Citi lifts over $40 billion for Saudi clients amid regional tensions
Citi has raised more than $40 billion for Saudi clients this year and increased its exposure despite ongoing regional conflict.
Citi reported that it has raised in excess of $40 billion for Saudi clients so far this year, reinforcing its commitment to the kingdom despite more than six months of regional conflict. Fahad Aldeweesh said the bank expanded its internal exposure limits because Saudi Arabia has shown strong economic and financial resilience, making it a high-priority market. CEO Jane Fraser has placed Saudi Arabia at the core of Citi’s growth strategy, establishing a regional headquarters in Riyadh last year and pursuing a pipeline of IPO, M&A and debt-financing mandates.
The bank acted as a global coordinator on a recent $3.25 billion Islamic bond and is reportedly advising Aramco on selling a stake in its oil export and storage terminals. Foreign investors have added $3 billion to Saudi holdings this year, boosting Citi’s trading and custody business, and the bank plans to keep hiring staff in the kingdom.
Why it matters
The story shows a major U.S. bank betting heavily on Saudi Arabia, signaling confidence in the kingdom’s economy despite regional instability.
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