4.28 PM Friday, 1 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:25 06:43 12:11 15:09 17:32 18:50
01 December 2023

UAE hub strategic to Deutsche Bank

UAE hub strategic to Deutsche Bank. (REUTERS)

By Nissar Hoath

The fact that Deutsche Bank has been operating in the UAE for more than a decade underscores the strategic perspective of global financial institutions towards the favourable business environment and competitive atmosphere that the country offers, said Sheikha Lubna Al Qasimi, Minister of Foreign Trade, yesterday.

She was speaking at the inauguration of Deutsche Bank's full-fledged branch in Abu Dhabi. The event at Yas Island was attended by top government officials including Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank, along with Werner Steinmüller, Deutsche Bank's Head of Global Transaction Banking and member of the Group Executive Committee.

Sheikha Lubna said the opening of the branch will further strengthen the economic ties between Germany and the UAE, adding that the expansion decision demonstrates to "the world the diverse opportunities the UAE presents, not only locally, but regionally and globally as well. It also underlines the robustness of the UAE economy, vitality of its different sectors and its ability to respond to regional and global crises and challenges".

Al Suwaidi welcomed the presence of the bank in Abu Dhabi and anticipated it will play a central role in servicing the local market and the regional and international institutions operating in the country. "The opening of Deutsche Bank's branch will add momentum to the banking sector in the country and enrich it further," he said.

Steinmüller, emphasising the strategic importance of the Middle East to Deutsche Bank, especially the bank's regional hub in the UAE, told Emirates Business the branch will focus on specialised services for multinational companies operating in the UAE and the region.

"We will be targeting multinational firms, particularly German, European, Asian and American. We will offer our quality commercial and security services and products," he said.

Steinmüller said the new office has been built with Level 1 security, meaning transactions and processes will not stop even if there is a major power breakdown.

He said: "Our expansion and continued growth in the UAE is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognised the Middle East as an important part of the global economy and financial sector."

The branch will focus on servicing the bank's corporate and institutional clients.


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.