RIYADH, 13 April 2005 — The Al-Azizia Commercial Investment Company (ACIC) and Deutsche Bank (DB) on Monday signed a joint venture agreement to lead investment banking activities in the Kingdom under the new capital market law. Prince Alwaleed ibn Talal, ACIC chairman, signed for ACIC while Anshu Jain, co-head of the corporate and investment bank and group committee board member, signed on behalf of DB.
“We are delighted over the joint venture with Deutsche Bank. We envisage it to be promising and fruitful,” Prince Alwaleed said.
For his part, Jain said,” Deutsche Bank is honored to be the first foreign bank licensed to operate in Saudi Arabia. Our local partnership with ACIC reflects DB’s continuing commitment to develop our presence in investment banking services in the Kingdom and throughout the Middle East.”
The agreement allows ACIC and DB to provide world-class financial services to the business community and offer new opportunities to investors in the Kingdom. The establishment of the Capital Market Authority last year has paved the way for international investment banks to enter the Kingdom, support the Saudi economy and enhance the flow of capital to Saudi Arabia.