Dubai, 10 February 2009 – Deutsche Bank announced today that it has commenced its research coverage of companies listed on the Saudi Stock Exchange (Tadawul) with the release of two inaugural equity research reports.
The first of these reports, titled “Resilience in Adversity”, is the first ever comprehensive research report on the Saudi Arabian banking sector covering 10 banks in total and providing investment recommendations for each, with a sector overview. The second focuses on the largest dairy company in the Middle East, Al Marai.
Pascal Moura, Head of Research for Central and Eastern Europe the Middle East and Africa, said “Last year Deutsche Bank made a strong commitment to grow its research presence and scope of coverage in the region, and we have proceeded to do just that. In the near future we will be expanding our equity coverage to include all of the GCC countries.”
Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia, said “Deutsche Bank has invested heavily in its enterprise in the Kingdom, and will continue to do so out of our strong conviction in the strength and resilience of this market. In the span of three years we have grown our presence tremendously and have introduced products and services that offer our clients access to the Saudi and international markets through Deutsche Bank’s global platform, and we plan to broaden and complement these services further.”
Direct foreign ownership in Saudi stocks is not open to foreigners domiciled outside of the Kingdom, but in 2008, Deutsche Bank was among the first foreign financial institutions to receive the authorization of the capital markets regulator in the Kingdom to trade on behalf of foreign investors in Saudi stocks through swap agreements.
Deutsche Bank opened its Riyadh branch in 2006 and established Deutsche Securities Saudi Arabia in 2007.
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