Year 2009

January 26, 2009

50 years of Deutsche Bank in the Middle East and North Africa



Dubai, January 26, 2009 - Fifty years ago, with the opening of its official representative office in Cairo, Deutsche Bank began to systematically increase its involvement in the Middle East and North Africa.

The Bank’s interest in the Middle East goes back to Deutsche Bank’s early years. It began to operate in the region only two decades after its foundation (1870), on projects such as the important Baghdad railway infrastructure project. In 1914, a sub-branch was opened in Baghdad, which had to be closed down during World War I.

The Cairo office opened in January 1959 and was responsible for taking care of business in the entire region: Egypt, Syria, Iraq, Jordan, Kuwait, Lebanon, Saudi Arabia and Sudan, and from November 1959, Ethiopia and Libya. Egypt was initially the focus of activity, but this has increased over the years.

The main task of the Cairo office was to maintain contact with the representatives of the Bank’s German customers abroad and to provide information on the region to other branches of Deutsche Bank; it was not intended to carry out the standard business of a branch office.

In 1967 a further representative office was opened in Beirut, which was responsible for the region west of the Suez Canal. Due to the civil war, this office had to be closed for good in 1981.

With the growing economic importance of the Gulf Cooperation Council (GCC) countries, a re-organization was needed, as it was thought that the increasing business of the Arabian Peninsula would be better managed by local representation. For this purpose, another representative office was opened in Bahrain in 1983.

In 1999 Deutsche Bank began expanding into the GCC countries and opened an office in Abu Dhabi, the capital of the UAE. In 2001 the Bank opened another representative office in Dubai and finally in 2005, it opened a branch in the Dubai International Financial Centre in order to better capitalize on opportunities in the region. In 2006/07 Deutsche Bank increased it presence with branches in Riad (Saudi Arabia) and Doha (Qatar).

Today Deutsche Bank is a leading foreign supplier of a wide range of services in MENA, in the sectors of investment banking, asset management, private wealth management and global transaction banking.


History of Deutsche Bank Group in the Middle East and North Africa
  • 1870
    Deutsche Bank was founded in Berlin to promote and facilitate trade relations between Germany and international markets.

  • 1899
    Deutsche Bank received the “preliminary concession” for the Baghdad Railway, which obliged it to build a railway from Konia to Baghdad and on to Basra.

  • 1914
    Deutsche Bank opened a sub-branch in Baghdad, which had to be closed three years later because of World War I.

  • 1959
    Opening of Deutsche Bank Representative Office in Cairo

  • 1967
    Opening of Deutsche Bank Representative Office in Beirut to serve the countries of the Middle East. In 1981 the office was closed due to the civil war.

  • 1976
    Bankers Trust, which was acquired by Deutsche Bank in 1999, opened a Representative Office in Manama (Bahrain)

  • 1983
    Opening of Deutsche Bank Representative Office in Manama (Bahrain)

  • 1999
    Opening of Deutsche Bank Representative Office in Abu Dhabi (United Arab Emirates)

  • 2001
    Opening of Deutsche Bank Representative Office in Dubai (United Arab Emirates)

  • 2005
    Opening of Deutsche Bank Dubai Branch in the Dubai International Financial Centre (DIFC)

  • 2006
    Opening of Deutsche Bank Riyadh Branch (Kingdom of Saudi Arabia)

  • 2007
    Deutsche Bank acquires 51% of Strategica Finance and establishes Deutsche Securities Algeria SPA in Algeria2007 Opening of Deutsche Bank Doha Branch (Qatar)

  • 2007
    Deutsche Securities Saudi Arabia was granted a license by the Capital Market Authority of Saudi Arabia

  • 2008
    Deutsche Bank established Deutsche Securities and Services (DSS) an on-shore branch in Dubai to render custody services



back

Footer Navigation:
Last Update: September 19, 2013
Copyright © 2014 Deutsche Bank AG, Frankfurt am Main