JPMorgan will increase the number of bankers it has in Saudi Arabia to around 80 by the end of the year to capitalise on the increase in equity market activity and mergers and acquisitions in the kingdom, a senior executive said.

“We’re invested in investment banking and our equities brokerage capabilities as we expect more activity in the equity market with all the changes that are going on,” Sjoerd Leenart, head of JPMorgan’s Middle East and North Africa (MENA) region, told Reuters on Thursday. Saudi Arabia has unveiled about $200 billion of privatisation of state-owned companies over the next few years, selling stakes in everything from hospitals to airports. The kingdom is also listing oil company Saudi Aramco, which it expects will raise another $100 billion.