Deutsche Bank AG, Germany’s biggest bank, appointed Ziyad Al Ashaikh as general manager of its Saudi Arabian branch in the capital city of Riyadh.
Al Ashaikh is taking over from Waleed Fatani who will be leaving Deutsche Bank to pursue other opportunities outside the bank, the company said in an e-mailed statement today.
“The appointment of Ziyad reflects the depth of skilled and committed people working for Deutsche Bank in the region,”said Ashok Aram, chief executive officer for Middle East and North Africa operations. “Ziyad’s long experience and insight into the Saudi market will be a great asset.”
Ziyad Al Ashaikh joined Deutsche Bank in 2010 as head of private institutional clients and was responsible for managing public sector and institutional relationships.
CEO of Deutsche Securities Saudi Arabia, Jamal Alkishi, said in an interview with Bloomberg in his Riyadh office on Feb. 11 that he expects Saudi Arabia will soon allow foreigners to invest directly in local company shares, joining hedge fund Passport Capital LLC in predicting the Market is set to open.
Saudi Arabia only allows non-resident foreigners outside of the six-nation Gulf Cooperation Council to invest through equity swaps and exchange-traded funds. The country is interested in attracting more institutional investors to the stock market, where retail traders account for most deals.
As the general manager of the kingdom’s branch, Al Ashaikh has oversight over all Saudi Arabian Monetary Agency regulated activities, the bank said in the statement.