NBAD to open a representative office in Libya in Q4

"This step comes in line with the Bank's strategy to expand regionally and internationally especially in North Africa as this region offers attractive opportunities for banking industry" said Mr. Qamber Ali Al Mulla, Senior General Manager of NBAD's International Banking Division, who praised the coordination and support of concerned authorities in Libya particularly the Central Bank".

"NBAD will open the representative office in the last quarter of 2008 and this is just the beginning of our strategic initiative for North Africa where we intend to expand in the near future" Mr. Al Mulla added.

"The main objective of the representative office is to provide advisory services, boosting trade between UAE and Libyan companies, and facilitate business dealings between the two countries. Furthermore, as NBAD overseas network covers 9 countries which have large volumes of trade with Libya, the representative office will also facilitate business dealings and feed business to our branches in these countries by way of cross selling" he explained.

"Opening NBAD's representative office in Libya underpins our international network, which is the largest overseas network of all UAE local banks. It stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A. This move also comes at a time characterized by significant growth of economic relationships as well as mutual investments between UAE and Libya" Senior General Manger of NBAD's International Banking Division said.

"NBAD intends to further increase its overseas network in the near future as we expect to open a branch in Hong Kong in the last quarter and seek to obtain a license to open branches in Qatar and Jordan. In addition, we have plans to increase number of our branches in some Arab countries such as Oman, Bahrain, Kuwait, Egypt and Sudan during the coming period in line with the Bank's strategy" Mr. Al Mulla concluded.