Jamal Al Kishi is back at the helm of Deutsche Bank’s Middle East and Africa operations after a four-year hiatus. His mandate: bring the German lender out of dormancy and grab a bigger slice of the region’s investment banking, wealth management and corporate banking markets.
“It's fair to say that the focus over the last few years has not been on expanding our market share or doing more business with clients … but that has definitely now changed,” Mr Al Kishi told The National in an interview in Dubai.
“This is the main reason I am back because I have been asked by the management board to come in and preside over a new phase of our expansion in the region.”
The stance that the Frankfurt-headquartered bank took over the past five years to maintain and nurture relationships with existing clients and not on-board new ones has nothing to do with the region and it certainly is not a case of a lack of growth prospects in Middle East and African markets.
“That was a reflection of a global realignment and housekeeping at a macro level within the group, which necessitated a certain position of being conscious of what needed to be done to solidify our franchise in the region, [and] keep it intact,” said Mr Al Kishi, who began his second stint as chief executive of the Middle East and Africa region in April this year.
Deutsche Bank, the biggest in Germany and ninth-largest in the EU, has held back growth initiatives while its regional and international peers significantly increased resource allocation in the region to capitalise on growth opportunities.
In July 2019, chief executive Christian Sewing launched plans to radically transform the bank’s business model in a bid to increase profitability, improve shareholder returns and drive long-term growth by significantly downsizing its investment banking operations, boost retail banking business and cut total costs.
Retail banking revenue has now outgrown investment banking; however, the sailing has not been smooth in the past five years. In February, the lender said it plans to cut 3,500 jobs, or about 4 per cent of its workforce worldwide by the end of next year.
The MEA markets, which include Saudi Arabia and the UAE, the two biggest Arab economies as well as other members of the Gulf economic bloc, have maintained significant economic momentum since bouncing back from the Covid-19 pandemic-driven slowdown in 2020.
In the past few years, international financial institutions, regional banks and global asset managers have either expanded their operations or have set up new offices in the Gulf region to attract more business from sovereign wealth funds, family offices, ultra-high-net-worth individuals and large institutional clients. Growing financing needs to fund the respective economic diversification drives of sovereigns in the region have also necessitated expansion in corporate banking teams.
The sustained momentum in regional initial public offerings and a robust rise in the debt capital market activity have also prompted financial institutions to expand their investment banking operations.
Quantitative targets
Mr Al Kishi said Deutsche Bank is not late in the game in terms of rebooting growth in MEA markets and the bank is more than capable of building on its roots and coming out of relationship maintenance mode to expansion mode.
“That's a phase that has ended, and we are now in a new phase of wanting to grow our business with existing clients as well as new clients, attaining market share again across the three verticals and that is the main reason I am back,” he adds.
It's fair to say that the focus over the last few years has not been on expanding our market share or doing more business with clients … but that has definitely now changed
Jamal Al Kishi,
Middle East and Africa chief executive at Deutsche Bank
The bank doesn’t have definitive “quantitative targets” yet, as the strategies for various countries and the different products are being formulated.
“It's a process that began shortly after I rejoined … and [plans] are making their way at the moment to the upper management in the bank and the management board,” he said. The lender’s management board is fully behind the agenda and is very bullish on the MEA region.
“They see the region as a key growth engine for the group,” said Mr Al Kishi. “The support is there and sign-off on the specific strategies for products and countries, that's the work that will be completed over the next few months.”
Mr Al Kishi, a 30-year banking veteran, is no stranger to Deutsche Bank or the regional banking landscape. He returns to Deutsche Bank after spending four years as chief executive of Gulf International Bank in Bahrain. He previously served as MEA chief executive at Deutsche Bank from 2016 to 2020 and before that, held a variety of senior management positions with the German lender including chief country officer of Saudi Arabia.
Regional growth momentum
Saudi Arabia and the UAE are the two biggest markets for the bank and will lead growth for the lender in the broader region.
The level of macroeconomic activity in both markets is “phenomenally conducive to us achieving massive growth in both” as their leadership, despite regional tensions, is diversifying economies in ways “the world has never seen in the past”, he said .
“I say this with a great deal of conviction, that yes, there might be ebbs and flows with crude prices necessitating certain recalibration of the execution plans but the determination at the very top in both countries to pursue these programmes is rock solid and the scope for what we can deliver as a global bank with roots in the region has never been wider.”
Saudi Arabia, Opec’s biggest oil producer, earlier this year said it is rationalising spending on its Vision 2030 projects which include some of the biggest development initiatives in the region including the $500-billion futuristic city of Neom and The Red Sea Development.
The capital requirements for some of the mega projects as well the kingdom’s push to expand its non-oil industrial base has opened new avenues of business for lenders over the past few years, and Mr Al Kishi said even with rationalised spending, growth potential both in lending and advisory business remains robust.
“There are some of us that see 2030 as a destination but the Vision 2030 was never conceived as a destination. It was always meant to be a milestone by which time we were supposed to measure progress on key initiatives that the kingdom wanted to pursue,” he explained. “Will they be successful in pursuing every programme and every initiative, the answer is, no and that's natural. But even if they achieve success in a small fraction of everything that is being attempted, Saudi Arabia is transformed, and the region [along with it] is transformed in unimaginable ways.”
Middle East and Africa expansion drive
While elsewhere, the bank may be on a cost-cutting drive, the broader Middle East and Africa region – which also includes markets such as South Africa, Egypt, Pakistan and Turkey – is expanding.
The lender has added more bankers to its wealth management team in recent months to expand its offering to affluent clients in the region and plans to increase the headcount elsewhere in corporate and investment banking teams next year, Mr Al Kishi said.
“We've added around 20 people in the past year for the wealth management team in the region … so there has been a major incremental increase in head count deployed on the wealth side, and more is on the way,” he said. “We will be adding a handful [of wealth bankers] more, mainly in Saudi Arabia.”
He expects the lender’s corporate finance and investment banking businesses to grow aggressively, despite being behind the curve.
“Should our business on investment banking platform be it on the fixed income side, or on the corporate finance side; should it be growing on the advisory side for M&A, equity capital markets or debt capital markets, [yes] absolutely,” he said.
“I don't think we should be thinking that one area [of the business] will fall way behind the rest, because I think there is a lot of demand across the region."
Although there are a lot of players in the region, Deutsche Bank has invested in the region over the years in platforms and products that serve clients well.
“I don't think that our market share today reflects the unique position and our strengths as a global firm in the region, but I know that we have, the determination from the board, we have the determination and conviction of our people in the region, as well as support from our clients in the region to go and actually do a lot better,” he said. Going forward, the “market share quantum, per se”, will depend on the geographies and different sectors, however “we should aspire to achieve a mid-single digit to a high single digit market share”, he adds.
The Middle East and Africa region currently is “not the largest contributor to numbers” at the group level, however, it has the potential to be among the top contributors to Deutsche Bank's results after Europe, Asia and the Americas.
“I do not want to be sitting like a distant fourth, he said. “Frankly, that's where we want to be.”
While the bank is expanding in the region, Mr Al Kishi said the aim is to run a cost-effective operation and there is no rush to expand in the markets beyond where it already has a footprint.
“The idea is to run as lean and as efficient a platform as possible, and if we can serve a jurisdiction from some of the other hubs that we have in the region, that is our default position,” he adds.
However, if it becomes necessary and viable from a value accretion perspective to actually have a new presence, the bank will not rule that out.
“But we, as you might have seen through our history, we're slow to open offices and we're much slower to close them down and we don't like to, once we set up shop in a place … want to be fickle.”
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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The years Ramadan fell in May
The years Ramadan fell in May
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
More on animal trafficking
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
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More on Quran memorisation:
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Mohammed bin Zayed Majlis
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
UAE currency: the story behind the money in your pockets
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Read more about the coronavirus
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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RACE CARD
6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.
7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
7.40pm Maiden (TB) Dh 82,500 (D) 1,400m
8.15pm Handicap (TB) Dh 82,500 (D) 1,400m
8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m
9.25pm Handicap (TB) Dh 95,000 (D) 1,200m
10pm Handicap (TB) Dh 85,000 (D) 2,000m
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The five pillars of Islam
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
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Rating: 4.5/5
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
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ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)
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Rating: 2.5/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
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Youth experience scheme to work, study or volunteer in UK and EU countries
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Cutting red tape on import and export of food
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Rating: 4/5
