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

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.”


Dubai to host Mideast’s first dinosaur auction

Updated 18 August 2019

Dubai to host Mideast’s first dinosaur auction

A massive 155-million-year-old dinosaur skeleton will be up for grabs for lovers of rare collectibles as Emirates Auction announced it will organize the Middle East’s first auction to sell the giant dinosaur skeleton. 

The online auction will be conducted by Emirates Auction, which specializes in organizing and managing public and electronic auctions, at a starting value of 14.6 million dirhams (SR14.9 million, $4 million) and will end on Aug. 25. 

The 24.4-meter-long by 7-meter-high skeleton, which dates back to the Jurassic period, is the first of its kind in the world to be installed at the Dubai Mall. 

Back then the 25-year-old dinosaur weighed up to five elephants and was one of the long-necked herbivorous dinosaurs and has a tail tapering to a long, thin whip-like end to defend itself against predators.

The dinosaur belongs to the Diplodocus longus variety, deriving it from the Greek words “diplos,” meaning “double,” and “dokos” meaning “beam.” 

Nearly 90 percent of the fossil’s bones are original, making it a stunning discovery in the history of palaeontology. The remains of the adult dinosaur were discovered in a sleeping position in 2008 at the Dana Quarry in the US state of Wyoming.

The auction will be an ideal opportunity for those looking for excellence to supplement their collections with a historic masterpiece rarely found around the world.

The specimen was previously displayed at the Houston Museum of Natural Science in the US state of Texas. It was sourced through Khalid Seddiq, founder of Etihad Modern Art Gallery in Abu Dhabi, and was put on permanent display at The Dubai Mall in 2014.

Emirates Auction is a UAE-based auction company in the Middle East. Founded in 2004, the company specializes in automobiles, vehicle license plates, real estate and properties, asset liquidation, VIP mobile numbers, jewelry, time-sensitive items, and heavy machinery, plant and construction equipments. 

Emirates Auction has achieved a number of milestones in a short span of time since its establishment, breaking 10 Guinness World Records along the way.

With increasing annual sales and registered bidders across the UAE, GCC and North Africa states, Russia and other countries across the world, the auctioneer conducts over 200 online and physical auctions per year. The company is credited with significantly contributing to the development of auction concepts in the Arab world.