Deutsche Bank has hired Dr Melhem Melhem, formerly of the International Monetary Fund (IMF), as the chief economist of its securities services division in Saudi Arabia.
Based in Riyadh, Melhem will report to Jamal Al Kishi, chief executive of Deutsche Securities Saudi Arabia.
During his 27-year career at the IMF, Melhem held roles including senior adviser to the Saudi Arabian executive director. He has a PhD in economics and international finance from New York University.
“The deployment of such a senior economist is further evidence of Deutsche Bank Group’s commitment to Saudi Arabia and its belief in the great potential of the Saudi market,” says Ashok Aram, chief executive, Middle East and Africa, Deutsche Bank.
Alongside HSBC and Northern Trust, Deutsche Bank is one of only a few international custodian banks with licences and operations in Saudi Arabia.
The Saudi regulator, the Capital Market Authority, has said it will open the Saudi stock market to direct foreign investment from qualified foreign institutional investors in the first half of this year.
©2015 funds global mena