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First Gulf Bank to operate in Qatar

FGB's QFC Branch is another addition to FGB's global expansion and revenue diversification strategy.

"Under the visionary leadership of HH The Emir, Sheikh Hamad Bin Khalifa Al-Thani Qatar today is one of the leading economies in the world," said André Sayegh, FGB's CEO. "Qatar's economy is experiencing rapid growth across all sectors and we are delighted to be able to play a role and participate in this growth."

"Qatar is emerging as one of the most dynamic economies as it has the highest per capita income in the world and enjoys one of the fastest growing GDPs, reaching 13.3% real GDP, and valued in 2008 at over US$80 billion," he added.

"The state has a robust plan to transform itself into one of the world's leading international financial and business centres and does offer unique set of opportunities. QFC is a central pillar of the strategy to this transformation thanks to its legal and business infrastructure, its commitment to quality and its team of professionals. We have full confidence in Qatar's rapidly growing and robust economy and FGB would be positioned to be part of this growth," added Sayegh.

FGB will be offering a range of world class financial and corporate finance advisory services to Institutions and HNWI who will benefit from the growing economy in Qatar.

Headquartered in Abu Dhabi, FGB was established in 1979 and is today one of the leading financial institutions in the UAE, with shareholders equity exceeding AED16 billion, making it the second by total equity and the fourth largest by total assets (as at end September 2008). The Bank has reported a Net Profit of AED 2,334 million for the first nine months of 2008.

FGB enjoys a confirmed "A+" rating by Capital Intelligence, and is rated "A+" by Fitch  and "A2" by Moody's.

"FGB's success has been achieved through its commitment to expanding its service by offering and delivering world-class financial services and products, and developing new investment opportunities for its clients.  We will remain committed to quality and innovation as we expand our horizons into Qatar," added Sayegh.

The opening of FGB's QFC Branch is part of FGB's prudent strategy to extend its geographical reach to the world's leading financial centres. In addition to FGB's operations in Singapore, the bank has started operating in the UK and in Libya with the opening of First Gulf Libyan Bank.