Dubai: The Department of Economic Development (DED) today signed a comprehensive Memorandum of Understanding (MoU) with Citi Transactions Services (CTS), a Division of Citi Bank to boost Dubai’s attractiveness as an investment destination and a trade hub, as well as promote a more conducive environment for the establishment of small and middle enterprises (SMEs) in the country.
Sami Al Qamzi, Director General of DED, and Atiq Ur Rehman, Citi’s Chief Executive Officer for the Middle East Division, signed the MoU which calls for cooperation on a series of presentations and road shows outside of the UAE to help attract fresh Foreign Direct Investment (FDI) into the city.
It also points to the exchange of expertise, best practices and vital information to help facilitate export efforts, SME initiatives, business registrations through Citi’s banking platform, including services availed by CTS and Global Subsidiaries Group (GSG).
Citi’s involvement is driven by Citi for Cities’ (C4C), a global initiative which aims at transforming and modernizing city infrastructure, supporting economic development and job creation, and enhancing cities’ liveability.
Commenting on the MoU with Citi, Al Qamzi said: We are delighted that Citi, a global name in banking and finance, will be partnering with DED on multiple initiatives. Both DED and Citi have the common goal of improving Dubai’s viability as a global economic hub, and today’s MoU lays the foundation for a solid and long term partnership.’ According to Hot Spots’, a March 2012 Citi-commissioned Economist Intelligence Unit (EIU) report which analyzed the competitiveness of 120 cities worldwide based on a city’s ability to attract capital, business, talent and tourists, Dubai ranked 10th under the measure of Financial Maturity, and 40th in the overall rating.
Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It currently offers full scale corporate banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high net worth clients in the region through the Citi Private Bank.