Qatar First Bank Praises Saudi Arabia’s 2030 Vision and Sets the Ground for a Presence in the Kingdom

Qatar First Bank L.L.C. (QFB), a leading Shari’ah-compliant bank based in Qatar offering investment opportunities and innovative financial solutions with local, regional and international reach, welcomed the Saudi Arabia 2030 vision announced by Saudi Arabia's Deputy Crown Prince Mohammad bin Salman AlSaud, who revealed an ambitious plan that includes extensive reforms, designed to transform the Kingdom into a global investment power house aiming to end the Kingdom’s reliance on oil as a major driver of the economy.

Abdulla Bin Fahad Bin Ghorab AlMarri, Chairman of QFB noted that Saudi Arabia’s 2030 vision, under the guidance of King Salman bin Abdulaziz AlSaud, Custodian of the Two Holy Mosques, and the blessing of Muhammad bin Nayef bin Abdulaziz AlSaud, the Crown Prince, First Deputy Prime Minister and the Minister of Interior of Saudi Arabia, is considered the roadmap to the Kingdom’s development over the next 15 years. This new and bold strategy will enable the country to achieve a quantum leap in its successful journey on both economic and developmental levels. The plan will promote foreign investments from the GCC, neighboring, and global players to enter the Saudi market.

Commenting on the side of the listing of QFB’s shares on the Qatar Stock Exchange, AlMarri said:“The 2030 vision seeks to build a prosperous economy and a dynamic society and establish an ambitious nation that explores the great human and financial potential of the Kingdom. What was announced by Saudi Arabia's Deputy Crown Prince, Mohammed bin Salman, incentivized whoever shares this aspiring vision”. AlMarri added:“QFB sits at the forefront of these ambitious drives, and we will accelerate the execution of our business plans in the kingdom with the aim to meet the aspirations of our shareholders and clients in Saudi Arabia.” 

Al Marri also expressed the bank’s willingness to explore a presence in Saudi Arabia in light of the new Vision in order to provide innovative financial solutions and investment opportunities to shareholders and clients.

Reaping the benefits of the Bank’s strategy launched in 2015, QFB successfully listed all its shares on the QSE on April27, 2016, following its 7-year operational journey. QFB’s listing represents another milestone in the Bank’s quest to grow, expand its offerings and provide a ‘Signature of Excellence' to its clients. With a clear strategy, highly experienced team, and solid shareholder base in the GCC region, QFB strives to maintain its role as a trusted advisor for high-net-worth individuals, corporate and institutional clients and a gateway to business opportunities in Qatar, the region and global markets.

Despite the challenging global and regional economic conditions, QFB has an attractive pipeline of deals to be completed this year. The bank’s team will continue focusing on identifying and seizing new attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.