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Deutsche's DWS to buy stake in Dubai-based digital investment firm

Reuters  |  DUBAI 

(Reuters) - DWS Group, Deutsche Bank's asset manager, has entered into a binding agreement to acquire an equity stake of 15 percent in Dubai-based Neo Technologies, the companies said on Sunday.

The deal comes as and other cities across the Gulf region compete to establish themselves as regional powerhouses in or fintech.

Under the agreement, - which as of the end of September had 692 billion euros worth of assets under management - and will form a partnership to collaborate on the development and expansion of digital services in the and region, they said.

The value of the transaction was not disclosed.

"enables DWS to obtain further presence in a region with high growth rates in asset management," Thorsten Michalik, of DWS' global group, said in a statement.

provides technology and consulting services to businesses developing digital services.

Together with it has launched Kuwait's first digital investment service, called SmartWealth.

(Reporting by Davide Barbuscia; Writing by Tom Arnold; Editing by Gareth Jones)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 04 2018. 18:41 IST