Citi announced on Tuesday that it has been granted a license by Abu Dhabi Global Market (ADGM) to set up a branch of Citibank NA at ADGM. This was announced during the visit of Mike Corbat, chief executive officer of Citigroup, to Abu Dhabi at an exclusive event at the ADGM Authorities Building hosted by Ahmed Ali Al-Sayegh, minister of state (UAE) and chairman of ADGM. The new Citi branch will be set up at ADGM, an eminent international financial center in the UAE capital with a robust regulatory framework, and will provide cutting-edge liquidity management solutions to Citi’s clients looking to establish regional treasury centers in the UAE. Upon receiving final approval from the Financial Services Regulatory Authority (FSRA) of ADGM, the branch will also offer the full suite of Citi’s institutional banking capabilities to its global clients. Elissar Farah Antonios, Citi country officer-UAE, said: “The UAE is an important market with tremendous potential for Citi. The ADGM platform complements our footprint in the region and enables us to engage in a wide spectrum of wholesale banking business out of Abu Dhabi.” Richard Teng, chief executive, FSRA, said: “We warmly welcome Citi to the ADGM family, joining us in enhancing Abu Dhabi’s position as a leading global financial hub and strengthening the UAE’s long-term economic plans.”
AHG denies link with Al-Habtoor Trading Enterprises
Al-Habtoor Group (AHG) has clarified that the group and all its divisions, including Habtoor Hospitality (Habtoor Hotels) have no link or relationship of any kind with Al-Habtoor Trading Enterprises (HTE) and its owner Rashid Al-Habtoor.
This is following news released in major Indian and Middle Eastern media about a potential acquisition of the Leela Group of Hotels in India (Hotel Leela venture) by Rashid Al-Habtoor, founder and owner of Al-Habtoor Trading Enterprises.
A spokesperson for Al-Habtoor Group said: “We feel obligated to clarify that Al-Habtoor Group in all its divisions and Al-Habtoor Trading Enterprises are two separate entities. Habtoor Hospitality, commonly known as Habtoor Hotels, is owned solely by Al-Habtoor Group in the UAE and overseas.”
“... Any actions or business decisions taken by Al-Habtoor Trading Enterprises or any of their associates are their sole responsibility, and Al-Habtoor Group is not liable under any circumstance for any damages or liabilities arising directly or indirectly from Al-Habtoor Trading Enterprises business ventures.”