Citigroup has secured approval from Saudi Arabia to establish its regional headquarters in Riyadh, marking a significant step forward in the kingdom's efforts to attract global financial institutions to set up operations within the country.
The Wall Street giant has obtained approval from the Saudi Ministry of Investment, according to a staff memo seen by The National.
“This is an important step for Citi in Saudi Arabia that demonstrates Citi’s ongoing commitment to the kingdom … and to our support of the country’s economic growth and transformation,” said Fahad Aldeweesh, chief executive of Citi Saudi Arabia, in the memo.
“This achievement marks a significant leap forward for our franchise in Saudi Arabia and we look forward to our continued growth in the kingdom.”
Focus on Middle East
Citigroup, the third-largest banking institution in the US by assets, is focused on the Middle East to boost its global growth.
The bank sees growth in the region continuing despite global economic headwinds, especially in Saudi Arabia and the UAE, on the back of rising foreign direct investment flows, the bank’s chief executive Jane Fraser told The National in an interview in May.
Over the past three years, Citigroup’s revenue in the Middle East and Africa has recorded double-digit growth and the region was the fastest-growing cluster globally for the bank in that period.
Following today’s news, Citigroup’s share price jumped more than 1 per cent to trade at $69.69 at 7.40pm UAE time (10.40am New York time) on Friday. The stock has surged 31.4 per cent so far this year.
The New York-headquartered financial services firm reported a net income of $3.2 billion in the third quarter, down from $3.5 billion in the same period last year. The dip was primarily driven by the higher cost of credit, the bank said last month.
However, revenue surged almost 1 per cent annually to $20.3 billion in the last quarter.
Saudi Arabia attracting foreign firms
In May, Goldman Sachs became the first Wall Street bank to secure a licence in Saudi Arabia to set up its regional headquarters in the kingdom.
In April, BlackRock, the world's biggest asset manager, signed an agreement with Saudi Arabia's Public Investment Fund to accelerate the growth of capital markets in the kingdom by launching a Riyadh-based, multi-asset investment management platform.
Earlier this year, Saudi Arabia introduced a regulation for foreign companies to set up regional headquarters in the kingdom or risk losing out on government contracts.
However, companies with foreign operations not exceeding one million Saudi riyals ($266 million) can operate in the kingdom without local headquarters.
The kingdom has released a series of new regulations in the past few years aimed at providing more clarity in attracting foreign investment into the kingdom.
The new regulations include companies law, civil transactions law, amendments to labour law as well as newly updated investment law approved by the Council of Ministers in August.
The kingdom launched its Vision 2030 programme in 2016 to diversify its economy away from oil, support private-sector growth, improve female workforce participation and reduce unemployment among citizens.
It also set a target to attract $100 billion annually in FDI by 2030 to boost non-oil gross domestic product and has set a goal of increasing FDI to 5.7 per cent of GDP by the end of the decade.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Abu Dhabi Sustainability Week
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
