Citigate to introduce new investment opportunities
dubai — Citigate International offered new investment opportunities to Saudi investors in mining and other natural resources in Africa.
The UK headquartered firm is on a two-week roadshow in Saudi Arabia targeting investors in Jeddah and Riyadh with an objective of promoting foreign direct investment (FDI) in mining and other natural resources in the economic community of West African states. The initiative will serve as a catalyst for developing stronger trade relations between the Gulf Cooperation Council (GCC) and West African region while opening new avenues for investment.
“With the crashing oil prices, GCC countries are seeking to diversify their economies, and mining sector – particularly gold
With the crashing oil prices, GCC countries are seeking to diversify their economies, and mining sector — particularly gold and diamonds offer a lucrative option Tohib Iyiola, CEO, Citigate International
and diamonds offer a lucrative option. Our aim is to introduce new investment vehicles which can assist investors from the GCC to participate in exploring the vast natural resources and mineral reserves in Africa,” Tohib Iyiola, CEO of Citigate International, said.
He said gold has bounced back significantly this year and is being considered as a safe haven during times of market volatility. Also, diamonds are seen as next-best commodity after gold where there has been limited investor flow and hence less downside in case the bear case unfolds, he added.
Citigate’s vision is to help boost mineral export volumes between Africa, GCC and Asia by tapping into Africa’s vast natural resources. Being based in Dubai — one of the top three global gold and diamond trading hubs in the world with 40 per cent of all gold produced worldwide passes through Dubai, the company is well placed to capitalise on the new silk route. Dubai is one of the top three diamond trading centres in the world and the annual diamond business in the UAE is valued at $30 billion.
“We have successfully leveraged on the tremendous opportunities in the commodities sector and have built a solid foundation with a global network,” Iyiola said.
— business@khaleejtimes.com