Business & Finance Club - Abu Dhabi, Oman: The National Bank of Abu Dhabi (NBAD), has opened its eighth branch in Sur, in Ash Sharqiyah Region in the northeast, about 150 kilometres from Muscat, in its ongoing expansion in the Sultanate of Oman.

NBAD, the only UAE bank operating in Oman, has aggressively expanded in Oman since it opened its second branch in the country in 2006. NBAD opened its first branch in Oman's Capital, Muscat, in 1976. NBAD set a goal last year to double its presence in Oman to 14 branches by 2014 to keep pace with economic development in the country.

"This step comes in line with the Bank's strategy to expand in regions that offer attractive opportunities for the banking industry," said Qamber Ali Al Mulla, the Senior General Manager of NBAD's International Banking Division.

"Opening NBAD's branch in Sur underpins our international network, which is the largest overseas network of all UAE local banks; It stretches from Hong Kong in the Far East; to Oman, Bahrain and Kuwait in the Gulf Co-operation Council ("GCC"); Jordan in the Levant; Egypt, Sudan, and Libya in Africa; the United Kingdom, Switzerland, and France in Europe; and Washington D.C. in the United States of America." In 2009, Oman's GDP per capita had risen nearly 27% from 2005 to about US$25,830. NBAD expects Oman's Real GDP to grow 3% this year. Furthermore, NBAD fully believes that Oman's diversification of its economy continues to provide great opportunities for financial services companies.

"NBAD has a strategic plan to be in key towns of the six regions of Oman," said Saeed AlMubarak, NBAD's Regional Manager in Oman. "NBAD enjoys a good reputation and prestige in this market; with a growing economy and increasing income, we foresee great opportunities in Oman.