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Qatar's newest bank opens up shop
Al Khaliji opens first retail branch at Q-post Centre.
Qatar's newest bank opened its first retail outlet last month at Doha's Q-post Centre. By the end of 2008, Al Khaliji plans to have six branches, two service centres and ten offsite ATMs throughout Qatar as part of its expansion plans.
The bank was incorporated in Doha in January 2007 and completed its IPO and listing on the Doha Securities Market in August. Its stated aim is to become a major corporate and retail commercial bank across the Gulf; it has recruited an international management team and nearly 240 employees to help it execute this strategy.
Rasha Rasheed, who was appointed branch manager of Al Khaliji Q-post Centre, said: "I have never been as excited about banking as today. Today the curtain has opened on our next generation bank, Al Khaliji."
Following this opening, the bank plans to shortly open its flagship branch on C-Ring road, which will feature a special area reserved for premium customers.
Tariq Al Malki, chairman and managing director of al khaliji, said: "Reaching this stage in the history of Al Khaliji, where we begin the unveiling of our retail branch network, represents another huge milestone in our journey. As we gradually build our physical presence here in Doha, our customers will be able to experience what makes us different and next generation for themselves."
Al Khaliji has also revealed that it is behind the ‘Orange Sightings' marketing campaign that has been running in recent months. The colour orange has been seen all over Doha, in shopping malls, at the FIFA world cup qualifiers and on local web sites.
In addition to its retail activities, Al Khaliji has completed negotiations to acquire the UAE assets of BLC Bank (France) and has received a license from Dubai International Financial Centre (DIFC) to operate in the UAE for non banking activities. A new entity called ‘Al Khaliji services LTD' has now been set up in the DIFC offices in Emirates Towers.
David Proctor, chief executive officer said: "Next generation banking is about pleasing people on four dimensions: brand, service quality, product and price. We're excited by the launch of our retail and premium/business activities, but today is just the first step. Our measure of success is not about cutting a ribbon at a new site, it's how many happy Al Khaliji customers we have."
The bank has already taken part in some investment activities. It contributed US $135 million to Qtel's recent US $2.5 billion refinancing and provided US $75 million as one of the mandated lead arrangers in a US $700 million financing deal for Barwa Real Estate Company. The bank is also joint lead manager for an AED 600 million Sukuk issue for Almana Group.
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