Ancient and Ultra-Modern 

Citi’s Long-term Influence on Trade Between the Middle East and Africa 

Trade links between the Middle East and Africa are ancient yet still developing at pace as new lines of business open up in both directions. Committed banking support for corporate treasurers has proven to be a vital component of success, as Citi’s Sheetal Shah, Director, Head of Large Corporate & Public Sector Sales and Global Solution Sales, Sub Saharan Africa, Treasury and Trade Service, and Steven Buonvino, Large Corporate and Public Sector Sales, MEA & Healthcare, Consumer and Wellness Sector Head, UK, Europe, MEA explain.

Trade routes that have been open for millennia will naturally see the types of goods and the character of business change many times as the years go by. It’s still the natural order of commerce today, albeit with the pressure to change exerted by different forces.

A number of Middle East countries have been purposefully diversifying away from oil and, to an extent, gas, over the past decade. It’s clear that the world is moving on from fossil fuels and that resources are limited. The goal of the Gulf Cooperation Council (GCC) countries and Saudi Arabia, for example, is one of change, as even the oil majors edge towards new and more sustainable commercial objectives.

This has seen some of the largest investment vehicles in the region starting to target assets in suitable industry verticals in various global locations, including Africa. Indeed, according to the World Economic Forum, the last decade has seen GCC countries collectively invest over $100bn in Africa. Projects include mining and airport construction while the Economist suggests this might be part of broader trend of incoming investment from the Middle East.

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