Deutsche Bank has opened its first branch in the United Arab Emirates' (UAE) capital, Abu Dhabi. The branch will be focused on servicing the bank's corporate and institutional clients.

At the inauguration of the new branch, Sheikha Lubna Al Qasimi, minister of foreign trade, remarked that the opening of the branch in Abu Dhabi serves to further strengthen the economic ties between Germany and the UAE.

Werner Steinmüller, Deutsche Bank's head of global transaction banking (GTB) emphasised the strategic importance of the Middle East region to Deutsche Bank, especially the bank's regional hub in the UAE.

"Our expansion and continued growth in the UAE is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognised the Middle East as an important part of the global economy and financial sector. We are proud of the contribution we have made in the UAE to date, and we look forward to further assisting our clients in the region with their financial needs.

“The opening of the Abu Dhabi branch is a further significant step in the expansion of GTB. With the recent opening of new branches in the Ukraine, in China and now in the UAE we have significantly expanded our global footprint in commercial banking over the past two years."

The new branch complements Deutsche Bank's existing network in the UAE, which includes a branch within the Dubai International Financial Centre, and an on-shore branch, Deutsche Securities & Services. Deutsche Bank first established a presence in the UAE in 1999, with the opening of a representative office in Abu Dhabi.