Citigroup Saudi Arabia marks 1-year anniversary

Citi partnered with AMIDEAST through a regional grant worth $400,000 targeting youth in Egypt and Saudi Arabia. 
Updated 10 June 2019
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Citigroup Saudi Arabia marks 1-year anniversary

Citigroup Saudi Arabia recently held its first board meeting of the year, marking its one-year anniversary in the Kingdom. The board comprises Citi senior executives and independent directors, including Alberto J. Verme, chairman of Citi Institutional Clients Group and chairman of Citigroup Saudi Arabia; Atiq Rehman, CEO of Middle East and Africa; Carmen Haddad, Citi country officer, Saudi Arabia and vice chairperson, Citigroup Saudi Arabia; Naveed Kamal, corporate banking head, MENA; Mutlaq H. Al-Morished, chief executive of Tasnee; and Omar Almohammady, chief executive of Alhokair Group.
The meeting discussed the business strategy and performance of Citigroup Saudi Arabia, followed by a high-level client roundtable led by a senior Citi speaker on disruptive innovation, digital banking, challenges in cybersecurity and technological changes.
“As we enter our second year of operation in the Kingdom we are on track with our stated plans to be part of the Kingdom’s economic transformation,” said Verme. “We look forward to continuing our journey of serving our clients and working closely with our partners and regulators under Vision 2030.”
In April 2017, the Saudi Arabian Capital Market Authority (CMA) granted Citi a license to provide a range of investment banking, debt and equity capital markets, markets, and securities research capabilities to its local and international institutional clients. This was followed by the Saudi Arabian General Investment Authority’s investment license in May 2017, and by CMA’s commencement letter. In April 2018, Citi announced the official opening of its new offices in Riyadh, located at the Kingdom Tower and has since led on a number of key capital markets transactions. Most recently, Citi received the permission to provide cash equity and custody services.
“Today’s board meeting comes at the heels of receiving the recent upgrade to the CMA license to provide equity and custody services, a testament to our ongoing efforts to provide comprehensive banking solutions on the ground,” said Haddad. “We are charging ahead with our strategy of establishing a value-added presence and being a responsible corporate citizen.”
Citi also announced its renewed commitment to supporting the “Skills for Success: Employability Program” with AMIDEAST, through a regional grant worth $400,000 targeting youth in Egypt and Saudi Arabia. The partnership is part of the Citi Foundation’s Pathways to Progress approach designed to prepare urban youth with the career readiness tools and opportunities to thrive in today’s economy.
In 2019, the partnership is expected to impact 54 more unemployed Saudi university graduates aged 20-24, who are residing in Riyadh and who want to enhance their employability skills to find a job. The program launched in 2018 and has concluded the first phase of training in business English and personal skills for 73 female youth, with the majority of the graduates slated to intern with corporate entities in Saudi Arabia.
“We are proud to partner with AMIDEAST and to invest in youth in the region through targeted empowerment programs,” said Haddad. “Such programs catalyze economic growth through Citi Foundation grants and in partnership with reputed regional NGOs.”


Nature Index ranks KAUST among world leaders

Updated 6 min 56 sec ago
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Nature Index ranks KAUST among world leaders

The Nature Index Annual Tables showcase institutions with the highest outputs of top-quality research. For the first time, this includes a normalized ranking — placing King Abdullah University of Science and Technology (KAUST) as first in Saudi Arabia and in the global top 20.

“It is fitting that as KAUST celebrates 10 years of scientific discovery we are ranked by Nature to be among the top institutions in the world for the quality of our research. This is proof that with the right people, facilities, networks and opportunities even a young university can be considered world-class,” said KAUST President Dr. Tony Chan. 

The new ranking considers the number of high-quality articles published as a proportion of an institute’s overall output in the natural sciences, as opposed to a simple raw number of articles. This reveals a very different set of leaders among academic institutions.

“This achievement is a clear demonstration that KAUST punches well above its weight for a university of our size and age in terms of the proportion of our research output published in the world’s top science journals,” said Distinguished Professor Donal Bradley, vice president for research at KAUST.

“It is also a great recognition of the dedication of our researchers in pushing the boundaries of fundamental science while simultaneously addressing the pressing societal needs of today and tomorrow.”

The top 100 Nature Index ranking draws on metrics known as the article count (AC) and fractional count (FC), which measure the number of articles and the contribution an institution makes to an article, respectively.

In contrast, the new normalized ranking is derived by considering the ratio of FC to the institution’s total article output in natural sciences as tracked by the Dimensions Database of Digital Science. The normalization calculation allows institutions of different sizes to be compared on the same basis.

“The inclusion this year of a normalized ranking draws to light some smaller institutes that are proportionally outstripping research powerhouses,” said David Swinbanks, founder of the Nature Index on announcement of the new rankings. 

“The smallest institutions in the top 10 have some common features: Ambition, as disclosed by mission statements about striving to be the best in the world, interdisciplinarity, with the strong embrace of collaboration across fields, and in several cases, the backing of Nobel laureates.”