Swiss banking group Credit Suisse has announced a new partnership with the Investment Promotion Agency Qatar (IPA Qatar) to expand its present operations in Doha and set up the Qatar Technology and Engineering Hub.
The expansion is anticipated to strengthen the bank’s wealth management business further. It will also help widen its local presence and contribute to expediting its development and digitisation in Qatar and the broader region.
Credit Suisse also aims to add up to 100 jobs over the coming years across all of its divisions as well as with the new technology and engineering hub.
The partnership between IPA Qatar and Credit Suisse builds upon the memorandum of understanding (MoU) signed by the parties in October 2021. Under the MoU, the parties aimed to further strengthen the financial services sector by speeding up the business growth of Credit Suisse in Qatar, and the larger Middle East region.
Credit Suisse CEO Ulrich Körner said: “Given the Middle East is a key growth market for the bank, we are excited to be further scaling up our operations in Qatar.
“We are planning to expand our existing business operations over the next few years across all of our divisions as well as adding new functions which will strengthen, broaden and ensure quicker delivery of our offerings to clients.
“The creation of our Qatar Technology and Engineering Hub will be instrumental in supporting the growth of our franchise across the Middle East and beyond.”
Through the Qatar Financial Centre (QFC) platform, Credit Suisse has been operating and is said to have been actively growing in Qatar since 2006.
With the Qatar National Vision 2030 (QNV 2030) established in 2008, Qatar is said to have fostered a diversified and knowledge-based economy which helped in growing the financial services sector in the country.
Investment Promotion Agency Qatar CEO Sheikh Al-Thani said: “The launch of a world-class technological hub in Doha provides further impetus and expertise for the sector development and opens many windows of business growth opportunities by fostering technology and innovation.
“We look forward to continuing our distinctive collaboration with Credit Suisse to advance Qatar’s financial services for years to come.”
