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Citi’s $8 Billion Financing Reflects Positive Outlook of Dubai Companies
DUBAI - Citi, one of the leading global financial services company which has been in existence in the Arab world for over half a century, announced that it has recently arranged over $8 billion of financing for Dubai public-sector companies.
At the same time, Citi has relocated its global co-head of investment banking to Dubai, as it see opportunities across all of the UAE’s financial sectors, according to a Press release announcing the financing arrangement.
“This is in line with our commitment to the UAE market in general. We continue to place the Gulf region among our globally most significant markets. In the last two years, we’ve participated in most major financing transactions across the region including the UAE,” said Citi’s Chairman, Sir Win Bischoff.
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 also 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. Citi’s announcement indicating the financing issue reflects a positive outlook on Dubai.
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 utilising our global platform,” continued Al Shroogi.
Citi views the Arab region as critical to its global franchise, with its presence 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.
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