In 2004, GIB played a role in most of the region’s mega projects, including Qatargas II, the world’s largest oil and gas financing. Between 2002 and 2004 the bank’s profits increased by 76%, reflecting increases in interest and non-interest earnings, the containment of expenses and lower provisions.
GIB”s chief executive, Dr Khaled M Al-Fayez says of the award: “We are delighted with this acknowledgment of GIB’s expertise and professionalism. The implementation of our new merchant banking strategy, which started in 2002, has strengthened GIB’s financial position, increased its profitability and widened its client base.”
