QNB Becomes First Bank to Open a Branch in India's GIFT City in MEA Region

QNB Expands Its Horizons in India's GIFT City

QNB, the leading financial institution in the Middle East and Africa (MEA), has made a significant leap by becoming the first bank in this region to open a branch in India's GIFT City, located in Gujarat. This move underscores QNB's commitment to developing its presence in one of the world's fastest-growing economies.

The GIFT City (Gujarat International Finance Tec-City) is India's first international financial services center, offering unique opportunities for businesses and investors alike. By establishing a branch here, QNB is strategically positioning itself to tap into India's burgeoning financial sector, which is poised for rapid growth.

The announcement was made by QNB Group CEO, Abdullah Mubarak Al Khalifa, who emphasized that India’s banking sector is on the brink of significant expansion due to strong economic growth forecasts. He noted that banks in India have showcased robust operational performance alongside improving asset quality.

Al Khalifa stated, “Opening a branch in GIFT City allows QNB to broaden its footprint at a time when Indian companies are seeking strong banking partners to support their growth plans.” He further highlighted that QNB's global reach and expertise align perfectly with India's long-term growth opportunities in wholesale banking.

In his comments, Ali Darwish, QNB Group’s Senior Vice President for International Business, mentioned that India stands out as one of the fastest-growing large economies globally, progressing towards being a vital global supply chain and manufacturing hub. With foreign currency reserves exceeding $650 billion, India boasts some of the largest reserves in the world, presenting a fertile ground for banking operations.

Darwish also added, “With this new branch in GIFT, QNB enhances its product offering by developing a multi-currency portfolio.” This is especially critical as the branch aims to strengthen QNB's extensive regional and international network across 28 markets spanning three continents.

QNB is no stranger to the Indian market. It opened its first bank branch in India back in 2017 and has since been rapidly growing to support the international banking needs of Indian corporate and institutional clients. The bank in India operates as a full-service commercial bank, providing a range of banking services nationwide.

Focusing on trade financing and operational capital solutions, QNB India tailors its offerings to meet the unique needs of various clients, including personalized long-term loans for specific uses. This aligns with QNB's overarching goal of strengthening its services for customers both on land and at sea, as highlighted by Gaurav Gupta, CEO of Qatar National Bank in India.

With the establishment of the GIFT City branch, QNB not only enhances its operational capabilities but also reinforces its commitment to supporting its clients in India across diverse financial needs. The future looks bright for QNB’s operations in India, as the bank is set to explore new avenues for expansion and innovation within the Indian financial landscape.

In conclusion, QNB’s pioneering venture into India's GIFT City exemplifies its strategic approach towards growth. As the global economy evolves, QNB is poised to leverage its unique position to benefit its clients and shareholders, while contributing to the dynamic banking environment in India.