Qatar First Bank (QFB) is all set to capitalise on available opportunities across business lines as part of strengthening its strategy in view of its moves to include commercial banking to its portfolio.
This was examined the QFB board, presided over by its chairman Abdulla Fahad Ghorab al-Marri at its last board meeting for 2013 in Dubai.
Since its launch in 2009, QFB, in which UAE shareholders hold 7% stake, has scheduled board meetings every year in a different Gulf country with the aim of reaching out to its diversified base of shareholders.
Moreover, the UAE houses four of QFB’s major investments in diverse sectors including healthcare, catering services, financial services, real estate and industrials.
The board meeting included presentations by two leading global management consulting firms to advice on developing the bank’s business strategy as it moves to include commercial banking activities to its existing lines of business.
The presentations examined market trends and best practices to enable QFB to capitalise on available opportunities across business lines, its spokesman confirmed.
QFB, which has an authorised capital of QR2bn and a paid up capital of QR1.7bn, has invested QR1.8bn in 16 transactions since inception, in five different sectors across seven geographies spanning the Gulf Co-operation Council and Middle East and North Africa region as well as Turkey. Its target sectors include energy, financial services, industrials, real estate and healthcare.
Alongside the board meeting, Robert Booth, CEO of Dubai-based Emaar Properties, a leading international residential and commercial property developer, gave QFB board members and senior management an overview of the latest projects undertaken by the company and explored opportunities of how the two parties can collaborate in the future.