The German Chancellor, Gerhard Schroeder, today attended as part of his visit to the UAE the signing of a memorandum of understanding (MOU) between the European Corporate Management Group (ecmg AG) and Dubai Bank, agreeing on the creation and launch of a groundbreaking innovative Islamic German Buyout Private Equity Fund that would invest in German Middle Market Companies ('Mittelstandt').
Both parties agreed towards finalizing the details, size and structure over the next couple months.
Mr. Ziad Makkawi, Chief Executive Officer, Dubai Bank, said: 'Dubai Bank is very pleased to launch this initiative with ecmg. This initiative is core to the several initiatives that Dubai Bank intends to launch in the next couple of months, bringing world class investment banking, asset management and Islamic banking products to the regional markets. This MOU with ecmg is one step in that direction.'
'The attendance of the German Federal Chancellor, Gerhard Schr?der, at the MOU sign-off emphasizes the significance of this joint venture with Dubai Bank, which aims to be at the forefront of its chosen areas of expertise', commented Dr Tomas Vrana, member of ecmg AG's Board of Directors and part of the Chancellor's official economic delegation.
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© Press Release 2005
