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Deutsche Bank launches Saudi Arabian arm

Deutsche Bank has launched a Saudi Arabian brokerage business on the country's stock exchange (Tadawul).

The move is significant as the first time a broker from outside the region has become a full member of the largest stock exchange in the Gulf Cooperation Council (GCC).

It follows Deutsche Bank's recent opening of its first branch in Saudi Arabia on April 30th this year.

Ricardo Honegger, head of global markets Middle East and North Africa, said: "Deutsche Bank is proud to be a part of the very exciting events taking place in Saudi Arabia.

"Recent regulatory reform, the privatisation of the Tadawul, and the creation of the King Abdullah Financial District are signs of the dynamism of the Saudi financial system and we are committed to the region."

He added that there were multiple opportunities for Deutsche Bank to develop in the region especially in the areas of equity finance, mutual fund, corporate advisory and money market businesses.

Deutsche Bank has been aggressively expanding in the Saudi Arabian market and recently won a mandate to advise on the upcoming IPO of KFFs real estate holding company Al Khozama.