Nayed, who joined the bank in 2013, will continue to serve as vice chairman for the MENA region. He replaces Nadeem Masud, who left at the end of 2015 to pursue opportunities outside of the banking industry.

Before Deutsche Bank, Nayed was interim chief executive of the Libyan Investment Authority. He has 23 years of experience in the financial services industry.

Deutsche Bank's offering in the Middle East and Africa covers asset and wealth management, corporate banking and securities, and global transaction banking.

“Deutsche Bank is deeply committed to the United Arab Emirates and the Middle East and Africa region,” said Ashok Aram, CEO of Deutsche Bank for Europe, Middle East and Africa.

“The UAE plays an important role in our future MEA business, which continues to offer growth potential for the bank.”