Deutsche Gulf Finance launched

Deutsche Bank. (AP)

Deutsche Bank yesterday launched Deutsche Gulf Finance, a joint venture Shariah-compliant home financing company owned 40 per cent by the bank's Riyadh branch and 60 per cent by a group of prominent Saudi Arabia-based investors. The company has an initial capital of $110 million (Dh403m) and will initially provide mortgage for properties located in Saudi Arabia, with plans to expand its operations into Bahrain, Qatar and Kuwait over time. Deutsche Gulf Finance has commenced financing.

Clarification

Emirates Business yesterday published "Trade between Middle East and Asia grows threefold" on p48. The person interviewed was Etienne Bernard – Managing Director, Global Transaction Services, Region Head, Euro Zone and Middle East, RBS, left. However, the photograph published was that of Peter Gotke, Vice-President, Depositary Receipt business for the Gulf, BNY Mellon, right. The error is regretted.

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