Dubai International Financial Centre has been set to become the newly operational Deutsche Bank hub as it merges with its African operations.
According to an article released on Bloomberg, the Dubai International Financial Centre has grown exceptionally since its launch in 2004. With 21 of the world’s most prestigious banks as its clientele, the centre now connects the African and Middle Eastern markets with the economies of Europe, Asia and the Americas.
After making the announcement at the Bloomberg Future Cities Forum on the 17 of March, Ashok Aram, who heads Deutsche Bank in the Middle East, will be taking over responsibility for the Africa business, which will include the specific responsibilities of South Africa and Nigeria.
In an interview with World Finance, Aram stated:
"We see this as a fantastic opportunity for our South African business to grow as the economic relationships between the Sub-Saharan Africa region and the Gulf Cooperation Council countries."
Not only does the Deutsche Bank’s expansion into Dubai aim to gain greater access to Africa’s fastest-growing economies, but it also intends to initiate partnership with Asian clients.