Deutsche Bank officially opened Monday its Branch in the Qatar Financial Centre, from where it will be offering investment banking and Private Wealth Management services.
Speaking at the opening ceremony, Juergen Fitschen, Member of the Group Executive Committee and Global Head of Regional Management at Deutsche Bank, said “Our expansion into Qatar is another important milestone for Deutsche Bank in the region, and comes in recognition of the plethora of opportunities available in the financial sector. Deutsche Bank’s competitive edge, regional know-how, and international expertise, will guarantee a unique delivery and we look forward to playing an active role in shaping the financial landscape of Qatar.”
At the event, the appointment of Mounir Husseini as Chief Country Officer for Qatar and General Manager of Deutsche Bank AG Doha (QFC) branch was announced. Husseini joins Deutsche Bank from Daimler Financial Services in Berlin, where he held the position of Managing Director at the Structured Finance division.
Henry Azzam, CEO of Deutsche Bank in the Middle East and North Africa region said: “In January 2007 we were granted a licence from the Qatar Financial Centre Authority to offer financial services in the Gulf state which was the first step for Deutsche Bank in joining this exciting and growing economy. We look forward to participating and playing an active role in its growth. Qatar presents Deutsche Bank with an opportunity to offer our sophisticated capital markets products to both institutional and private clients, and the appointment of Mr. Husseini to head our branch with his extensive experience in the financial industry reinforces this.”
The opening of the Qatar branch comes as part of Deutsche Bank’s expansion across the MENA region. Deutsche Bank has three branches in the MENA region: a Dubai branch in the Dubai International Financial Centre; and branches in Saudi Arabia and Qatar in the Qatar Financial Centre. In addition, Deutsche Bank has representative and securities offices in: Cairo, Bahrain, Abu Dhabi, Dubai and Algeria. Deutsche Bank dedicates a substantial amount of both resources and infrastructural support to achieve regional growth.
Qatar enjoys excellent credit ratings, sits on one of the world’s largest gas reserves, is a rapidly growing economy and recorded last year a nominal GDP growth of 24%.
Deutsche Bank has moved into new offices in the QFC tower in the heart of Doha’s central business district.