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CitiÆs DCC services are available to the UAEÆs three stock exchanges û the Abu Dhabi Securities Exchange, Dubai Financial Markets and Nasdaq Dubai. The expansion into the three new markets makes CitiÆs DCC services available to customers in 57 markets around the world.
ôThe addition of the UAE custody services further emphasises Citi's commitment to the UAE and the Middle East region,ö says Citi Middle East managing director and UAE CEO Mohammed Al-Shroogi. ôWe continue to expand our services in this region and are encouraged by the opportunities in the UAE as well as the rest of the Middle East.ö
According to International Monetary Fund projections, the Middle East will see 5.3% economic growth in 2009, higher than the rest of the world except China and India.
ôThe Middle East is an exceptional market place û one demanding local solutions with global service standards,ö says Al-Shroogi. ôOur plan is to build out our full securities and fund services product set within the region to service intermediary, investor and issuer clients both locally and internationally."
In the UAE, Citi will offer DCC services including equity and fixed-income securities settlements, safekeeping, prematching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, market claims, cash management, foreign exchange, reporting, market expertise and information services.
Outside the UAE, Egypt is the only other Middle Eastern market where Citi DCC services are available.
The expansion is part of Citi's on-going strategy to have the largest proprietary network. The bank plans to launch a few more markets this year.
Citi expanded its DCC network to Bangladesh in December 2008.
Citi Global Transaction Services holds on average $292 billion in liability balances and $10.7 trillion in assets under custody for 65,000 clients globally.
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