Deutsche Bank today announced its decision to establish a significant research presence in Dubai out of the Dubai International Financial Centre (DIFC) in support of its global equities business. The Bank will develop a team of research analysts based in Dubai focusing on company and technical analysis. The team will cover both Middle Eastern and international stocks and will be fully integrated into the Bank’s global equity research group.
Dr. Josef Ackermann, Chairman of the Management Board and Group Executive Committee, said while on a visit to Dubai: “Dubai is both an exciting growth market and a highly-attractive operating environment for dynamic, service-sector businesses. We are pleased to cement our commitment to the Emirate by developing an onshore research capability.”
Ackermann’s statement came during a meeting with Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum. Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed this significant step: “Deutsche Bank has been a big supporter of Dubai and the DIFC since inception, and we see this step as an important one in the further development of the financial services infrastructure in DIFC, Dubai and the whole region”.
Over the past three years Deutsche Bank has built an impressive presence in the Middle East and North Africa region, and tripled its headcount to more than 180 staff. The bank has ten operating entities in six countries.