Our representative office in Abu Dhabi, the largest emirate in the Federation of United Arab Emirates (UAE), supports the activities of KfW IPEX-Bank in the countries of the Gulf Cooperation Council (GCC). In addition to the UAE, Bahrain, Qatar, Kuwait, Oman and Saudi Arabia are also members of the GCC. The representative office maintains contact with the customers and financial institutions in the region and analyses the local markets in order to identify new business opportunities for the bank and its customers.
The Gulf States are an interesting and important market for German and European companies. Large oil and gas reserves are the basis for powerful economic dynamics, intensified by increasing consumer needs of a predominantly young population. Due also to its strategically favourable location between Europe, Asia and Africa, the region is an important sales market for Germany and Europe. In 2020, German exports to the GCC region amounted to around EUR 16 billion.
The GCC countries have been striving for years to reduce the dependency of their economies on oil exports. The basis for economic development and value creation is to be broadened to ensure sustainable growth and wealth in the future: an expansion of the oil and gas processing sectors and the industrial basis as well as investment in the fields of renewable energies, logistics and tourism are to further increase economic viability in the coming years and decades.
Large events of global acclaim such as the EXPO 2020 in Dubai added impetus to the further expansion of infrastructure. In addition to traffic infrastructure, the focus is also on the reliable supply of electricity and water. Renewable energies and projects along the value chain for the production of hydrogen will play an increasingly important role. This will provide for a wide range of opportunities in the future for German and European companies.
KfW IPEX-Bank's representative office in Abu Dhabi does not conduct any bank business of its own. Instead, its sole function is to support the bank's headquarters in Frankfurt.