Growing business flows through emirate behind the move, lender’s CEO for the Middle East says.
Dubai: Deutsche Bank AG plans to make the Dubai International Financial Centre the hub for its African operations, said Ashok Aram, chief executive of Deutsche Bank in the Middle East.
Aram made the announcement on Tuesday at the Bloomberg Future Cities Forum in Dubai. The board has approved the move, he said.
The emirate’s logistics and multimodal transportation strength, as well as its key connectivity with world’s leading markets, are factors attracting a number of global businesses to Dubai.
“A number of clients from Germany are building warehouses in [the] Jebel Ali Free Zone. Many Indian, Chinese and European companies are routing their Africa operations through Dubai. There is also a big shift in diamond business from Antwerp to Dubai,” Aram said.
Dubai, with its ancient commercial and seafaring traditions, has long been recognised as the Middle East region’s leading trading hub and has emerged as its key re-export centre. In more recent years, the emirate has become a major hub for trade with Africa.