Deutsche Bank announces commitment to develop research facility in the Dubai International Financial Centre
Deutsche Bank today announced its decision to establish a significant research presence in Dubai out of the Dubai International Financial Centre (DIFC) in support of its global equities business. The Bank will develop a team of research analysts based in Dubai focusing on company and technical analysis. The team will cover both Middle Eastern and international stocks and will be fully integrated into the Bank’s global equity research group.
Dr. Josef Ackermann, Chairman of the Management Board and Group Executive Committee, said while on a visit to Dubai: “Dubai is both an exciting growth market and a highly-attractive operating environment for dynamic, service-sector businesses. We are pleased to cement our commitment to the Emirate by developing an onshore research capability.”
Ackermann’s statement came during a meeting with Dubai’s Deputy Ruler, HH Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum,.
His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed this significant step: “Deutsche Bank has been a big supporter of Dubai and the DIFC since inception, and we see this step as an important one in the further development of the financial services infrastructure in DIFC, Dubai and the whole region”.
Over the past three years Deutsche Bank has built an impressive presence in the Middle East and North Africa region, and tripled its headcount to more than 180 staff. The bank has ten operating entities in six countries.
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Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,291 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank in the MENA region
Deutsche Bank’s commitment in the MENA region is more than a century old, beginning with what is arguably one of the best known events in economic history: the construction of the Baghdad railway, in which Deutsche Bank participated as financier and operator.
Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE’s Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. Most recently in January of 2007, Deutsche Bank received a license from the Qatar Financial Centre Authority to operate from there.
Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services.
Deutsche Bank’s AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several awards for its activities in Islamic Finance; and was proclaimed in 2007 as the Best M&A Bank in Middle East & North Africa by Global Finance World.
Dubai International Financial Centre (DIFC)
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just three years, over 550 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.