Citi establishes MENA equity research team

There will be 5 members of the team based in Dubai, headed by Hasnain Malik. As well responsibility for coordinating equity research product, Hasnain will cover a number of MENA stocks including those in the real estate sector. Hasnain has over 13 years experience in equity research and sales in London covering sectors such as utilities, telecom and technology. He has been with Citi for over 10 years.

In addition to this, the team in Dubai will coordinate research with members of Citi research based in London and New York with specific sector expertise: Simon Nellis, Banks; Rhys Summerton, Telecoms; Andrew Light and Roger Elliott, Transport and Logistics; Andrew Howell, Equity Strategy; and Mushtaq Khan and David Lubin, Economics.

Citi has established offices at the DIFC which house its Investment Banking and Equity Sales & Distribution businesses, Global Islamic Banking and Global Transactions Services serving the MENA region.

"Companies in the MENA region are amongst the most interesting in the emerging markets. Most are relatively new to the public market but are by no means early stage companies. They are benefiting from domestic growth as well taking advantage of strategic opportunities in emerging and mature markets overseas. Regardless of investment recommendations, MENA equities are too big and too interesting to ignore,"

said Hasnain Malik.

"Our aim is to bring both local and sector expertise to the analysis of MENA equities. Given the scope of activities and geographies covered by companies based in this region it no longer makes sense to conduct research in an isolated regional silo nor in just another branch of emerging markets," continued Mr. Malik.

Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: "Since receiving approval from the Dubai Financial Services Authority to operate as an authorised firm at the Dubai International Financial Center in mid 2006, Citi has been able to expand its activities in the region and offer clients its full suite of global financial services. Investment Research is a crucial addition and comes in tandem with the growing status of the MENA markets."

Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait. In 2005, Citi joined the Dubai International Financial Exchange (DIFX) as an individual clearing and trading member.