The Central Bank of the United Arab Emirates has recently granted the National Bank of Kuwait (NBK) a license to open a full fledged branch in the United Arab Emirates.
NBK's Chairman, Mohamed Abdulrahman Al Bahar expressed his great pleasure for such a vital step that will eventually add further momentum to NBK's continuous growth, and conveyed his gratitude to the banking and monetary authorities in the UAE for the confidence they have bestowed upon NBK.
Al Bahar also pointed out that obtaining a full fledged license to operate in the UAE is by all means another successful manifestation of the feasibility of NBK's plans for strategic expansion in the Gulf area and the Arab world. Such a step, he asserted, will complement NBK's presence and raise its profile at the most important financial centers in the region such as Bahrain, Qatar, Saudi Arabia, Jordan and Lebanon. In the meantime, he highly lauded the Emirates banking and finance market as being one of the fastest growing markets in recent years. NBK is also seriously eyeing further expansions in other major emerging Arab and regional countries.
Through its operation in the UAE, NBK will be able to effectively enhance the servicing of the Kuwaiti investments in the country and contribute to the strengthening of mutual cooperation and bilateral investments, not to mention the opportunities it will create with respect to the increasing activities and investments of the private sector in the Gulf countries in general and the UAE in particular, as well as the unprecedented economic boom being witnessed in the region.
