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Sheikh Maktoum bin Mohammed, Citigroup discuss cooperation

Sheikh Maktoum discusses the strong partnership between Dubai and the US banking conglomerate

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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, on Tuesday met Jane Fraser, CEO of Citigroup, one of the world’s largest banking and financial services corporations.

During the meeting, which took place at the Emirates Towers, Sheikh Maktoum discussed with Fraser the strong partnership between Dubai and the banking conglomerate that has steadily grown since 1964 when Citibank, a member of Citigroup opened its first branch in the emirate.

In 2006, Citi deepened its relationship with Dubai when it opened its Middle East office in the Dubai International Financial Centre (DIFC).

Sheikh Maktoum explored with the Citigroup CEO ways in which Dubai can further support the company in enhancing its banking operations both in the UAE and across the region.

He said that Dubai is committed to providing global banking and financial services companies with a growth-friendly ecosystem, world-class infrastructure and legislative framework to support them not only to develop their business in the country but also tap vast opportunities in the fast-growing markets of the extended region.

The platform provided by Dubai has supported many global companies in the sector in advancing their reach, growth and innovation in the region, Sheikh Maktoum noted.

With a unique mix of global product and industry expertise, strong local relationships and an extensive international network, Citi delivers solutions designed to meet the increasingly complex strategies of its regional client base in the Middle East in an ever-changing financial landscape.

Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions worldwide. The banking giant provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Citigroup reported a 2021 net income of $22 billion on revenues of $71.9 billion, compared to a net income of $11 billion on revenues of $75.5 billion for 2020.

The meeting was attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Helal Saeed Al Marri, director-general of the Department of Economy and Tourism in Dubai; and Arif Amiri, chief executive officer of the Dubai International Financial Centre Authority. — Wam