Abu Dhabi National Energy firm selects Citi GTS

Abu Dhabi National Energy Company (TAQA) has chosen Citi to provide local domestic cash management services and a global liquidity structure with a multi-currency pool in London. The services will be provided by Citi’s global transaction services (GTS) team.

TAQA is an international energy company with exploration, production, storage, transmission and generation assets in North America, Europe, the Middle East, North Africa and Asia.

“By choosing Citi, we are gaining access to their high calibre expertise, global footprint and local knowledge,” comments Doug Fraser, chief financial officer of TAQA.

Naveed Sultan, managing director and head of global transaction services in Europe, Middle East and Africa for Citi, comments: “The appointment of Citi by TAQA reinforces our continued commitment to the Middle East region as we continue to expand our services in this region and are encouraged by the opportunities the Middle East presents.”

GTS offers integrated cash management, trade, and securities and fund services to multinational companies, financial institutions and public sector organisations.

TAQA was founded in 2005, and has an asset base of approximately AED86bn (US$86bn). It is one of the largest companies listed on the Abu Dhabi Securities Exchange.