Paris-based investment bank Natixis SA recently completed its first IPO in Saudi Arabia, providing a blueprint for navigating a market dominated by rivals that are more established in the Kingdom, Bloomberg reported. According to Barbara Riccardi, regional head for the Middle East corporate and investment banking business, the firm is seeking a “substantial increase” in how much it generates from Saudi Arabia, which it plans to grow by 7 percent every year until 2024. “Saudi is a crowded place where a lot of people have been very active, and obviously we’re not going to try and compete with the likes of the American banks,” Riccardi said in an interview in Riyadh. “But where we can really add value is in the sector where we have been present consistently as a lender and as an adviser.” Natixis, which launched a Riyadh office last year, was one of the advisers on ACWA Power International"s $1.2 billion IPO which drew over $300 billion in orders in October. It was the Kingdom"s largest since Saudi Aramco"s share sale. ACWA has long been a client of Natixis, with the French firm often lending to fund the company"s energy projects. “ACWA sits right in the middle of where we have that expertise and is a good example of what we want to repeat in Saudi Arabia, and across the GCC, with other clients,” said Riccardi. In July, Natixis" parent firm, BPCE SA, took it private as part of a plan to build Europe"s largest private banking group. According to Bloomberg, Natixis was among advisers on the biggest Saudi IPO since Aramco"s listing. Many of the world"s largest banks have already opened branches or expanded their presence in the Kingdom as a result of the country"s stock market opening and plans to sell shares in dozens of state-owned companies. “Under our strategic plan for this region we aim to substantially increase the proportion of revenues coming from Saudi Arabia,” Riccardi said. “That doesn’t mean we don’t pay attention to other countries, where we continue to invest and grow, but reflects the sheer scale of what’s happening in Saudi Arabia.”