DUBAI: National Bank of Dubai PJSC, the fourth-biggest bank by assets in the United Arab Emirates, opened its first branch in Qatar on 4 March to tap into a likely increase in investment spending in the Persian Gulf state.
Located at the Qatar Financial Center and authorized by the QFC Regulatory Authority, the National Bank branch will offer advisory and private banking services as well as arrange project finance, Dubai-based NBD said on 4 March.
Banks and finance companies in the six Arab Gulf states are expanding into other regional markets to tap into rising incomes from surging oil revenue.
Qatar, home to the world’s biggest single natural gas field, plans to invest $130 billion (Rs5,734 crore) until 2015 to develop its gas industry and diversify its economy. It opened the financial centre in 2005 to attract foreign financial institutions and has already licensed Credit Suisse Group and Barclays Plc’s investment banking unit to operate from the zone.