Al Khaliji officially joins the Dubai International Financial CentrePress Release12 Jul 2008 05:42 pm
al khaliji, the Doha-based regional bank has received a license to establish its office in the Dubai International Financial Centre (DIFC).
DIFC will be the base for al khaliji services LTD, the company's new subsidiary that will support its UAE operations. The office will handle human resources, marketing, consulting, operations, operational risk management and IT banking integration functions.
Incorporated in Doha in January 2007, al khaliji completed its IPO and listing on the Doha Securities Market in August. With a paid up capital of QR 3.6 billion, al khaliji aims to become a major corporate and retail commercial bank across the Gulf. Last month, the bank launched its retail activities in Qatar and received a license to provide shari'ah compliant services.
The new office forms part of al khaliji's strategy to help drive and manage the operational processes associated with its planned regional expansion.
Mr. Nasser Al Shaali, CEO of the DIFC Authority commented: "The Middle East region has emerged as one of the fastest growing financial markets in the world on the back of exceptional regional economic growth. This has given banks tremendous opportunities to expand their customer base and grow their business in the region. DIFC provides banks like al khaliji a platform to tap these exceptional market opportunities. We look forward to providing the infrastructure and support necessary for al khaliji to develop its business in the region."
Florence Janin, al khaliji Senior Executive, Corporate Affairs will relocate from Doha to Dubai to head up the new subsidiary.
David Proctor, Chief Executive Officer of al khaliji commented on this new expansion: "Since establishing al khaliji in January 2007, we have passed many key milestones on our journey to building the platform of our next generation bank. We are delighted to have been granted a license on the DIFC. We see our license as a key strategic enabler and an ideal base from which to support our ambitions of regional expansion, starting with the UAE."