Arab Bank to set up German Desk
Arab Bank has set up a dedicated German Desk in Dubai and Abu Dhabi to tap potential for further trade between Germany and the United Arab Emirates (UAE).
This initiative comes in the wake of a doubling of German exports to the UAE in the last three years. According to recent statistics, German exports to the UAE rose to €3.2 billion in 2003, from €1.8 billion in 2000, making Germany one of the top three countries exporting to the UAE.
"Trade relations between Germany and the UAE have witnessed an upswing in recent years, and we believe that there are vast opportunities ahead, according to feedback provided by our Frankfurt office," said UAE Area Manager, Dubai for Arab Bank, Mohammed Azab.
According to market studies, around 350 German companies are operating in the Middle East from the UAE, primarily registered in Jebel Ali Free Zone. Most of these companies are engaged in automotive, electrical engineering and engine construction business.
Arab Bank, which has a vast network in almost every Arab country, has been operating in overseas markets since 1960. It was the first Arab bank to establish presence in Switzerland with the opening of Arab Bank (Overseas) in Zurich in 1962 and in Geneva in 1964. — (menareport.com)
© 2004 Mena Report (www.menareport.com)