Citi’s private banking business in the Middle East is enjoying growth as high-net worth individuals shift strategy and expand their international portfolios amid the plunge in oil prices, bank officials said on Monday.
Citi’s private banking assets under management and revenue in the Middle East grew more than 20 per cent last year compared with a year earlier, with the UAE registering 30 per cent growth as family offices set up base in the country.
“We have seen particularly the high net worth institutional families reconsider their strategies,” said Anthony Habis, the global family office head in Mena at Citi Private Bank.
“The core continues to be their operating business in the region. They are starting to think now maybe the satellite, the international pieces need to be a lot more than 5 or 10 per cent or 20 per cent.”
Citi’s private banking team in the region could grow over the next 12 to 18 months depending on clients’ needs, he added.
Household wealth in the Middle East and North Africa slid 2.2 per cent to US$4.4 trillion in mid-2015 from the year-earlier period as the oil price plunge trimmed wealth, according to an October report by the Swiss private bank Credit Suisse. Despite the drop in wealth creation, the number of millionaires in the region is expected to grow by more than half in the next five years, the report said.
Citi Private Bank clients in the region are seeking to diversify and invest in less risky assets as they look to offset the oil price rout hitting regional economies.
“They [private banking clients] are less concerned about the performance of those portfolios, but more concerned about having them sit in the right structure and insulated from the local environment,” said Mr Habis.
Clients in the region are also favouring investments in real estate, particularly in the US, as they provide better yields than fixed income thanks to the still low interest rate environment.
Citi is advising its clients to stick to US, European and Japanese equities and to be selective in their fixed income investments despite the recent global turmoil and volatility in equities.
The US economy will be the key driver of global growth, with an expected increase in corporate earnings, said Jeffrey Sacks, the Europe, Middle East and Africa capital markets strategist at Citi Private Bank.
“European equities have got decent earnings growth potential,” said Mr Sacks. “There are several drivers for that – low rates, low oil price driving private consumption and a weak euro that is supporting exporters.”
dalsaadi@thenational.ae
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
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Tests 27, Wickets 87, Average 37.59, Best 5-40
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Name: Yousef Al Bahar
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Three and a half stars
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All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
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German intelligence warnings
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
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Timeline
2012-2015
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May 2017
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September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
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Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
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Everton 2 (Tosun 9', Doucoure 93')
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Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
