Citadel opens in Dubai

The former European head of private placements for Citigroup, Stephen A. Murphy, is to head up the new Dubai office of Middle Eastern firm Citadel Capital.

The office will be a subsidiary called Citadel Capital Institutional Fundraising. “The new office will serve multiple roles,” said Citadel chairman Ahmed Heikal. “We wanted to have an office on the ground in the GCC out of Dubai. This is primarily for fundraising and communication with our investor base, but we would also like our presence there to serve as a listening post to keep us closer to the developments happening not only in Dubai and the UAE, but also in the Gulf at large.

Murphy has over 20 years of experience in private equity fundraising and investment banking. He has held a range of positions with Salomon Brothers / Salomon Smith Barney in New York, Tokyo and London starting in 1985.