17 December 2012

Doha Bank Inaugurates Branch in Abu Dhabi, UAE

- Upgrade of its existing license to a full branch license
- Qatar – UAE bilateral trade was close to $2bn in 2011

16 December 2012 - Doha Bank has announced the inauguration of its Branch in Abu Dhabi following the upgrade of its existing license to a full branch license. During the inaugural reception, H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank thanked H.E. Sultan Bin Nasser Al Suwaidi, Governor, Central Bank of the UAE, for his patronage and support. 

Speaking at the inaugural reception Dr R. Seetharaman Doha Bank Group Chief Executive Officer, gave his insights on Qatar and UAE economy. He said “Qatar’s economic growth is expected to be around 6% in 2012 and moderate to 4.5% in 2013. The non-hydrocarbon sector is seen maintaining momentum through to 2013.UAE is expected to grow by around 4% in 2012. UAE federal budget of 2013 focuses more on social spending, education, water and electricity. Qatar budget 2012-13 will focus on education health and housing. Qatar – UAE bilateral trade was close to $2bn in 2011 and is expected to increase in 2012.“ 

Dr. R.Seetharaman gave insights on major projects between Qatar and UAE. He said ” Dolphin Energy’s major strategic initiative, the Dolphin Project, involved the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE. Qatar and Abu Dhabi Coral reefs have been studied and mapped with a view to developing a comprehensive conservation and management plan for these valuable ecosystems. UAE based tabreed is one of the Joint Venture partners in Qatar district cooling company.” 

Doha Bank is the largest private commercial bank in the State of Qatar. 

Source: Doha Bank