By Massoud Derhally
Germany’s Deutsche Bank has agreed to set up shop at Dubai International Financial Centre, announced Anis Al Jallaf, chairman of DIFC and Pierre de Weck, chairman of Deutsche Bank’s Middle East and North Africa Board at a joint press conference today.
Germany’s Deutsche Bank has agreed to set up shop at Dubai International Financial Centre, announced Anis Al Jallaf, chairman of DIFC and Pierre de Weck, chairman of Deutsche Bank’s Middle East and North Africa Board at a joint press conference today. “Dubai’s track record of delivering what it promises in other areas, such as technology and media, gives us confidence that its ambitious plan for international finance is attractive for financial institutions like Deutsche Bank,” said Al Jallaf.Although DIFC will issue the license in January 2003, Deutsche Bank (DB) plans to increase the number of staff at its existing representative office in Dubai to 10 by the middle of 2003.“We have had a long business relationship with the region and we have a reputation at being long term business partners in good as well as bad times,” de Weck told reporters at the press conference. “We view Dubai as an important centre in the region, whose development we want to participate in….and six of DB’s lines of business will be operating in this region. We expect the regulatory environment of DIFC to provide a positive framework for the expansion and development of our business,” added de Weck. “There is tremendous demand for long term capital but there is also a need for deeper capital markets as well as growth in Islamic finance which we want to be involved in,” said Jeffrey Culpepper, head of DB’s Middle East investment banking operation, when asked about the whether DB was considering underwriting and being involved in arranging syndicated loans. Hussain Al Qemzi, chief executive of DIFC, told ITP.net on the sidelines of the press conference that 25 entities have already signed up to engage in asset management businesses at DIFC. In addition to Swiss bank Julius Bare, which recently announced joining DIFC, Al Qemzi disclosed that two additional entities would be offering in the private banking services. Booz Allen Hamilton estimates revenue generated from financial services in the Middle East, Central Asia and East Africa regions will be in excess of US $4 billion by 2006.Deutsche Bank recently launched the US $100 million Estithmaar Ventures Fund in a joint venture with the Investment Office of Dubai. It also acted as a book runner on the recent Emirates Bank International US $340 million bond and the Gulf Investment Corporation US $300 million bond.