Citi raised more than $40 billion for Saudi clients this year
US bank says it increased direct exposure to Saudi Arabia since the US-Iran war began.
Citigroup has raised more than $40 billion this year to aid Saudi clients, increasing its direct exposure to the kingdom amid the Iran war, according to the U.S. bank's chief country officer for Saudi Arabia, Fahad Aldeweesh. The bank maintains its confidence in Saudi Arabia as a key growth market, despite disruptions from the six-month conflict and Iran's attempts to control the Strait of Hormuz.
Citi CEO Jane Fraser has placed Saudi Arabia high on its growth agenda, establishing a regional headquarters in Riyadh last year. The bank has been aggressively pursuing mandates in initial public offerings, merger and acquisitions, and debt financings. Citi also facilitated the sale of a $3.25 billion Islamic bond earlier this month and is advising Aramco on a potential stake sale in its oil export and storage terminals.
Aldeweesh said the support demonstrates Citi's confidence in the country's prospects during the challenging period. Saudi Arabia remains a high priority market for Citi, with ample room for growth, according to Aldeweesh. International private equity and infrastructure investors are also showing growing interest in the kingdom, which could bolster transaction activity.
The bank has an optimistic outlook for IPO activity in the coming months and plans to continue hiring in Saudi Arabia.
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