Qatar’s banking sector has seen huge growth in the past twelve months, according to the country’s Central Bank Governor.
Speaking at the Qatar Projects 2012 conference in Doha on Monday, HE Abdulla Bin Saoud Al Thani, said he was confident in Qatar’s ability to finance more than $100bn worth of projects, as part of its 2030 vision.
At the end of 2011, total assets of the country’s commercial banks grew by 22.3% to $190.6bn in 2011 from 2010 while customer deposits increased by more than 18.5% to $100bn, he said. Meanwhile credit facilities to customers rose by 28.2% to $103.5bn.
“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,” he added.
Qatar’s projected GDP growth for 2012 is 6%.
HE 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. 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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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