Citibank N.A. announced that the bank has established the United Arab Emirates (U.A.E.) as its new regional hub for trade and investment services in the Gulf area. ‘Dubai is set to become Citibank’s next regional hub, just as Hong Kong became the regional trade and investment hub for Asia some years ago. Citibank firmly believes in the tremendous trade opportunities which lie ahead, based on a significant increase in business, which we have seen throughout the Gulf region,’ said Shehzad Naqvi, Country Corporate Officer for Middle East & South Asia, at Citibank. ‘Today, much of the business is being done on open account, and to meet local needs for greater liquidity and risk management, Citibank is launching the new Open Account Trade Solutions, providing significant benefits to exporters across the region’.
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