Company History

With a legacy dating back to 1799, we have a history of demonstrating leadership during times of both economic growth and financial instability.

J.P. Morgan has a committed and long-standing history of serving clients in the Middle East and North Africa (MENA) region dating back to the 1930s when our predecessor firm, Morgan Guaranty Trust Company, helped U.S.-based oil companies strengthen their operations in Saudi Arabia.

Major milestones in the firm's history in the Middle East:

  • 2011: J.P. Morgan opens office in Doha, Qatar.
  • 2010: J.P. Morgan opens office in Abu Dhabi.
  • 2007: J.P. Morgan opens office in the Dubai International Financial Centre.
  • 2006: J.P. Morgan opens office in Riyadh, Saudi Arabia.
  • 1993: J.P. Morgan & Co. advises the Qatargas Consortium on a multibillion-dollar financing plan for a liquefied natural gas project in Qatar to develop the largest known gas field outside the former Soviet Union.
  • 1990: J.P. Morgan & Co. is instrumental in arranging a US$5.5 billion loan to help rebuild Kuwait after the Gulf War.
  • 1977: Chase Manhattan Bank is a 20% shareholder in Saudi Investment Banking Corporation, a new investment bank dedicated exclusively to strengthening the Kingdom’s economic, industrial and agricultural development.
  • 1976: David Rockefeller, Chase Manhattan Bank chairman, meets with Sheikh Rashid Al Maktoum in Dubai.
  • 1975:
    • Chemical Bank opens representative offices in Saudi Arabia, Dubai, Qatar, Bahrain, Oman
    • Chase Manhattan Bank and Chemical Bank open representative offices in Tehran.
    • Chase Manhattan Bank forms joint venture with state-owned Industrial Credit Bank to create the International Iran Bank, promoting Tehran as a major financial center.
    • Chase Manhattan Bank establishes Chase National Bank, a joint venture with the National Bank of Egypt.
    • The Saudi Arabian Monetary Agency appoints Chase to organize, staff and manage the newly created Saudi Industrial Development Fund that provides interest-free and subsidized loans to local businesses.
  • 1974:
    • David Rockefeller, Chase Manhattan Bank chairman, visits President Anwar Sadat in Egypt as part of his tour to build the firm's relationships in the Middle East.
    • Chase Manhattan Bank and Manufacturers Hanover Corporation both open representative offices in Egypt, marking the return of American banks since 1956.
  • 1971: Chase Manhattan Bank opens branch office in Manama, Bahrain, which becomes the hub for all business in the Middle East.
  • 1970: Chase Manhattan Bank is the only foreign bank to operate a free-zone branch in Egypt.
  • 1965: Morgan Guaranty Trust Company opens representative office in Lebanon.
  • 1962: David Rockefeller, Chase Manhattan Bank chairman, visits political leaders and banking officials in Lebanon, Kuwait, Saudi Arabia, Bahrain and Iran, increasing the firm’s presence throughout the Middle East.
  • 1955: Chase Manhattan Bank opens branch in Beirut, Lebanon, its first in the region.
  • 1958: John Meyer Jr., future Morgan Guaranty Trust Company chairman, serves on the Saudi Arabian Monetary Agency's senior advisory committee, resulting in Morgan Guaranty becoming the major Saudi depository.
  • 1950: Winthrop Aldrich is the first top Chase Manhattan Bank executive to travel to the Middle East to meet rulers, senior government officials and businessmen in Jeddah, Dhahran, Cairo, Kuwait, Abadan and Tehran.
  • 1933: Morgan Guaranty Trust Company helps U.S.-based oil companies strengthen operations in Saudi Arabia.
 

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