In 2006, Citi opened its regional Middle East office at Dubai International Financial Centre (DIFC) following approval by the Dubai Financial Services Authority to operate as an authorized firm at the DIFC in mid 2006. The DIFC houses Citi’s Investment Banking and Equity businesses in the MENA region along with Islamic Banking and non-UAE regional banking businesses.

Among the top advisory and IPO deals that were successfully closed by Citi between 2006 and 2008:

• Aramco Overseas, a subsidiary of Saudi Aramco, on the sale of its 40% stake in Petron Corp, the leading refining and marketing company in the Philippines – March 2008
• Orascom Construction's US$ 15 billion sale of cement businesses to Lafarge - largest M&A deal by Middle East player - January 2008
• Dow on US$ 9 billion JV deal with KPC of Kuwait - January 2008
• Etisalat, one the of the largest telecom players in the region, on a US$438 million acquisition of 16% stake in Exelcomindo, 3rd largest mobile company in Indonesia - December 2007
• Royal Jordanian Airlines IPO - December 2007
• Carlyle Group on the sale of 7.5% stake to Mubadala Development Company - September 2007
• Saudi Arabian Basic Industries Company (SABIC) on its US$ 11.6 billion acquisition of GE Plastics, the largest outward M&A transaction in the Middle East - June 2007
• Arab Republic of Egypt’s Eurobond – 2007
• Citadel Capital on its acquisition of Rally Energy - 2007
• Citadel Capital on its sale of Egyptian Fertilizers Company - 2007
• Rak Petroleum on its acquisition of a package of assets from Indago - 2007
• Egyptian Government on the sale of 80% shareholding of bank of Alexandria , Egypt’s fourth largest state – owned bank to Sonpaolo IMI - 2006
• Istithmar on its acquisition of Barneys - 2006
• Dubai International Capital on its merger of Tussauds with Merlin Entertainment - 2006

In recognition of its continuing success in building its Middle East advisory business, Euromoney Magazine awarded four Middle East Merger&Acquisition (M&A) awards to Citi during a special ceremony held in Dubai yesterday. Awards won by Citi were as follows:

• Best M&A House in The Middle East
• Best M&A House in the UAE
• Best M&A House in Saudi Arabia
• Best M&A House in Egypt.