Citi hosts Depositary Receipts Roundtable in Dubai

"Despite some difficult market conditions, as of May 2008, just over $30bn has been raised in equity offerings in the CEEMEA region, of which 53% were raised in the Middle East and North Africa (MENA) market. To put these numbers into wider context, total capital raised in CEEMEA during 2007 was $124bn, of which MENA accounted for 27%," commented Murali Subramanian, Head of Citi's Global Transaction Services in the Middle East and North Africa.

Adam Key, Director for Citi's Equity Capital Markets in the Middle East referenced the growth in the region's capital markets and the increasing internationalization of new equity transactions as investors' perception of the Middle East shifts from being a source of capital to a destination for capital.

Featuring senior management from prestigious companies such as Solidere, Shuaa Capital, Commercial Bank of Qatar, Kingdom Hotel Investments, Citadel Capital, Nakheel, Leader Capital and United Bank Limited, the roundtable served as an educational forum on the benefits of listing shares on markets such as the DIFX and the London Stock Exchange. It also focused on key listing topics such as generating positive analyst coverage, running a successful investor relations program and executing non-deal roadshows.

Mohammed Al-Shroogi, Citi Managing Director for the Middle East and Chief Executive Officer for the UAE, said: "With many companies becoming regional and even global in scale, Citi offers the right combination of global reach and investor relationship to help meet their growing capital needs. Furthermore, it is crucial to share global best-practice case studies with listed companies in order to continuously raise the bar and stay at the cutting edge of the financial industry."

In his closing remarks, Ayden Dagg, EMEA Head of Depositary Receipts at Citi, said: "Through this type of event, we reiterate our commitment to further helping grow the region's capital markets, while signaling to Citi's growing credentials as one of the leading advisory and depositary bank supported by one of the leading equity distribution network spanning the globe. This will certainly help companies from the region to identify and target international shareholders."

Citi has been present in the Arab World for nearly fifty 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.