July 24, 2024

Despite the current pandemic turmoil, the Citigroup predicts the UAE hub for maintenance of a five-year expansion track


The Banking major Citigroup’s chief executive and senior official for EMEA (Europe, the Middle East as well as Africa) David Livingstone, briefed up that the investment banking will be aiding for powerful driving up of revenue despite the pandemic driven slump down.

The third-biggest US Banking major Citigroup, predicts that its Middle East-North Africa hub within the UAE, to be able to maintain five-year revenue expansion despite all the global economic slump down arisen due to the pandemic.

David Livingstone, Citigroup’s chief executive for Europe, the Middle East as well as African territory stated in an interview with The National that “within the previous five years, the Citigroup businesses that included payments, financing as well as private banking have all been the core factor for its expansion, during 2020, the investment banking will fortify an upsurge of revenue this year.”

Mr. Livingstone further stated that “if one goes past the previous five years, their expansion in UAE, and more broadly within the territory, is powered at higher single-digit level within the revenue line. However, the expansion within 2020 is not being different to the expansion rate trends as witnessed during the past.”

He further also stated that “the other specified dimension, that is more apparently UAE-specific, is the sustained expansion within the levels of investment banking-M&A activity, economic activity- that had been generated natively and which has certainly been a significant contributor during the time frame this year within 2020.”

Bolstered by the UAE, the Arab league’s second biggest economy, as well as one of the most powerful Emerging Markets within the Citigroup’s EMEA sector, the banking major’s overall MENA trade has also followed in within the equal trend line.

The largest global Oil Exporter Saudi Arabia is the most luring market, outside the UAE territory as it at present operates within the Kingdom via capital market licence supporting origination as well as better investment banking services. MENA investment banking fees within the initial nine months during this year in 2020, has touched up an estimated $895.7 Million, having upsurged 4 percent within the same period as observed during 2019. As according to financial data firm Refinitiv, it is predicted to be highest year-to-date aggregate ever since 2008.

Post the banking and investment majors like HSBC, First Abu Dhabi Bank (FAB), Standard Chartered as well as JP Morgan, the firm was the fifth-highest investment banking fee earner in the territory. It had generated a total cumulative fees worth $49.4 Million fees within the initial 9 months via 37 deals.

Mr. Livingstone is optimistic and remains positive viewing the forthcoming time period regard the trust he has on sovereign debt issuance, acquisition financing, as well as Sharia-complaint induced capital intensifying the fortified expansion. He further added that “the Sovereign Financing has surged everywhere, that too within MENA as well as government balance sheets as well as an attractive financing prospect.” He also further added that “they always make it sure to review the rest of their arrangements within the terms of opportunities as well as with appropriateness of the surge viewed within the licences within the kingdom.”

With activity prices at their ancient lows, governments as well as firms are elevating capital to rise over finances, which refers to better business for the banking arena. Public and private sector firms bear mergers as well as acquisitions for getting the positive factors scale among tougher operating conditions. That is a boon specifically for investment banking, then offsets a slowdown in client lending as well as private banking.

Mr Livingstone, whosoever is the part about Citi’s worldwide executive administration group reporting in conformity to the chief executive Michael Corbat, sees a world patchy financial recovery this far amid an intensification between coronavirus cases, as governments attempt in accordance for holding a stability among lives as well as livelihoods.

“I do assume the give of economies yet systems according to cope along the passage regarding the evil has simply accelerated at some stage in the course of it year,” he said, when asked if the most precarious for the global economy is over.

Within EMEA, the upward surge into Covid-19 instances into few of the largest economies namely Germany, France, Spain and Italy ability like is nonetheless extra work in imitation of do between guidance abroad of the crisis.

Part over Citi’s enterprise is touchy in imitation of interest rates and financial growth, then so much “undoubtedly choice bear an impact”, he said. “We are prepared and we have been prepared final March then ultimate October, between portion because such is an appropriate running deference to make,” that said.

Citi has in the meantime developed partial over its presidentship roles in accordance with Frankfurt and Dublin beforehand over the result regarding the permanent profession treat talks.

“The measure over preparedness is no longer simply the number on roles,” he said, including so the bank’s purchaser things to do post- Brexit, intention have in accordance with remain done through EU-recognised or domiciled entities.

“Citi started out quite together with a knowledge found we had been in the meanwhile a European bank,” Mr Livingstone said. “We are ready in imitation of make allowance for whole as recreation as like required.”

“It is a challenge, but one who we suppose we would operate well in,” Mr Livingstone added. “We are a multi-asset class, multi-product then multi-geographic full-service wholesale financial institution yet as function … is supported then no longer challenged through the stipulations we hold had of Covid this year.”

Mr. Livingstone, any oversees Citi’s commercial enterprise among greater than 100 EMEA markets of partly over as it continues a bodily presence, reported the lender is organized because of a no-deal Brexit so the UK enters the ultimate overdraw concerning talks including Europe on a trade deal.



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