Deutsche Bank signs up for DIFC

11 October 2002

Deutsche Bankhas become the first large international financial institution to register for a licence with the Dubai International Financial Centre (DIFC). It joins the Swiss boutique bank Julius Baer, which has already made a commitment to establish a regional presence in DIFC.

The German bank is also understood to be in negotiations with DIFC to take on the financial advisory mandate for its $500 million-700 million real estate development, to be built on a site south of Sheikh Zayed Road.

Deutsche Bank's first step will be to move its local representative office to DIFC (MEED 4:10:02).

Executive board member Pierre de Weck said on 7 October: 'We will size our resources in line with the opportunities on offer in the DIFC.'

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