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Saudi Arabia's planned privatizations, including a share sale in the world's biggest oil company, represent the biggest investment banking opportunity in emerging markets, according to Citigroup Inc. Implementation of the kingdom's plans to restructure the economy – known as Vision 2030 – "could translate into a fantastic wallet for the investment banks," Omar Iqtidar, Citigroup's head of investment banking in the Middle East, said in an interview in Dubai.Saudi Arabia's stock exchange, the biggest in the Middle East and Africa, has hired HSBC Saudi Arabia Ltd. as a financial adviser for its initial public offering, scheduled for 2018 .The bank is directly investing in companies listed on the Saudi Stock Exchange after the stock market opened to direct foreign investment last June.The New York-based bank sold its 20-percent stake in the Saudi American Bank, now known as Samba Financial Group, to the state Public Investment Fund for $760 million in 2004, ending a business that it helped form in 1955 .
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