HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud, chairman of Al Azizia Commercial Investment Company (ACIC), signed the agreement with Anshu Jain, co-head of the Corporate and Investment Bank at Deutsche Bank.
Deutsche Bank and ACIC will join forces with the aim to lead investment banking activities in the kingdom under the new Capital Market law, which allows international investment banks to enter the Saudi market. The joint venture intends to provide financial services to the business community and offer novel opportunities to investors in the kingdom.
Jain said, "Our local partnership with ACIC reflects Deutsche Bank's continuing commitment to developing our presence in investment banking services in the kingdom and throughout the Middle East."
Deutsche Bank's entry into the Saudi market appears well timed as the rising oil price over the last year has created a booming economy, with oil revenues alone generating over $100 billion. However, the German bank's decision is in direct contrast with the actions taken by the world's biggest bank, Citigroup, last year. The US finance company decided to pull out of the Middle Eastern country after almost half a century of involvement.