Having operated in the United Arab Emirates (UAE) for more than 30 years, Barclays is now seeking to expand its presence in the region as part of its strategy to increase its exposure to attractive emerging markets and the reach of its retail banking service.
Ahmed Khizer Khan, CEO of global retail and commercial banking emerging markets commented: Two weeks after opening our retail bank in India, the launch of retail banking in the UAE is the latest step as Barclays delivers on its stated aim of increasing the proportion of profit generated from outside the UK. Increasing exposure in attractive emerging markets is central to that strategy and Barclays sees the UAE as high potential. Based on the extraordinary economic development this country is witnessing, I can only describe the UAE as the financial hub of the region, and where Barclays is now embarking on its own journey.
Customers in the UAE will have their banking services brought to them, according to the bank, which will establish a mobile sales force that will come to the customer rather than the customer going to the bank, offering greater convenience.
Meanwhile, Barclaycard will launch a range of credit cards that, for the first time in the UAE, allow customers to choose what they pay, what they get and what reward they earn on their credit card.
The bank is expanding its operations in Dubai and Abu Dhabi with two offices currently operating and a service center opening in June 2007. By the end of the year, Barclays’ network will include two branches, three service centers and an ATM network.
