Deutsche Bank Becomes First Market Maker On DIFX

by Lorys Charalambous, Tax-News.com, Cyprus

10 November 2006

Deutsche Bank has agreed to provide buy and sell prices in two of the largest companies listed on the Dubai International Financial Exchange (DIFX), it was announced this week.

Deutsche Bank's agreement to become a market maker for shares in Gold Fields and Kingdom Hotel Investments is being seen as a significant step forward in the fledgling exchange's development.

Deutsche Bank is the first international investment bank to sign a market making agreement with the exchange.

Welcoming the agreement, Per E. Larsson, Chief Executive of the DIFX, noted that: “Investors can have confidence that they will always be able to sell or buy shares in these companies on the DIFX, the region’s international exchange.”

Gold Fields, a South African company that is one of the world’s largest gold producers, listed on the DIFX last month. KHI, based in the Dubai International Financial Centre, listed in March 2006.

According to Ricardo Honegger, Chief Country Officer for UAE at Deutsche Bank, the firm has been closely involved with the DIFX since before it launched in September 2005.

"We have already been providing liquidity in numerous listed DIFX securities. Formalising our status as a market maker is evidence of our continued commitment to and belief in the development of the DIFX," he explained.

Nasser Alshaali, Chief Operating Officer of the DIFX, said that the latest agreement is an important step forward as the exchange seeks to strengthen its links with international and regional banks and other financial organisations.

"These relationships are further improving access to the exchange for investors," he observed.

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