Global banking group Citi has opened its Citigold Lounge in Abu Dhabi designed to provide professional wealth management services across the United Arab Emirates (UAE).
The centre will be a hub for over 12 trained wealth management relationship managers and portfolio counsellors, who will assist clients with their financial affairs in private meeting rooms.
Clients will also be able to apply for a credit card, investment and insurance products, open an account or review the performance of their current investments.
The Citigold clients are affluent individuals with investible assets of $200,000 (£155,000, €175,000) and above.
Abu Dhabi’s economic vision
Gonzalo Luchetti, Citi Europe, Middle East and Africa and Asia Pacific head of consumer banking, said, “Abu Dhabi has been a key market for Citi, since we first opened our branch in 1971.
“High net worths in the region have developed the need for sophisticated financial services and the UAE is a market with tremendous potential.
“We continue to see growth both with our institutional and consumer clients here and, as Abu Dhabi continues to realise its 2030 economic vision, Citi remains poised to deliver our best to our clients.”
Located in Najda Street, Abu Dhabi, the Citigold Lounge will have private meeting rooms, three ATMs, as well as facilities to host client events and investment research updates.
Increased competition
This comes after International Adviser reported in November that WeInvest, a Singapore-based digital wealth manager and robo-advisory firm, is expanding into the UAE to serve the Middle East market.
IA also recently published an article about a CFA Institute survey on the trustworthiness of financial advisers in the UAE.
It found just less than a third of the 3,000 retail investor expats surveyed believed that advisers are trustworthy, and just over a third assumed they are reliable.
