First Gulf Bank (FGB), one of the UAE's leading financial institutions, will open a branch in Doha in a move to expand its global portfolio and revenue diversification strategy.
The bank yesterday announced it has been authorised by the Qatar Financial Centre Regulatory Authority to operate in Qatar Financial Centre (QFC).
In addition to FGB's operations in Singapore, the bank has started operating in the UK and in Libya with the opening of First Gulf Libyan Bank.
"Qatar's economy is experiencing rapid growth across all sectors and we are delighted to be able to play a role and participate in this growth. It is emerging as one of the most dynamic economies as it has the highest per capita income in the world and enjoys one of the fastest growing GDPs, reaching 13.3 per cent real GDP, and valued in 2008 at over $80 billion (Dh293bn)," said CEO André Sayegh, adding the Gulf state will be potential market for the bank.
He also said the Gulf state has a robust plan to transform itself into one of the world's leading international financial and business centres and does offer unique set of opportunities.
"QFC is a central pillar of the strategy to this transformation thanks to its legal and business infrastructure, its commitment to quality and its team of professionals. We have full confidence in Qatar's rapidly growing and robust economy and FGB would be positioned to be part of this growth," added Sayegh.
FGB will offer a range of world-class financial and corporate finance advisory services to institutions and high net work individuals.