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Kuwait's vision to become financial hub receives backing from Kuwait based Alraya Investment

Support Comes Following Meeting For Citigroup Global Chairman Sir Winfried Bischoff with HH The Emir of Kuwait Sheikh Sabah Al-Ahmad Al Sabah

Kuwait - 24 June 2008: Kuwait's ambitions to become a leading financial centre in the Middle East have received a major endorsement from global financial giant Citigroup and Kuwait-based AlRaya Investment.

The vote of confidence comes following a personal meeting with HH The Emir of Kuwait Sheikh Sabah Al-Ahmad Al Sabah and Citigroup 's global Chairman Sir Winfried Bischoff and AlRaya Investment Company Chairman Sheikh Sabah Nasser Sabah Al Ahmad Al Sabah and Vice Chairman and CEO Mr. Hazem Al-Braikan.

Citigroup and AlRaya have established a business partnership in Kuwait, with the US financial powerhouse taking a 10% stake in AlRaya Investment Company.

AlRaya Investment Chairman Sheikh Sabah Nasser Sabah Al Ahmad Al Sabah said: "This has been an important visit and we are very proud to have hosted Citigroup Chairman Sir Winfried Bischoff and discuss ways to further develop and enhance our business partnership.

"The decision by Citigroup to invest in Kuwait demonstrates the growing regional and global confidence in Kuwait as it seeks to achieve the ambition of HH The Emir Sheik Sabah Al-Ahmad Al Sabah to encourage the growth of Kuwait as major financial hub in the GCC and at a regional and international level."

Kuwaitis are among the most sophisticated international investors in markets around the world and the Kuwait Stock Exchange has proved to be one of the most consistent performers in the region - further enhancing the case for Kuwait to become a more significant financial hub.

AlRaya Investment Vice Chairman and CEO, Mr. Hazem Al-Braikan added: "At AlRaya Investment we are committed to helping the vision of HH The Emir of Kuwait to become a reality and plan to take a leading role in the economic and financial success of our country in the future.

"We are especially focused on Islamic financing instruments and are confident we can tap into the growing awareness of Islamic finance around the world and increasingly tap into the world's largest asset class of Global Equity."

-Ends-

About AlRaya Investment Company
AlRaya Investment Company KSCC is a private company incorporated under Kuwaiti company law as a Kuwaiti closed shareholding company and registered with the Central Bank of Kuwait as an Islamic Investment Company. The company was established in April 2008 with a paid-up capital of KWD 25 million. AlRaya aims to be the first and most comprehensive Islamic investment company in Kuwait and the GCC region with a clear focus on international Islamic asset management products and services.

About CITIGROUP
Citigroup Inc. (NYSE: C), operating as Citi, is a major American financial services company based in New York City, formed from the merger of Citicorp and Travelers Group on April 7, 1998. The company employs 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997.

For further information, please contact:
Mohamed Salhab
Senior Account Executive
Hill & Knowlton
Tel: +965 2331770 Ext. 1556
Mob: +965 902 9647
Fax: +965 2331771
Email: mohamed.salhab@hillandknowlton.com

© Press Release 2008