Forex giant plans Bahrain expansion
Manama, April 9, 2008
The world's largest retail foreign exchange company is to expand its operations in Bahrain.
Travelex founder and chairman Lloyd Dorfman said Bahrain's monetary policies, financial regulations and professional approach make it an excellent place to do business.
He was speaking after being received by Prime Minister Shaikh Khalifa bin Salman Al Khalifa on Tuesday.
"I was privileged to meet the Prime Minister and personally thank him and Deputy Prime Minister Shaikh Ali bin Khalifa Al Khalifa for their support to our operations here," Dorfman told the Gulf Daily News, our sister publication.
"Three years ago, we started a joint venture business in Bahrain with the Jawad Group. We started from a blank piece of paper, and our business in Bahrain is now the biggest in the Gulf."
Travelex has five outlets at Bahrain International Airport and six outside the airport.
"On the basis of the development witnessed in such a short span of time, we are keen to expand our Bahrain operations further," said Dorfman.
"We are very appreciative of the support of the government and encouraged by the opportunities given.
"The Prime Minister pledged all support to our expansion plans, and we consider it as a great honour."
Dorfman said he also met the Central Bank of Bahrain (CBB) officials yesterday. "We work closely with central banks all over the world," he added.
"I have found the CBB officials extremely professional and very understanding. The monetary policies in Bahrain are very conducive to the operations of foreign companies."
Dorfman said he started his business with one little money changing shop in London in 1976.
"It has since grown as the world's largest retailer in foreign exchange," he noted. "We have 700 retail units in 38 countries. These include Travelex outlets in 107 airports."
"Around 40 per cent of the world airline passengers go through the airports where we operate," he said.
The audience with the Premier was attended by Jawad Group chairman Faisal Jawad.-TradeArabia News Service
More Finance & Capital Market Stories
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson
- NBK group CEO to step down
- SABB gets Fitch ratings boost
- Saudi SABB prices $400m sukuk issue
- Shuaa Capital gets Moody's ratings upgrade
- QInvest ‘advised on $3.5bn sukuk in 2013’
- Al Hilal Bank wins top Islamic finance award
- Barwa Bank wins top Islamic banking awards
- ‘BPO offers big benefits for Saudi economy’