Ambani with Seetharaman after formalising the agreement between Reliance ADA Group and Doha Bank at the Sheraton Doha.

Doha Bank and Reliance ADA Group have entered into an alliance to “create new opportunities for co-operation and innovation in terms of business development” across the GCC and India.
The memorandum of understanding (MoU) is envisaged to provide tangible business opportunities and further prospects for expansion for Doha Bank and Anil Ambani-led Reliance Group. It will also provide synergy in product development and congruence in mutual infrastructure support, according to a statement.
Doha Bank, which enjoys brand excellence, a vast network of branches and representative offices across the world and multi-pronged initiatives; offers a wide range of banking services related to retail, corporate, treasury and investments.
Doha Bank’s large growing customer base and its business integration model set the grounds for a perfectly fitted partnership with one of India’s most diversified business houses, having a robust presence in financial services, telecom, infrastructure, entertainment, power, healthcare, and defence industries, the statement added.
The relationship-based model has been designed with a revolutionary approach between Doha Bank and Reliance Group, which has been engaged in pivotal roles in the ongoing economic transformation of India. This agreement will open new horizons for business reciprocity in financial services.
The agreement, which was formalised at the Sheraton Doha Hotel was signed by Anil D Ambani, chairman, Reliance Group and Doha Bank Group CEO Dr R Seetharaman in the presence of Sanjiv Arora, Indian ambassador.
The event was attended by renowned and influential business leaders and investors in Qatar at which the Qatar Airways Group CEO Akbar al-Baker was the guest of honour. The event was also attended by a delegation of eminent businessmen from India.
Ambani said, “We are glad to enter into this partnership which will further reinforce the economic interaction between GCC (Gulf Cooperation Council) and India. Reliance Capital will look forward to offering customised solutions and investment products to Doha Bank customers.”
Seetharaman said, “The arrangement will include financial services initiatives with Reliance Capital in the areas such as asset management, life and general insurance and distribution of financial services.”
The scope of the partnership will strengthen Doha Bank’s presence in India and the bank’s strategic role in trade finance, banking and financial services across the region and in creating business opportunities between GCC and India. Doha Bank in a release said all the activities under the partnership would strictly comply with the laws and regulations in India and the GCC. “Reliance Group and Doha Bank partnership further proves that there is so much to look forward to between India and GCC,” the release said.