Deutsche Bank To Expand Middle Eastern Business From Dubai Office

by Lorys Charalambous, Tax-News.com, Cyprus

06 March 2006

The Dubai International Financial Centre has attracted another high profile financial institution, with Deutsche Bank last week officially opening its Dubai branch in the DIFC.

Although Deutsche Bank has had an office in Dubai since 2001 and was also a founding member of the DIFX, Michael Cohrs, Head of Global Banking and Member of the Group Executive Committee, explained that the bank has opened a branch in the DIFC in order to take advantage of the growing opportunities in the region.

“The Middle East has been developing significantly over the past few years and is now a key market for the international banking industry," observed Mr Cohrs.

"Deutsche Bank intends to be one of the top investment banks in the region and this is an initial step in the bank’s growth plans," he added.

Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority added that: “The Middle East is an increasingly important region of operations for international banks, and we are delighted that Deutsche Bank, as one of the world's largest and most respected financial institutions, has chosen to invest in the region in this way."

"As a global powerhouse and one of the world's leading international financial service providers, Deutsche Bank's decision to base themselves in the DIFC is an endorsement for us being a truly international and well-regulated financial centre," he commented.

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