The continued momentum in investment banking deals and a pick-up in debt capital market transactions will help Citigroup’s Middle East and Africa business to post double-digit revenue growth this year, a senior executive has said.
The 29-market Middle East and Africa cluster is the fastest-growing region around the world for the US lender, Ebru Pakcan, head of Middle East and Africa cluster, told The National in an interview.
Its core business segments – including banking, markets, services and wealth management operations – will help it to maintain the growth trajectory of the past five years, she said.
The sharp increase in initial public offerings across the broader Middle East, especially in the six-member GCC economic bloc, and Egypt’s plan to partly privatise 32 of its state-owned enterprises have strengthened the investment banking deal pipeline.
Growth is also supported by the rising number of mergers and acquisition deals amid a surge in foreign direct investment flows in the Middle East and Africa region.
The increasing appetite of sovereign and corporate borrowers to tap into debt markets despite higher interest rates will also increase the volume and value of transactions this year for Citi, she said.
“In terms of the banking and capital markets [and] services, while the last two years have been very, very challenging, broadly speaking, for investment banking opportunities across the globe, in the GCC, one could argue that 2021 was probably one of the best years and 2022 was just right behind 2021,” Ms Pakcan said.
Debt capital markets in the region have also been very active this year and “I suppose a lot of people have stopped the wait-and-see approach”, she said.
“I feel a lot of people came into this year thinking, OK, we can no longer wait [as] there's no point in waiting. This [higher interest rate] is the new normal.”
She expects GCC economies, which have maintained a robust pace of expansion despite global economic headwinds, to continue as the driver of client business growth for Citi in the wider region in 2023.
Continuing structural reforms, rising foreign direct investment, booming debt and equity capital market activity, as well as the launch of big projects are all supporting economic fundamentals, which in turn are opening more business avenues for Citi in the region, she said.
“It's very difficult to predict exactly what type of [growth] figures there are going to be but if it's not double digit, then it's going to be very high single digit,” she said, when asked about projected growth over the next two years.
“This has been the trend in emerging markets for a long time.”
With an increase in population, a push for economic diversification, as well as portfolio investors' interest in the region, “I would imagine that this will continue to be a part of the world that will grow faster than the rest of the world”.
The hydrocarbon-rich economies of the GCC have bounced back strongly from the coronavirus-induced slowdown, spurred by government stimulus measures, as well as continued spending on infrastructure projects and mega developments that have boosted economic activity.
Higher oil prices have also helped the countries to shore up fiscal buffers and fund their economic diversification agenda.
Saudi Arabia, Opec’s top oil exporter and the biggest Arab economy, grew by 8.7 per cent in 2022 – the fastest among G20 countries.
The gross domestic product of the UAE, the commercial and trading centre of the Middle East, grew by about 7.6 per cent last year, the highest in 11 years.
It is projected to expand by 3.9 per cent in 2023 and 4.3 per cent in 2024, according to data from the UAE Central Bank.
The solid economic fundamentals and markets flush with liquidity have also driven listings activity in the Middle East and Africa region.
Middle East IPOs raised more than $23 billion in 2022, the highest aggregate value for the region after 2019, when Saudi Aramco went public in a $29 billion offering.
It is a sharp rise from the $7.52 billion raised from 20 deals in 2021.
Abu Dhabi alone accounted for 14 per cent of all listings worldwide in the first quarter of 2023, consultancy EY said in its Global IPO Trends report in March.
UAE stock markets attracted $3 billion in listing proceeds during the period, ranking the Emirates third worldwide, it added.
Citi was a beneficiary of the rise in equity capital market activity as it led several transactions, including the $6.1 billion listing of the Dubai Water and Electricity Authority, the largest UAE IPO, and the $2 billion Borouge public float on the Abu Dhabi bourse.
It also led the $769 million listing of Adnoc Logistics & Services in May and the $1.3 billion float of Saudi Aramco Base Oil Company, better known as Luberef, on the Tadawul stock exchange last year.
On the debt capital market side, Citi was part of Saudi Arabia’s $10 billion multi-tranche offering, the Public Investment Fund’s debut $3 billion issuance, Egypt’s inaugural $1.5 billion sukuk and Mubadala’s $1.5 billion dual-tranche issuance, according to Citigroup data.
Currently, a combination of “a lot of different positive things” makes this part of the world attractive for investors – and what “interests our clients, interests us”, Ms Pakcan said.
In terms of the banking and capital markets [and] services, while the last two years have been very, very challenging, broadly speaking, for investment banking opportunities across the globe, in the GCC, one could argue that 2021 was probably one of the best years and 2022 was just right behind 2021
Ebru Pakcan,
Citigroup head of Middle East and Africa cluster
Citi’s M&A advisory business has also picked up pace in recent quarters.
The lender was involved in several large deals, including Adnoc’s acquisition of a 24.9 per cent stake in OMV from Mubadala Investment Company last year, Abu Dhabi Ports Company’s purchase of an 80 per cent stake in Global Feeder Shipping and ADQ’s merger of its aviation assets with Abu Dhabi Aviation.
Ahli United Bank’s $11.6 billion merger with Kuwait Finance House and Taqa’s renewables and green hydrogen joint venture with Adnoc and Mubadala are among other recent deals Citi has advised on, according to the data.
“IPO and M&A activity really has not stopped … it has only been booming,” Ms Pakcan said.
Citi will remain focused on boosting its services business, which includes transaction services, cash management, trade financing and security, as well as custody and clearing services.
It was the most profitable business for Citi across Middle East and Africa cluster last year, she said.
Growth this year will also be supported by the bank's wealth management operations, with the UAE being one of the top centres for Citigroup's affluent clients globally.
Citi’s deposits and investments book has grown by 17 per cent on an annual basis while its assets under management have expanded by about 12 per cent annually over the past five years.
The bank, which has been expanding its team to serve wealthy clients, aims to double the number of its relationship managers to 110 by the end of 2025, as revenue is set to grow 18 per cent on an annual basis between 2021 and 2025, Ms Pakcan said.
“Wealth management, given the focus that we have … is definitely seeing growth,” she said.
“You're going to see a lot more alternative investments, private equity-type investments [and] more sustainability-indexed investments”, as clients continue to diversify their investment priorities, she added.
Citigroup, which has a presence in 90 markets globally, is looking to obtain a full banking licence in Saudi Arabia to boost its institutional business.
The lender, which currently operates in the kingdom through a Capital Markets Authority licence, has yet to apply for the new licence that will allow it to take deposits from institutional clients, she said.
Ethiopia and Uzbekistan are the other two markets on Citi’s radar in the wider region, she added.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
COMPANY%20PROFILE%20
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
ARSENAL IN 1977
Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
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KILLING OF QASSEM SULEIMANI
Naga
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Final: UAE beat Qatar by nine wickets
Third-place play-off: Kuwait beat Saudi Arabia by five runs
Table
1 UAE 5 5 0 10
2 Qatar 5 4 1 8
3 Saudi 5 3 2 6
4 Kuwait 5 2 3 4
5 Bahrain 5 1 4 2
6 Maldives 5 0 5 0
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Spec%20sheet
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
The%20specs%3A%20Taycan%20Turbo%20GT
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
'Nope'
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
MORE ON THE US DEMOCRATIC PRIMARIES
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
