Citi Sends Top Bankers to Middle East to Deepen Ties With Richest Families - Bloomberg
Citigroup Inc. has been dispatching its top investment bankers to spend more time with family offices across the Middle East as the funds look to deploy their riches in areas like real estate and private equity.
In most cases, these families generate their wealth from large companies they own, giving Citigroup another reason for trying to capture more of their business, said Manolo Falcó, a vice chairman in the firm’s banking division.
“It’s obviously a great opportunity for us,” Falcó said in an interview from Abu Dhabi. “They have talented people leading these family offices and they want to do their own investments, want to participate in IPOs. They want exposure to private deals, they want to be in early stage growth companies.”
Thousands of millionaires have poured into the United Arab Emirates in recent years, turning cities like Dubai and Abu Dhabi into hubs for family offices. More than a third of these firms have assets under management of $1 billion or more, according to a 2023 report by the consultancies KPMG and Agreus.
More broadly, Falcó expects the boom in dealmaking and initial public offerings across the Persian Gulf to continue this year as governments and wealth funds look for ways to diversify their economies beyond oil.
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