NBK opens Dubai branch to tap the economic boom

National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest rated bank in the Middle East, yesterday announced the opening of its branch in Dubai.

NBK Group Chief Executive Officer Ibrahim S Dabdoub said the bank's branch in Dubai comes as part of its expansion strategy in the region initiated years ago.

NBK has the most Arab and international presence among Arab banks covering major financial and business centres, including London, Geneva, Paris, New York, Singapore, Vietnam and China in addition to Turkey, Egypt, Lebanon, Bahrain, Qatar, Jordan, Iraq and Saudi Arabia. NBK also plans further expansions in the Middle East, added Dabdoub.

Dabdoub said NBK's presence in Dubai is a strategic move due to the prominent economic and financial position Dubai enjoys and the growing importance of the UAE's market, which is considered one of the most competitive markets, not to mention the fast-paced and significant economic developments Dubai has been witnessing over the past few years.

NBK Dubai branch will serve the bank's customers including Kuwaiti businessmen with business ties in the UAE as well as customers who regularly visit Dubai.

The bank reported a record net profit of $661.3 million (Dh2.4 billion) during the first six months of 2008, a 21 per cent increase against the same period of the last year.

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