Citigate International 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 (ECOWAS). 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.
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% of all gold produced worldwide passes through Dubai) – the company is well placed to capitalize on the new silk route. A recent Dubai Chamber of Commerce and Industry special report has revealed that the UAE is becoming increasingly competitive in Saudi Arabia’s import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India.
Mr. Tohib Iyiola, CEO of Citigate International, commented, “With the crashing oil prices, GCC countries are seeking to diversify their economies, and mining sector – particularly gold 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. 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.”
Headquartered in the UK with operations in Europe, Asia, Middle East and Africa, Citigate International is trade regulated by Dubai Diamond Exchange and deals in diverse commodities across the globe. It also specialises in the supply of raw commodities, gold and diamonds in particular, to manufacturing and retail groups. Mr. Iyiola, said, “We have successfully leveraged on the tremendous opportunities in the commodities sector and have built a solid foundation with a global network.”
Emphasizing on the quality of material supplied by Citigate Mr. Iyiola said, “We make sure that our precious metals and Gems follow all necessary government required protocols i.e. DMCC responsible sourcing and Kimberley process certification scheme. We are conscious of our corporate social responsibility and ensure that the produce we bring to trade is conflict free.”
Dubai is one of the top three diamond trading centres in the world and the annual diamond business in the UAE is valued at US$30 billion. Earlier this year, the UAE took over as chair of the Kimberley Process Certification Scheme represented by Dubai Multi Commodities Centre (DMCC), the UAE Ministry of Economy’s authority for the Kimberley Process Certification Scheme, and Dubai Diamond Exchange.