RIYADH, -- January 2008 – As a sign of its solid commitment to Saudi Arabia and in recognition of the tremendous investment potential the Kingdom represents, Deutsche Bank announced today its backing of the Saudi Arabian General Investment Authority’s (“SAGIA”) National Competitive Center (“NCC”).
Deutsche Bank’s sponsorship of the NCC will, among other things, see Deutsche Bank assume a position on the financial advisory cluster, which will put forward recommendations on the development of the financial sector in the Kingdom.
The newly established NCC is seen as an important catalyst in the Kingdom’s drive towards competitiveness and comes as part of Saudi Arabia’s endeavours to create a pro-business environment.
Henry Azzam, CEO of Deutsche Bank for the Middle East & North Africa region said “Our endorsement of the NCC comes as a manifestation of Deutsche Bank’s solid commitment to Saudi Arabia and to becoming an active and involved corporate citizen. The Kingdom has witnessed great economic transformation over the last few years, and we are looking forward to assuming an active and constructive role in this drive, and to offering Deutsche Bank’s international expertise and local know-how towards the growth of the financial sector in Saudi Arabia.”
As part of its support of the NCC, Deutsche Bank has sponsored the annual Global Competitiveness Forum (“GCF”) set to take place in Riyadh in mid-January of this year. The conference, which was held for the first time in 2007, is an annual meeting of top business executives, international political leaders, selected intellectuals, and academics who share an interest in global competitiveness.
Jamal Al Kishi, CEO of Deutsche Securities Saudi Arabia, said “Saudi Arabia has a regional and in certain cases global competitive advantage across a plethora of strategic sectors. In recent years the Kingdom has invested heavily towards making Saudi Arabia a natural choice for investors, by focusing on creating a world-class business environment ”
Abdul Mohsen Al Badr, CEO of the Global Competitiveness Forum, said “We are delighted with Deutsche Bank’s involvement in the GCF and their continued corporate contribution to Saudi Arabia in general. We very much look forward to the bank’s contributions as a leading global investment bank with an unrivalled track record in developing financial markets in a number of countries around the world”
Deutsche Bank opened its first branch in Riyadh in 2006. In 2007, Deutsche Securities Saudi Arabia, a subsidiary of Deutsche Bank was granted a license by the Capital Market Authority of Saudi Arabia to offer brokerage and custody services, as well as arranging, advising and providing investment funds management.