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.’