ICBU welcomes closure of Deutsche Bank Dubai Office, selling stake in Abrajj Group

May 30 2018
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International Campaign To Boycott UAE (ICBU) –  welcomes the new step by Deutsche Bank AG to close its equity research department in Dubai as it restructures the business globally, according to people with knowledge of the matter.

The campaign think the Deutsche Bank AG is an indication that Dubai and UAE are not providing any warm environment for business or investments.

The campaign also welcome Deutsche Bank plans to sell its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money, two sources familiar with the matter said.

The potential sale, which the German bank has been considering for some time, has become more urgent since Abraaj, the Middle East and Africa’s biggest private equity fund, has been locked in a dispute with investors, said the sources.

Henry Green, Campaign Spokesperson added that Bank decisions are timely and will help isolate the ever-growing boycott of Dubai.

“All International Business and Banks should immediately leave Dubai which has a hostile investor environment. Add to this, war in Yemen and killing civilians will only be stopped when there is an economic boycott of the Emirates” said the spokesperson