Citi establishes new branch office in ADGM

From left, Steve Barnett, financial center development director — FSRA; Elissar Farah Antonios, Citi country officer — UAE; Mike Corbat, CEO — Citigroup; Ahmed Al-Sayegh, minister of state (UAE) and chairman of ADGM; Alberto J. Verme, chairman, Institutional Clients Group — Citi; Dhaher bin Dhaher, CEO, Registration Authority — ADGM; Linda Fitz-Alan, registrar and chief executive — ADGM Courts; and Atiq Rehman, CEO — Middle East and Africa, Citi.
Updated 30 October 2018
0

Citi establishes new branch office in ADGM

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.” 


Spain’s Provacuno aims to beef up Saudi market

Updated 14 November 2018
0

Spain’s Provacuno aims to beef up Saudi market

Abdulaziz Alaquil Jeddah: Provacuno, the inter-professional organization of the Spanish beef industry, is currently on a promotional tour across the Kingdom showcasing the benefits of their high-quality and environmentally-friendly beef production. A non-profit organization officially recognized by the Spanish government, Provacuno represents 85 percent of the Spanish beef industry.
Established in 1997, Provacuno comprises national associations representing and protecting the interests of companies involved in the production, industrial, and commercial sectors of the Spanish beef industry. Their annual meat production exceeds 650,000 tons, and they have over 110,000 farms, with industry exports amounting to 175,000 tons annually.
For the past 20 years, they have officially been recognized by the Spanish Ministry of Agriculture, Fisheries and Food, as an agro-food inter-professional organization.
Along with defending the interests of the Spanish beef industry, from production, through processing, and trading, Provacuno aims to support the internationalization process of beef companies into export markets such as Saudi Arabia. Their promotion of responsible beef consumption through research and development programs is done with the goal of enhancing the beef industry’s image through their sustainable and environmentally-friendly production processes that are in strict compliance with the European Production Model, which adheres to the most stringent of standards regarding animal welfare, hygiene control, and environmental protection. While at the same time, they are able to cater to international market demands, such as being 100 percent halal-certified for Saudi markets.
Representatives of Provacuno are currently in the Kingdom promoting their marketing campaign “What a Wonderful European Beef,” which will conclude at the Foodex Saudi 2018 in Jeddah on Thursday. During this campaign trail, they organized a presentation on Spanish beef at the residence of Ambassador of Spain to Saudi Arabia Don Alvaro Iranzo in Riyadh.
The event was attended by over 50 Saudi import and distribution agents, who sampled Provacuno’s beef prepared by Spanish Chef Fernando Del Cerro.
Provacuno considers Saudi Arabia a key target market as it is one of the largest meat-consuming nations in the world reliant on quality meat imports. In 2017, the Kingdom produced 60,000 tons of meat while consuming over 220,000 tons. Recently, Brazil (39 percent) overtook India (26 percent) as the main exporter of beef to the Kingdom.
Along with meeting with industry executives in Riyadh, Provacuno also hosted a cooking workshop at the King Abdul Aziz University (KAU) in Jeddah.