Barclays granted Qatar license

11 September 2006

The UK's Barclays Bank has announced that it is to begin operating in the Qatar Financial Centre after being given a license by the center's regulatory authority.

According to representatives of the bank, the aim is to establish a permanent platform for the bank in Qatar, allowing it to further develop its presence in the Middle East.

Barclays' expansion is set to be its biggest in the region since it began operations there over three decades ago, initially starting up in the United Arab Emirates (UAE).

It still operates an office in Dubai International Financial Centre.

It is also indicative of a growing trend among the big financial organizations in expanding their operations in the Persian Gulf in order to take advantage of economic growth fuelled by steadily increasing fuel prices.

The license to operate will initially allow Barclays to sell investment products from Barclays Capital – its investment banking business.

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