Steinbrueck was accompanied on the visit by a delegation of 12 officials from the German Ministry of Finance, and held a meeting with governor of the Dubai International Financial Centre, Omar Bin Sulaiman.

Germany has a long history of close trade links with the UAE and in recent years increasing numbers of high level politicians and businessmen have been visiting Dubai to encourage more extensive business cooperation. A regional office of the German Business Council and a delegate office of the German Chamber of Industry and Commerce have both been established in Dubai.

The UAE has become one of Germany’s largest export customers in the Arab world and there are now over 300 German firms established in the UAE, including prominent names such as Siemens, Lufthansa and DaimlerChrysler.

“It is very encouraging that the Federal Government of Germany acknowledges the benefits of doing business in Dubai and we are delighted to see prestigious institutions such as Deutsche Bank firmly established in the DIFC. We are seeing increasing German participation in key sectors such as technology and finance and we hope that this invaluable contribution will continue," noted Bin Sulaiman.