“We are definitely more positive on the outlook for deals this year across sovereign bond sales, equity capital markets and privatizations,” Kishi said. (AP Photo/Michael Probst,file)
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Deutsche Bank AG is expanding in Saudi Arabia and the United Arab Emirates as the lender expects sovereign bond sales and initial public offerings to drive deals this year.It's also built its team in Saudi Arabia to about 90 people on expectations that the nation's stock exchange may be upgraded to emerging market status by two major index providers this year.Deutsche Bank's expansion plans for the Middle East come as the lender is said to have started cutting at least 250 jobs globally at its corporate and investment bank to keep a lid on expenses amid a sustained slide in the securities unit.Deutsche Bank was the eighth-biggest manager of bond and sukuk deals in the Gulf Cooperation Council last year as regional sales rose 18 percent to a record $85 billion, according to data compiled by Bloomberg.
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