By: Al-Sharq Al-Awsat - It was announced yesterday in Sana'a that the Central Bank of Yemen (CBY) has approved opening a branch for Qatar National Bank (QNB) in Yemen's capital city, Sana'a.
Ahmed Abdul-Rahman Al-Samawi, Governor of CBY, had said the coming days will witness the opening of another office for QNB in Aden as the bank enjoys financial efficiency and a high insurance status. The QNB's capital is estimated at $356 million with a sufficiency of 16%.
"Inaugurating a branch for QNB in Yemen comes in the context of the increasing growth of Yemen-Gulf relationships and the efforts exerted to qualify and economically prepare Yemen to integrate itself into Gulf's economics," Al-Samawi stated. "This is a part of the improvements in the Yemeni banking system and its efforts to catch up with new local, regional and international developments."
He added, "Being the third branch of an Arab bank in Yemen, the QNB will push forward the commercial and investment exchange relations between the two countries and enhance investors' confidence in Yemen as well as facilitate Yemeni expatriates' money transfers from Qatar to Yemen."
He pointed out that the branch is going to practice all conventional and Islamic banking transactions as well as to contributing to various investment projects and providing a number of other banking services.
Some four Arab and foreign banks are working in Yemen while the total umber of commercial and Islamic banks in Yemen reach 14. The foreign and Arab banks are: the Arab Bank, Al-Rafidain, Calyon, and United Bank. They count for about 30% of the total budget of commercial banks' budget which is estimated at YR 857 billion at the end of June 2006.