Citigroup said that the trade dispute between the US and China could push Chinese companies to accelerate their investments into the Middle East and Africa, reported Bloomberg.
Marcel Hanen, the Managing Director for Citigroup MENAT, said, “The six-nation GCC bloc can be a major benefactor of that because of the strategic importance of the oil and gas sector and the attractiveness of the region from an overall growth perspective, I do expect this to materialise if the situation continues as is.”
Citigroup’s subsidiaries in the MENAT region employ 80 people and headcount is expected to increase five per cent next year, said Hanen.
Revenue from Citigroup’s China-related activities spanning the Middle East, Africa as well as Pakistan and Turkey will probably increase 20 per cent a year in 2020, matching the growth seen over the past five years, said Tony Wu, the Regional Director of Citigroup’s China desk.
The region’s China desk services subsidiaries of about 103 companies.