National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest rated bank in the Middle East, announced today the opening of its new branch in Dubai in the UAE.
NBK Group Chief Executive Officer, Ibrahim S. Dabdoub said that NBK's branch in Dubai comes as part of the Bank's successful expansion strategy in the region initiated years ago. NBK has the most Arab and international presence among Arab banks covering major financial and business centers 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 stated that 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, in addition to enhancing the bilateral commercial relationships that link the two countries.
NBK has consistently earned the highest credit ratings in the Middle East and the emerging markets by international rating agencies including Moody's, Standard & Poor's and Fitch Ratings. The Bank has also reported a record net profit of USD 661.3 million during the first six months of 2008, a 21% increase against the same period of the last year.
