The Al-Azizia Commercial Investment Company (ACIC) and Deutsche Bank (DB) has signed a joint venture agreement to lead investment banking activities in the Kingdom of Saudi Arabia under the new capital market law, it was reported today. Prince Alwaleed Bin 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 was quoted as saying by Arab News. 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.
