Qatar and Germany have close economic ties, says Deutsche Bank chairman

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Berlin: Deutsche Bank Chairman Paul Achleitner affirmed that Qatar and Germany have deep and long-standing economic ties, and there are mutual investments in both countries as Qatar acquires many key roles in the Middle East.

In an exclusive statement to QNA, Achleitner added that the recent visit of German Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action HE Dr. Robert Habeck was an important step on the way to increased collaboration. between the two countries, and the Emir’s visit will certainly deepen this relationship.

He added that the visit of the German minister, which resulted in fruitful talks on global energy security and German-Qatari relations in the field of energy, will have a significant impact in the future, in addition to the visit. of the Emir in Germany, and the positive results that will come out of it for both countries.

Deutsche Bank is one of the world’s leading banks, in which Qatar holds a 6.1% stake. The bank is also recognized in numerous regional awards for its achievements in investment banking and Islamic finance. Headquartered in Frankfurt, Germany, with 80,000 employees in 72 countries, Deutsche Bank has a strong presence in Europe, Americas, Asia and emerging markets.

“Clearly, we are biased by having major shareholders from Qatar, and we are grateful for their support of Deutsche Bank’s strategic path, including the transformation initiated in 2019 and successfully led since then by our CEO Christian Sewing and its management team. We appreciate the long-term vision of Qatari shareholders.

-In general, the European banking sector is open to long-term investment and has significant upside potential,” Achleitner said.

He added: “Deutsche Bank achieved its highest after-tax quarterly profit since 2013, and while management is aware of the risks associated with the geopolitical, fiscal and macroeconomic environment, we believe this momentum positions the bank well for achieve its 2022 objectives.”

Achleitner also explained that the COVID-19 pandemic is far from over, as the recent lockdowns in China unfortunately demonstrate, given that the economic situation in the current period is characterized by uncertainty, high volatility on markets and growing concerns about supply chains. He noted that the firmness of European banks has weathered the economic impact of COVID-19 well and stimulus packages have helped stabilize European economies.

He stressed that Deutsche Bank has always been part of the solution to the COVID-19 crisis. Regarding the future of work, he said: “We see this more as an acceleration of an existing trend to shape work environments to meet the needs of our employees. Working from home under a future hybrid working model is here to stay for good.”

Achleitner then expressed his condemnation of Russia’s invasion of Ukraine and reiterated the bank’s commitment to helping customers through this period of upheaval. He added that the effect of the war on the banking sector remains to be seen, indicating that at Deutsche Bank their exposure to Russia is very limited and has been further reduced in recent weeks. However, this is a very volatile situation which adds uncertainty to the markets and the banking sector, he added.

Regarding the sanctions against Russian assets, the chairman of Deutsche Bank said that he supports the decisions of the German government and its allies and consistently implements the sanctions.

Regarding discussions in Europe on the need to stop importing Russian gas, he noted that the EU and its member states have already highlighted existing contracts and made it clear that they do not have the intention to pay in rubles.

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