Arab Bank sets up a German Desk

Arab Bank, the leading Arab financial institution, has set up a dedicated 'German Desk' in Dubai and Abu Dhabi to tap potential for further trade between Germany and the United Arab Emirates.

This initiative comes in the wake of a doubling of German exports to the UAE in the last three years. According to recent statistics, German exports to the UAE rose to Euro 3.2 billion in 2003, from Euro 1.8 billion in 2000, making Germany one of the top three countries exporting to the UAE.

'Trade relations between Germany and the UAE have witnessed an upswing in recent years, and we believe that there are vast opportunities ahead, according to feedback provided by our Frankfurt office, ' said Mr. Mohammed Azab, UAE Area Manager, Dubai, Arab Bank.

'Several German companies are in need of reliable information and consultancy to launch or expand their operations in the UAE. Arab Bank, with its local market insight, global network, and presence in several European countries, is the ideal partner for a German company to penetrate the UAE market.

According to market studies, around 350 German companies are operating in the Middle East from the UAE, primarily registered in Jebel Ali Free Zone. Most of these companies are engaged in automotive, electrical engineering and engine construction business.

'With a large network of branches in the Arab world, as well as across the globe, Arab Bank is well placed to serve German companies and enable quick transactions,' added Mr. Azab.

'Having worked closely with several German companies, we understand their needs better. Companies that come to us can complete all the necessary formalities and procedures under a single roof, with the assurance of constant support from a team of Arab Bank professionals with tremendous experience in the relevant fields.'

'We have received excellent response to the idea of setting up a dedicated German Desk,' said Mr. Guenter Kuschka, Head of International Corporate Desk, Arab Bank, Dubai.

'We have been serving our corporate clients with a host of services, such as opening of accounts, transfers, treasury business, on-the-spot issuance of guarantees, commercial business as well as financing requirements. Besides, Arab Bank offers a comprehensive package of trade related services and tailored solutions with the help of a team of experienced professionals. We plan to extend this initiative to companies of other nationalities, especially where Arab Bank has operations.'

'We are convinced that the launch of the German Desk will enhance the corporate business opportunities for Arab Bank by building bonds of trust between us and German companies,' said Mr. Sa'ed Jarallah, UAE Area Manager, Abu Dhabi, Arab Bank.

'Foreign companies doing business with countries in the Gulf need to be supported by specialized information that help them grow their businesses faster and lay a strong foundation for building long-lasting trade relations. Arab Bank has taken the first step in this direction by setting up the German Desk in the UAE.'

Arab Bank, which has a vast network in almost every Arab country, has been operating in overseas markets since 1960. It was the first Arab bank to establish presence in Switzerland with the opening of Arab Bank (Overseas) in Zurich in 1962 and in Geneva in 1964. More recently, Arab Bank opened a representative office in China and a branch in Seoul. Arab Bank also has a presence in the Far Eastern Countries.