Abu Dhabi

case studies
abu dhabi
energy & utilities
efficiency optimization

Single global banking partner boosts energy company's cash management and liquidity

Abu Dhabi National Energy Company restructures treasury and selects Citi as global banking partner

By choosing Citi, we are gaining access to its high-caliber expertise, global footprint and local
— Doug Fraser, Chief Financial Officer, TAQA.

The challenge

Abu Dhabi National Energy Company (TAQA) is a leading United Arab Emirates company with a portfolio of businesses across the Middle East, Europe, North America and India. These include upstream oil and gas, pipelines, gas storage, power generation and water desalination.

Rapid international expansion placed new demands on TAQA's decentralized treasury function. As maintaining clear visibility of funds became more difficult, new systems and processes were needed to support the company's operations along with new injections of capital to drive growth.

It was therefore decided to restructure TAQA's treasury function in line with these requirements.

The solution

TAQA established a new Global Treasury Center based in Amsterdam and appointed Citi Global Transaction Services as its single banking provider.

In addition to its CitiDirect Online Banking platform, Citi put in place a range of cutting-edge solutions, including domestic cash management services for 30 legal entities in North America, Europe and the Middle East.

A global liquidity structure was also created, with a multicurrency notional pool in London. Cash balances were swept daily while TAQA's treasury workstation benefited from host-to-host payment and reconciliation connectivity.

The result

TAQA now has a single global banking partner to help conduct its cash management and liquidity operations – an important factor in its future success.

"By choosing Citi, we are gaining access to its high-caliber expertise, global footprint and local knowledge," said TAQA's CFO Doug Fraser. "Citi was able to provide us with a solution that was flexible and matched the needs of our company."