand capacity, modernise infrastructure, and support future passenger and cargo growth.
Zawya
18 hours ago
- Zawya
Fintech firms rush to raise equity in Hong Kong to tap crypto frenzy
HONG KONG/SHANGHAI - Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city starts accepting applications for stablecoin issuer licences on Friday. At least 10 Hong Kong-listed companies raised a total of more than $1.5 billion from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group . The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. Hong Kong's stablecoin bill passed in May is taking effect on Friday as the Asian financial hub races the United States in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. "We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets," said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million ($49.43 million) share placement last month. "The momentum in this space is real, and it's accelerating." OSL raised $300 million in late July to support global initiatives including development in stablecoins and a digital payment network. The equity raising was completed within three days after the company appointed Macquarie to help with the offering, and the bookbuilding - which attracted sovereign wealth funds and big hedge funds - took less than three hours. "Investor zeal toward cryptocurrencies and stablecoins was palpable," OSL Chief Financial Officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against "growing frothiness" and "excessive exuberance" due to the recent hype around stablecoins. PRIVATE MARKET The crypto exuberance has also spilled into the private equity and startup markets. "Venture capitalists are very interested in this area, and many are actively looking at such projects," said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than $50 million in Hong Kong last month. "There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend." JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players such as custodians and investment managers want a piece of the action, so "interest in these topics, and fintech applications more generally, is set to continue," said Kishore Bhindi, a Hong Kong-based partner at law firm Linklaters. ($1 = 7.8499 Hong Kong dollars)
Emirates 24/7
21 hours ago
- Emirates 24/7
DFM announces 298% rise in net profit before tax for H1 2025 to AED777.1 million
Dubai Financial Market (DFM) announced its consolidated financial results for the six-month period ending 30 June 2025, reporting a net profit before tax of AED777.1 million, up 298 percent compared to the same period in 2024, underscoring strong investor confidence and the continued expansion of Dubai's capital markets. DFM saw robust market performance during this period, with the DFM General Index (DFMGI) rising by 10.6 percent, reflecting both local market strength and a broader global shift in capital towards resilient, growth-oriented markets. The total market capitalisation also increased by a solid 9.7 percent, compared to the same period last year, to reach AED995 billion. Commenting on DFM's performance, Helal Saeed Al Marri, Chairman of DFM, said, 'DFM delivered a positive performance in the first half of 2025, underpinned by growing market depth and investor engagement. The rise in the DFM General Index, alongside sustained participation from institutional and foreign investors, is set against the backdrop of a dynamic Dubai economy, where record real estate activity, growing hedge fund presence, and increased capital flows have reinforced the emirate's status as a global financial hub. The 3rd edition of our Annual Capital Market Summit, held in May, further highlighted DFM's global standing, attracting more than 1,500 leading international and regional market participants and setting the stage for continued innovation and growth. Looking ahead, we will continue enhancing our market infrastructure and diversifying our offerings to support sustained market growth.' DFM's total consolidated revenue rose 191 percent to AED888.9 million in the first half of 2025, underpinned by a robust rise in operating income and solid investment returns and one-off income from the sale of an investment property. Expenses, excluding tax, were AED111.8 million compared to AED110.3 million in H1 2024, reflecting ongoing investments in market infrastructure and technology. In the second quarter of 2025, the total revenue reached AED702.5 million compared to AED157.6 million reported in Q2 2024. Further, the exchange recorded a net profit before tax of AED642.2 million, compared to AED99.8 million in the corresponding period last year reflecting the steady market growth. DFM recorded increased trading activity during H1 2025, with average daily traded value (ADTV) rising 75 percent year-on-year to AED692 million, leading to a total traded value of AED85 billion, up 77 percent compared to AED48 billion in H1 2024. Average number of daily trades also increased by 37 percent to approximately 13,900, reflecting deeper market engagement. DFM onboarded 53,655 new investors during the first half of 2025, with foreign investors making up 84 percent, raising the total investor base to over 1.2 million. Institutional trading increased notably, reaching 71 percent of total activity, with foreign investors contributing 53 percent of trading and representing 20 percent ownership of market capitalisation. In June, DFM participated in HSBC's GCC Exchanges Conference in London, which convened over 300 global institutional investors, more than 100 corporates, and representatives from all GCC exchanges. The conference emphasised growing global interest in the Gulf markets, driven by resilient regional performance, including a 33 percent rise in GCC IPO activity in the first three months of the year. In the first half of 2025, DFM welcomed the landmark IPO of Dubai Residential REIT (DUBAIRESI), the GCC's largest and first-ever listed pure-play residential leasing-focused REIT. The IPO raised AED2.145 billion (US$584 million) and was significantly oversubscribed, with gross demand exceeding AED56 billion (US$15 billion), approximately 26 times the offered units. Dubai Residential REIT debuted with a market capitalisation of AED14.3 billion (US$3.9 billion), marking the largest listed REIT in the GCC and underscoring strong investor confidence in Dubai's real estate sector. In May, DFM successfully hosted the third MENA Capital Market Summit (CMS 2025), welcoming over 1,500 attendees and more than 100 speakers from leading global institutions. The annual event has come to serve as a regional anchor for dialogue, innovation, and investment, further cementing DFM's role as a strategic enabler of capital market development. During this year's edition, DFM announced two AI-powered enhancements to its iVestor app: Smart Disclosures and Financial Summary. Smart Disclosures provides concise summaries of detailed company announcements, while Financial Summary presents key financial metrics clearly and succinctly. These new features aim to simplify access to information and support investors in making informed decisions, aligning with the rising demand for intuitive, digital-first investment tools. DFM also continued enhancing its Arena platform, designed to facilitate broader capital access and diversify investment opportunities across various asset classes, reinforcing market depth and investor engagement. Market capitalisation reached AED995 billion, reflecting Dubai's diversified economic base with sector composition as follows: Financials 40 percent, Real Estate 20 percent, Utilities 17 percent, Industrials 12 percent, Communication Services 5 percent, and Consumer Staples and other sectors comprising the remainder. This diverse mix strategically positions DFM to attract listings from emerging and underrepresented sectors. Hamed Ali, CEO of DFM and Nasdaq Dubai, said, 'DFM's performance in the first half of 2025 reflects a market evolving with purpose, demonstrating steady progress in executing our strategic initiatives and maintaining investor confidence. The successful listing of Dubai Residential REIT signals continued strength in our IPO pipeline and a growing investor appetite for diversified asset classes. As we expand access to new products and deepen market infrastructure, DFM remains a magnet for capital and a launchpad for the region's most ambitious issuers.'
