Dubai's plan to develop as a global finance center received a boost with the announcement by Deutsche Bank of its intention to be licensed by the Dubai International Financial Center (DIFC) and to move to new premises in the Dubai Financial District once these become available.
Deutsche Bank, which ranks among the global leaders in corporate banking and securities, transaction banking, asset management and private wealth management, is also one of the region's leading investment banks.
The DIFC will issue licenses in January 2003, but Deutsche Bank will begin increasing its senior staffing in Dubai before the end of this year. The bank is already playing a key role in the growth of Dubai as a global finance center.
At the end of September Deutsche Bank launched the $100 million Estithmaar Ventures Fund in a joint venture with The Investment Office of Dubai. It also acted as bookrunner on the recent Emirates Bank International $230 million bond and the Gulf Investment Corporation $300 million bond.
With roughly €900 billion in assets and approximately 84,500 employees, Deutsche Bank offers its 12 million clients unparalleled financial services in 75 countries throughout the world. The Bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating exceptional value for its shareholders and people. — (menareport.com)
© 2002 Mena Report (www.menareport.com )