Qatar’s Banking Sector Grows 22.3% in 2011
Qatar’s banking sector grows 22.3% to US $190.6 billion in 2011.
Qatar’s banking sector grows 22.3% to US $190.6 billion in 2011
H.E. Abdulla Bin Saoud, Governor, Qatar Central Bank, outlines healthy financial position during address to local, regional and international project professionals at Qatar Projects 2012
At the end of 2011, total assets of the country’s commercial banks grew by 22.3% to $190.6 billion in 2011 from 2010 while customer deposits increased by more than 18.5% to $100 billion, he said. Meanwhile credit facilities to customers rose by 28.2% to $103.5 billion.
During a speech addressing delegates at the Qatar Projects 2012 conference in Doha, Qatar, today (Monday 6 February), H.E. Abdulla Bin Saoud al-Thani,
Governor, Qatar Central Bank delivered a vote of confidence in Qatar’s ability to finance more than $100 billion worth of projects to be completed, to realise its 2030 vision.
At the end of 2011, total assets of the country’s commercial banks grew by 22.3% to $190.6 billion in 2011 from 2010 while customer deposits increased by more than 18.5% to $100 billion, he said. Meanwhile credit facilities to customers rose by 28.2% to $103.5 billion.
Qatar’s financial performance was all the more impressive given fears of contagion from the euro zone debt crisis and slow growth in the United States and other developed markets.
“Economies of many of the developed nations stagnated, suffering from a series of shocks due to the situation in the euro zone and reduced credit ratings for a number of major countries,” commented H.E. Abdulla Bin Saoud al-Thani.
The strength of Qatar’s banking sector underscores the Gulf state’s ability to finance major planned projects given its financial sector performance and its projected GDP growth of 6% in 2012.
H.E. Abdulla Bin Saoud al-Thani was speaking on the second day of the Qatar Projects 2012 conference which began on Sunday with a dedicated Sports Business Forum focusing on strategies and opportunities for developing the Gulf region’s fast growing sports business sector.
More than 450 local and international delegates are attending this year’s event, more proof if it were needed that the international business community recognizes Qatar’s huge project plans over the coming 18 years.
“It is a testimony to Qatar’s solid financial state and political will, both now and moving forward, that it can forge ahead confidently with some of the biggest and most sophisticated projects in the region, or indeed the world,” said Edmund O’Sullivan, Chairman, MEED Events.
On the opening day of the conference on Sunday, Secretary General of Qatar 2022 Supreme Committee Hassan al-Thawadi commented that one of the main sustainable and economic benefits from the World Cup would be a more-than three-fold surge in Qatar’s tourism.
Separate conference streams are focusing on energy projects covering petrochemicals, power and water, as well as road, rail, aviation, real estate and social infrastructure.
Qatar Projects 2012 is sponsored by International Bank of Qatar, REDCO Construction – Almana and Qatalum. The official conference partner is Qatar Petroleum and Qatari Diar supported by the Ministry of Business and Trade and Ashghal.
For more information on Qatar Projects: www.qatarprojectsconference.com