Moelis plans to open office in Riyadh to benefit from ‘Energy Supercycle’

Moelis & Co. said it wants to open an office in Riyadh, the Saudi capital, and do more deals as the world’s biggest oil exporter privatizes some companies and the stock market sees a burst of initial public offerings.

The boutique financial adviser, founded by Wall Street veteran Ken Moelis, said it will soon hire staff in Saudi Arabia as it sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle.”

“We are waiting for a final stamp on our license,” Vice Chairman Eric Cantor said in an interview. “It’s forthcoming and part of that is hiring Saudis.”

“We are set for a supercycle in oil and gas,” said Cantor.

“This region is one of the most dynamic places economically in the world right now because it’s really changing and it’s opening up,” Cantor said in Abu Dhabi, the capital of the United Arab Emirates. “There’s increasing interest from U.S. companies wanting to come to the region and Saudi Arabia’s the largest market.”