Dubai Citi Transaction Services (CTS), a Division of Citi, today signed a comprehensive Memorandum of Understanding (MoU) with the Department of Economic Development (DED) – Government of Dubai – designed to boost Dubai's attractiveness as an investment destination and a trade hub for multinational corporations, as well as promote a more conducive environment for the establishment of small and medium-sized enterprises (SMEs) in the country.
Signed by HE Sami Al Qamzi, Director General of DED, and Mr. Atiq Ur Rehman, Citi's Chief Executive Officer for the Middle East Division, the MoU calls for cooperation on a series of presentations and roadshows outside of the UAE to help attract fresh Foreign Direct Investment (FDI) into the city.
It also points to the exchange of expertise, best practices and vital information to help facilitate export efforts, SME initiatives, business registrations through Citi's banking platform, including services provided by CTS and Global Subsidiaries Group (GSG).
Citi's involvement is driven by ‘Citi for Cities,' a global initiative which aims at transforming and modernizing city infrastructure, supporting economic development and job creation, and enhancing cities' livability.
Commenting on the MoU with Citi, Mr. Al Qamzi said: "We are delighted that Citi, a global name in banking and finance, will be partnering with DED on multiple initiatives. Both DED and Citi have the common goal of improving Dubai's viability as a global economic hub, and today's MoU lays the foundation for a solid and long term partnership."
"Dubai continues to make strides as a city of choice for businesses, multinational corporations and expatriate population. We are delighted to have the opportunity to assist DED in enhancing Dubai's competitiveness in the future," said Mr. Rehman.
According to ‘Hot Spots,' a March 2012 Citi-commissioned Economist Intelligence Unit (EIU) report which analyzed the competitiveness of 120 cities worldwide based on a city's ability to attract capital, business, talent and tourists, Dubai ranked 10th under the measure of Financial Maturity and 40th in the overall rating.
Citi has been in the Arab world for nearly 50 years and views the region as critical to its global franchise. It currently offers full-scale corporate banking services across 10 Arab countries, including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high net worth clients in the region through the Citi Private Bank.
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
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Citi Transaction Services
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.
Department of Economic Development (DED)
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.
DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.