* CEO says has multiple options for capital raise

* Bank focused on regional growth currently

* Gulf banks have sold Tier 1 bonds in recent months

By David French

DUBAI, May 21 (Reuters) - Qatar's Doha Bank DOBK.QA could issue a capital-boosting bond instead of shares as planned, although it was evaluating the best route to help raise core capital, its chief executive said.

The Gulf Arab state's fifth-largest lender by market value had said in January it would hike its paid-up capital by 50 percent, split equally between a local rights issue and a sale of global depositary receipts (GDRs) in London. ID:nL6N0AJ0VQ

While the $426 million local cash call was completed in March, the expected GDR issue, which was due to be managed by JP Morgan Chase JPM.N , has yet to materialise.

"The second part, we have multiple options. We can go for a GDR or for hybrid debt that is validated for Tier 1, or for a rights issue again to shareholders," R. Seetharaman, the bank's CEO, told reporters at an event in Dubai on Tuesday.

Hybrid debt could include perpetual bonds, whose lack of a maturity means they can count as equity and, therefore, towards a bank's capital ratio.

"All these options are being contemplated and hopefully we should be in a position to resolve this during this year," he said, adding the bank's Tier 1 capital ratio was already above 15 percent after the local rights issue.

Hybrid debt instruments which boost Tier 1 capital - a key measure of a bank's financial health - are becoming increasing popular in the Gulf, given their competitive costs and the fact they diversify the investor base away from local shareholders.

Dubai's largest lender, Emirates NBD ENBD.DU , is meeting investors ahead of a possible Tier 1 bond, while Abu Dhabi Islamic Bank ADIB.AD and Dubai Islamic Bank DISB.DU have both completed sharia-compliant Tier 1 sukuk in recent months.

ID:nL6N0DX0GZ ID:nL6N0BX141 ID:nL5E8M8CHZ

Commercial Bank of Qatar COMB.QA has also picked banks to arrange a deal, sources said last month. ID:nL5N0CP1ZM

In terms of a regular bond issue, Seetharaman said the bank could "possibly" return to the market next year. The bank completed a $500 million five-year offering in March 2012.

Qatari banks have begun looking outside of the Gulf region for acquisition opportunities - Qatar National Bank QNBK.QA and CBQ have bought businesses in Egypt and Turkey respectively - and Seetharaman said last month Doha Bank would look to double its foreign profits to 15 percent of the total by 2015.

ID:nL5N0CW1Y0

However, Seetharaman said on Tuesday it had no acquisition targets and was focused on regional growth, planning to launch corporate- and project-finance operations in the United Arab Emirates.

In the UAE, 5 billion dirhams ($1.4 billion) has been earmarked for distribution in the next eight months as part of a $12 billion allocation to high-potential clients in the UAE, Kuwait and Qatar. ($1 = 3.6730 UAE dirhams)

(Editing by Dinesh Nair and David Holmes)

((davidj.french@thomsonreuters.com)(+971 4 362 5864)(Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: QATAR DOHABANK/CAPITAL