Deutsche Bank to set up Middle-East's largest R&D facility
16 Jun 2008
Mumbai: Germany's Deutsche Bank, a global investment bank and a leading European bank, plans to set up a Middle East research platform, expected to be the largest such facility in the region.
Deutsche Bank said it is relocating Pascal Moura, head of research for emerging markets, to Dubai to oversee the two-year-long establishment process.
The research facility will focus on 80 leading blue-chip regional stocks across all sectors as well as support Deutsche Bank Global Research, it said.
''Deutsche Bank's commitment to the region is unequivocal. We are constructing the MENA research platform to ensure the induction of the broadest base of analyst experience, across both mature and emerging markets, in an effort to ensure real value addition not only to our clients but also to the regional markets," said Ricardo Honegger, chief country officer for Deutsche Bank in the UAE.
The proposal to set up the research unit was made during a recent visit to the region by Josef Ackermann, chairman of Deutsche Bank AG's board and the group's executive committee.
''Deutsche Bank forecasts GDP growth in the region of 7-8 per cent per annum for the foreseeable future and we expect a growing interest from asset managers across the globe. We want to make sure that we offer to investors the quality and depth of coverage that we have in other regions in order to support them in their quest to generate Alpha." Pascal Moura said.
With 78,275 employees in 76 countries, Deutsche Bank, has a strong and profitable private clients franchise and is continuously growing in North America, Asia and key emerging markets.
Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE's capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office in 2001 and a branch at the Dubai International Financial Centre (DIFC) in 2005.
In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. Most recently, in November 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha.
Deutsche Bank AG, recipient of several awards for its activities in Islamic finance in the MENA region, offers a full range of investment banking, asset management; private wealth management; and global transaction banking services.
Several large international investment banks have been deploying top talent in the Middle East, eying a major role in the region.
US banking giant Citibank is sending Alberto Verme, its co-head of investment banking to Dubai while Lehman is moving Philip Lynch, the bank's co-head of equities for Europe and the Middle East to Dubai. Roger Jenkins of Barclays is also moving to Dubai.
