Citigroup’s Growth Ambitions in the Middle East, Africa, and Central Asia: A Strategic Overview by CEO Jane Fraser

Citigroup’s newly carved out Middle East, Africa, and Central Asia cluster is proving to be vital for the fourth-largest US lender’s global growth ambitions. Chief executive Jane Fraser highlighted the importance of this region as Citigroup continues its massive restructuring program.

The cluster, separated from Europe, includes some of the fastest-growing markets for the bank, such as Saudi Arabia and the UAE, which warrant more autonomy. Fraser emphasized that the Middle East is more connected to North and South Asia than Europe, and the region’s economic trends in the coming years will confirm this.

Fraser stated, “It’s a very important piece,” as she met with clients and senior government officials in Kuwait, Saudi Arabia, and the UAE. She mentioned that Citigroup has restructured its organization to align with where the world is heading.

The Middle East is home to sovereign wealth funds and investors, making it a significant hub for business and investment flows. Citigroup has seen double-digit revenue growth in the Middle East and Africa over the past three years, making it the fastest-growing cluster globally for the bank.

Fraser sees continued growth in the region, especially in Saudi Arabia and the UAE, driven by rising foreign direct investment flows. The UAE’s increasing connectivity with Asia and its ambitious FDI targets make it a crucial market for Citigroup, which has been present in the Emirates for six decades.

In Saudi Arabia, the government remains focused on delivering its Vision 2030 program, despite reprioritizing investments. Citigroup is focused on channeling more international investment into the kingdom and supporting various ecosystems.

However, Fraser also highlighted downside risks in the region, such as geopolitical fragility, particularly in light of ongoing conflicts. She emphasized the importance of not underestimating these risks in the market.

Overall, Citigroup’s restructuring efforts under Fraser’s leadership have aimed to simplify the bank’s structure and make it more competitive in the digital age. The bank has announced plans to cut jobs and streamline its operations to improve efficiency and returns.

As Citigroup continues to adapt to the changing global landscape, the Middle East, Africa, and Central Asia cluster will play a crucial role in the bank’s growth strategy.