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Bank of Tokyo-Mitsubishi UFJ to open Qatar office
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) is to open an office in Doha, Qatar, having acquired formal approval from the Qatar Financial Centre (QFC) Regulatory Authority.
BTMU is a commercial bank at the core of Mitsubishi UFJ Financial Group (MUFG). MUFG is Japan's leading financial group, with 1,244 offices in Japan, plus 459 overseas (as of 30 September, 2008, including Union Bank N.A. offices, a subsidiary of MUFG), ranked as the world's 9th largest (in market value, as of 30 November, 2008) (Bloomberg).
Qatar has an ample natural gas supply and the No.1 GDP per capita in the world, which is expected to rise further with the start of the operation of the natural gas projects currently under development. This will give rise to an abundance of business opportunities in project finance such as natural gas- or infrastructure-related areas, in governmental organisation loan trading, as well as in managing surplus funds derived from Qatar's nergy erlated revenue.
Lately in the Middle East, a sharp increase has taken place in the number of foreign companies expanding into the region, especially the Gulf area. Doha, the capital e of Qatar, is establishing its position as one of the transportation and commodity distribution hubs in the region. The number of companies expanding into Doha, both of Japanese and other nationalities, is likely to grow further, and BTMU would like to provide assistance to such customers.
Stuart Pearce, CEO & Director General of Qatar Financial Centre Authority, said "We are delighted to welcome Bank of Tokyo-Mitsubishi UFJ as a QFC licensed firm. Their presence in Qatar's financial sector demonstrates the scale of Japan's
trade with Qatar, and with the region. It also underlines the strength of Qatar's economy and the opportunities it provides to financial institutions relative to other markets around the world at the moment."
The Doha office of BTMU will liaise with BTMU Bahrain Branch (opened in 1980) and its 2 other Offices in the Middle East (Dubai and Abu Dhabi), 2 Representative Offices (Cairo, Tehran), and the Japan Desk / National Bank of Abu Dhabi (started affiliated operation in 2002, located in Dubai), contributing to enhance financial services for customers active in the Middle East region, providing support and gathering information. This will be backed up by BTMU's powerful network of 89 offices in Europe, Africa and Asia, which has strong economic connections with the Middle East.
BTMU will strive to provide a financial service of even higher quality to customers conducting business worldwide, to achieve our goal of 'No.1 in service, No.1 in reliability, No.1 in global coverage'.
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Notes and media contacts
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
Posted by Nadeen El Ajou
Wednesday, February 04 - 2009 at 16:36 UAE local time (GMT+4)
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