Siemens established a Regional Treasury Center to provide wholesale in-house banking services to Siemens subsidiaries in Middle East. The new center operates as Siemens Capital Middle East Ltd. from its location in Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi.
The new center will help Siemens align its financing services with regional work calendars and time zones. Dietmar Siersdorfer, the Chief Executive Officer of Siemens Middle East, said during the opening of the RTC that the new facility “reflects Siemens’ continued commitment to the region and its customers by delivering funding faster to the company’s businesses.”
Siemens Capital Middle East is the fifth treasury center that Siemens operates globally, joining other regional units in Hong Kong, Beijing, Mumbai and Iselin (New Jersey). The center in ADGM will serve Siemens subsidiaries in Libya, Egypt, the Gulf States, Iraq, Afghanistan, Pakistan, and Yemen.
“The Middle East region is an area of strategic focus for Siemens. We continue to invest in the region and to strengthen our capabilities to better serve our customers,” said Ulrich Schiessl, Managing Director of Siemens Capital Middle East. “By opening a Regional Treasury Center in the UAE, we are reinforcing our internal resources on the ground, enabling us to react more swiftly to regional requirements.”
Said Mr. Dhaher bin Dhaher Al Mheiri, CEO, Registration Authority of ADGM: “We warmly welcome Siemens to our International Financial Centre in Abu Dhabi. Siemens’ decision to establish its fifth global treasury center in the ADGM is an affirmation of the dynamic prospects and long-term growth opportunities in the UAE and the MENA region. As part of ADGM’s community, Siemens and its community of partners can leverage ADGM’s ecosystem of progressive business offerings, robust regulatory framework, including world-class arbitration services, to further their operations and business plans. We look forward to supporting Siemens locally and globally.”
Siemens Capital Middle East streamlines funding, including working capital and treasury services, for Siemens subsidiaries in the region. Its operations are regulated by ADGM. The new center is authorized to provide currency risk, cash and liquidity management, and other governance oversight and risk control services for Siemens businesses throughout the region.
The center’s opening follows the 2014 inauguration of the Siemens Middle East Headquarters in Masdar City, Abu Dhabi. With both its regional headquarters and Regional Treasury Center located in Abu Dhabi, the capital of the UAE, Siemens now has full regional alignment to better meet the needs of customers.
Over the past five years, Siemens has steadily increased its workforce in the Middle East. The company has created an average of 135 new jobs per year and employs over 8,000 people in the region.