STOCKS | Citigroup Raises Over $40 Billion for Saudi Clients This Year

Citigroup has raised more than $40 billion so far this year to serve Saudi clients. According to Sina Finance, since the outbreak of Iran-related conflict, the U.S. bank has increased its direct exposure to Saudi Arabia and continues to bet on the country as a core growth market. Fahad Aldweesh, Citigroup's Saudi chief country officer, said in an interview that the bank decided to raise its internal risk exposure limit because Saudi Arabia has shown "strong economic resilience and financial resilience." Despite more than six months of conflict in the region and disruptions from Iran's attempt to block shipping through the Strait of Hormuz, Saudi Arabia remains a "high-priority market" for Citigroup, with room for further business growth.