We're in recovery mode - leading Qatar banker

A senior banker in Qatar has said he sees the global financial crisis easing and its impact becoming clearer over the next three months.

“We are in a recovery mode,” R Seetharaman, CEO of Doha Bank, said, adding that the sagging real estate market in the Gulf State was stabilising after the government offered to buy local banks’ real estate investments.

The government’s real estate package worth QR15bn for Qatari banks, announced recently, will not only check the downward trend in the property market but will also improve the risk profile of the banks, he said in comments published by The Peninsula on Tuesday.

“We are seeing positive results in the real estate market from the government’s investment bailout...By lowering the risk inherent in investment portfolios, the solvency of the banks is boosted,” he told the paper.

He said he saw the global financial crisis in a “recovery mode” and added: “Over the next three months, we will see the impact...To explain it simply, a few months ago, we saw a downward trend. Over the next three months, we see an even line. At the start of the fourth quarter, we will see a rise.”

Talking about how he sees Doha Bank’s performance this year, he said: “We see stable and functional growth for the bank.”

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