Citi opens new Middle East regional office at the Dubai International Financial Centre

Citi, the US financial services giant, opened its new Middle East regional office at the Dubai International Financial Centre (DIFC) following approval by the Dubai Financial Services Authority to operate as an authorised firm at the DIFC. The DIFC will be Citi's regional hub for investment banking and equity businesses in the MENA region, along with equity research, Islamic banking and non-Emirates regional banking businesses. “Citi is keen to expand its footprint further in the region through strategic positioning,” said Mohammed Al-Shroogi, managing director for the Middle East and chief executive officer for Citi in the UAE. “Offering a full range of advisory services adds strongly to our footprint in the region, and through our DIFC presence we are better positioned to service our regional clients.” Citi, which was yesterday named winner of Euromoney's Best Merger & Acquisition (M&A) House in the Middle East Award, is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait. It also serves clients in non-presence countries, such as Yemen and Oman through Bahrain. In 2005, Citi joined the Dubai International Financial Exchange as an individual clearing and trading member.