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Banking Sector Review July 2009

Source: Qatar National Bank

Finance Sector in the Ec onomy

During the First Quarter of 2009, the Group Finance, Insurance, Real Estate and Business Services Sector, which includes the Banking Sector witnessed a growth of 36.0% to contribute QR10,389 million to Qatar’s Gross Domestic Product (GDP), compared to QR7,639 million contributed during the first quarter of 2008.

The Group Finance, Insurance, Real Estate and Business Services Sector made the largest contribution to GDP among the Non-Oil and Gas Sectors contributing 14.7% to overall GDP. This sector increased by 16.2% in 2008 and has seen an over threefold increase in its contribution to GDP over the past five years to reach QR37,019 million in 2008, from QR9,925 million in 2004.

The Qatari Government has initiated a number of measures in support of the Banking Sector, as highlighted below:

• I n October 2008, Qatar Investment Authority (QIA ) announced its willingness to subscribe for an increase in the capital base of Qatari banks of 10-20%. The first phase amounting to 5% has already taken place for all Qatari banks, with the exception of QNB, with a second 5% subscription to take effect by year-end 2009.

• I n March 2009, the Government in co-ordination with the Qatar Central Bank announced an offer to buy the Doha Securities Market listed available for sale investment portfolio of Qatari banks at net book value.

• I n June 2009, the Government announced its willingness to purchase up to QR15 billion ($4.1 billion) worth of exposure to the real estate sector.

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