Dubai, 12 October 2008 – Deutsche Bank announced today that it has recently broadened its equities platform in the Middle East and North Africa to include trading, sales trading and equity capital markets, and has strengthened its offering with two senior appointments.
Ahmed Beydoun has been appointed as Head of Equities for the Middle East and North Africa (MENA). Beydoun joins Deutsche Bank from UBS, where he spent 12 years and was most recently Head of MENA equities at the Swiss bank. In his new capacity, Beydoun will have overall responsibility for Deutsche Bank’s equities business in the region, and will oversee sales, sales trading, equity trading and prime brokerage. Based in Dubai, Beydoun will report to Salman Al-Khalifa, Head of Global Markets Sales for the Middle East and North Africa.
Michael Majdalany also joins Deutsche Bank from UBS as Director in the MENA equities team. Majdalany has 13 years of experience in the financial industry, 8 of which were with UBS.
Ricardo Honegger, Deutsche Bank’s Head of Global Markets for the Middle East and North Africa, said “This year has witnessed a considerable positive shift in the size and scope of our equities platform in the region, which has grown from a small sales and prime brokerage team to a sizeable operation that encompasses trading, sales trading and equity capital markets offering our institutional clients access to regional and global equities. Both Ahmed and Michael bring to Deutsche Bank a wealth of experience and I believe that they will play a pivotal role in further strengthening our equities business in the region.”
In addition, Deutsche Bank has recently relocated Carl Hayes, Head of Equity Sales Trading MENA, and Alex Ells, Head of Trading MENA, from London to Dubai. Last July, Deutsche Bank also relocated Christopher Laing, Co-Head of Equity Capital Markets for Central and Eastern Europe the Middle East and Africa, from London to Dubai.
Salman Al-Khalifa said “Deutsche Bank’s commitment to the MENA region is strong and ongoing. Over a short period of time, we have managed to build a fully integrated equities platform that offers our clients access across international and regional equity markets through Deutsche Bank’s global platform. We will continue to invest in strengthening our equities platform regionally by capitalizing on our increased access through our on-shore custody services and the increased opening up of the regional markets, as demonstrated most recently by Saudi Arabia’s decision to give access to non-resident investors to the Kingdom’s stock market.”
Last August, Saudi Arabia’s Capital Market Authority (CMA), the capital market regulator, took the groundbreaking decision to allow a few authorized entities, including Deutsche Bank, to trade in shares listed on the Kingdom’s stock exchange (Tadawul) on behalf of non-resident foreign investors through swap agreements.
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