Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, yesterday received Dr Joseph Ackermann, Chairman of Deutsche AG Bank and Chairman of the Executive Committee of Deutsche Bank Group.
Present at the meeting was Dr Omar Mohammed bin Sulaiman, Governor of the Dubai International Financial Centre.
Sheikh Maktoum welcomed the bank’s move to set up a research unit at the DIFC.
Ackermann expressed the intention of the bank to expand its investments in the region through its regional branches at DIFC and Abu Dhabi, indicating “the bank enjoys unique international confidence due to the logistics facilities it offers to partners and customers as well”.
A Deutsche team will carry out company and technical analysis to support the bank’s global equities business.
Sulaiman said: “Deutsche Bank has been a big supporter of Dubai and DIFC. We see this as an important step in the further development of the financial services infrastructure in the DIFC, Dubai and the region.”
Deutsche Bank has built up its presence in the Middle East and North Africa over the past three years, tripling its headcount to more than 180.
It has been active in the region for more than a century, starting with the construction of the Baghdad railway – the bank acted as financier and operator for the project.
The bank opened its first regional office in Cairo in 1959, followed in the early 1970s by an office in Bahrain.
In 1999 it embarked on a regional expansion drive across the GCC, which began with the opening of an office in Abu Dhabi. Two branches in Dubai followed.
Maktoum receives Deutsche chairman