Saudi Arabia's Capital Market Authority (CMA) has granted a licence to Citi, a financial services major, to provide services in the kingdom.

The business will be branded Citigroup Saudi Arabia and will provide a full range of investment banking, debt and equity capital markets, markets, and securities research capabilities to its local and international institutional clients.

"Saudi Arabia is a regional economic leader and a strategically important market for Citi. We are very proud of our long association with Saudi Arabia and are delighted at the opportunity to establish a presence in the kingdom,” said Jim Cowles, Citi’s CEO for Europe Middle East and Africa.

“Saudi Arabia has embarked on a profound economic transformation journey and we are excited and committed to contributing to this endeavor. We will strive to make a positive financial and social impact by providing Citi’s best in class resources and capabilities to our clients and stakeholders.”

Citi has been present in the Arab world since 1955 and offers full scale corporate and investment banking services. Citi's institutional capabilities in the region include Treasury & Trade Solutions, Corporate & Investment Banking, Markets & Securities Services and Capital Markets Origination.  - TradeArabia News Service