DUBAI: Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGM), a financial center in Abu Dhabi, it said on Tuesday.
The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said.
Citi is expanding in the UAE where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Citi aims to boost the UAE’s role as an offshore booking center to cater for demand from multinational corporate clients wanting to use the country as a center for their business in the Middle East and Africa, Atiq Rehman, Citi’s Chief Executive of Middle East and Africa told Reuters earlier this month.
The granting of the license in Abu Dhabi was made during a visit to ADGM by Citigroup chief executive Mike Corbat.
ADGM, which opened in October 2015, and the older and larger Dubai International Financial Centre (DIFC) are the UAEs’ two international hubs for banking and fund management.
In comments aimed at encouraging more banks to establish themselves in ADGM, state oil giant Abu Dhabi National Oil Company’s chief executive Sultan Al-Jaber said in February that it was likely to engage more with financial institutions that have a presence in the financial center.
Citi granted license to set up Citibank branch in Abu Dhabi
Citi granted license to set up Citibank branch in Abu Dhabi
- The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the UAE
- Citi is expanding in the UAE where it has provided wholesale and retail banking since 1964
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
