Deutsche Bank opens Dubai Branch in the DIFC
Deutsche Bank has had an office in Dubai since 2001, but opened a branch in the DIFC in order to take advantage of the growing opportunities in the region. Deutsche Bank became a founding member of the DIFX, and was the first to list products, when it launched in September 2005.
Michael Cohrs, Head of Global Banking and Member of the Group Executive Committee at Deutsche Bank, who officially inaugurated the new office, commented, "The Middle East has been developing significantly over the past few years and is now a key market for the international banking industry. Deutsche Bank intends to be one of the top investment banks in the region and this is an initial step in the bank's growth plans."
Welcoming Deutsche Bank, Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority commented: "The Middle East is an increasingly important region of operations for international banks, and we are delighted that Deutsche Bank, as one of the world's largest and most respected financial institutions, has chosen to invest in the region in this way.
"As a global powerhouse and one of the world's leading international financial service providers Deutsche Bank's decision to base themselves in the DIFC is an endorsement for us being a truly international and well-regulated financial centre."
For further information and photos of the event, please call:
Stephanie Smart (44) 797 123 8491
Press & Media Relations
Charles Skeeles (971) 50 640 4844
Head of Corporate Communications
PR Manager, DIFC
Tel: +971 4 362 2433
About Deutsche Bank
With Euro 993 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
About the 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 over one year, more than a hundred top international institutions have joined the DIFC as members. 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.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
. The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
. The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )