Dubai Citi today announced that it has recently arranged more than $8 billion of financing for Dubai public sector entities. "This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular," said Citi's Chairman, Sir Win Bischoff.
"We continue to place the Gulf region among our globally most significant markets, and we certainly see opportunities across all of the UAE's financial sectors. In the last two years, we've participated in most major financing transactions across the region including the UAE," he said.
Present in the UAE since 1964, the firm recently strengthened its regional coverage through important treasury, equity and investment banking appointments in Dubai. It has relocated its global co-head of investment banking to Dubai, and expanded debt markets business in Dubai by transferring from London its co-head of Europe, Middle East and African capital markets to oversee businesses including M&A, leverage and project finance.
Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: "We are quite positive about the UAE's prospects and Dubai in particular as one of the world's fastest growing international financial centers, evident in our decision to move our headquarters for the region to Dubai, and to strengthen our regional coverage teams through key appointments based at the DIFC."
"Since commencing our DIFC-based operations in mid 2006, we've seen major expansion in our regional and local business foothold in line with our long term objective of meaningfully contributing to the development of the region's capital markets by utilizing our global platform," continued Al-Shroogi.
Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait. In 2005, Citi joined the Dubai International Financial Exchange (DIFX) as an individual clearing and trading member.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.