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Citigroup to set up offices at DIFC

DUBAI — Citigroup yesterday announced its intention to establish fully-licensed offices at the Dubai International Financial Centre (DIFC) with a view to bringing significant businesses including equity and investment banking teams covering the MENA region into the centre.

Citigroup also stated that it plans to establish a dedicated MENA-level equity research team over the coming months.

This announcement came during a meeting between Dr Omar bin Sulaiman, Director-General of Dubai International Financial Centre Authority, and Robert Druskin, President and Chief Executive Officer of Citigroup's Corporate and Investment Bank.

Druskin was heading a 10-member delegation of Citigroup's global officials to the UAE.

This announcement is in tandem with Citigroup's plans to fortify its position in the Gulf's key capital markets.

In 2005, Citigroup Global Markets Limited, a member of Citigroup, joined as an individual clearing member and a trading member in the Dubai International Financial Exchange (DIFX), and Citigroup was the sole global co-ordinator and joint bookrunner for the first listed company on DIFX, Investcom, whose Global Depositary Shares (GDS) are listed in parallel on the London Stock Exchange as well as DIFX.

Omar bin Sulaiman commented: "Citigroup's interest in establishing a significant presence at the DIFC is a welcome sign of confidence by the world's financial powerhouse. The Middle East is a very important region of operations for international banks as it is set for tremendous growth, specially in the financial services sector."