Dubai: Citigroup Global Markets Ltd, a member of Citigroup, yesterday announced that it has received approval from the Dubai Financial Services Authority to operate as an authorised firm at the Dubai International Financial Centre (DIFC).
This comes shortly after the global bank stated its intention to establish significant businesses at the DIFC over the coming months to service the MENA region, including investment banking and a dedicated equity research team.
Mohammad Al Shroogi, Citigroup Country Officer for the UAE, and Corporate and Investment Banking Head for the Middle East, based in Dubai, said: "The DIFC provides Citigroup with a world-class platform from which to operate throughout the Middle East and allows us to contribute towards developing the region's financial markets. Introducing a full-service wholesale banking business allows us to better service our clients and take advantage of new investment opportunities".
Obtaining a DIFC licence is part of Citigroup's plan to firmly establish a leading presence in the Middle East. In 2005, Citigroup Global Markets Ltd joined the DIFX as an individual clearing and trading member. Citigroup was also sole global co-ordinator and joint bookrunner for the first listed company on DIFX, Investcom, whose GDRs are listed in parallel on the London bourse.