07/02/2016 08:38 AST
Dr. R. Seetharaman, Group CEO of Doha Bank invited the Guests of Honour at the function. The Ambassadors and Embassy attaches of Japan, UK, India, Singapore, Mexico, Kenya and Canada respectively participated in the event. The event was also attended by well-known Qatari Businessmen, Senior Qatari Bankers and Leaders from key Corporates in Qatar.
Yousef Gamal El-Din, Founder of Medialitera FZE and the Master of Ceremony for the evening commenced the session and stated, “There was so much negative news on account of fall in oil prices and against this background Doha bank would like to showcase the opportunities in Qatar. Investors should be more concerned about long term view. We are witnessing global slowdown, easing monetary policy since financial crisis and uncertainty. We are in unchartered waters and will look forward to leadership, certainty and content from the key speakers today.”
Dr. R. Seetharaman gave the concept note for the evening. He said, “Even after seven years since the Global financial crisis the sustainable growth is not visible in global economy. Monetary easing had continued since the global financial crisis from US, Eurozone and Japan Central Banks. The Fed had commenced rate hike last December and it needs to be seen whether it will continue with so much volatility in global financial markets this year and uneven US economic recovery. According to IMF recent forecast Global growth projected at 3.4 percent in 2016. The slowdown and rebalancing of the Chinese economy, lower commodity prices, and strains in some large emerging market economies will continue to weigh on growth. Qatar’s 2016 growth is expected to be 4.3 per cent. Qatar has budgeted for revenues of 156 billion riyals and expenditures of 202.5 billion riyals in 2016. Health, education and infrastructure accounted for the largest share of the 2016 expenditure. Major infrastructure expenditures amounting to 50.6 billion riyals would include railways, the new Doha port, several large roadways and the expansion of electricity, water and sewage networks. Qatar Banking Balance sheet growth was more than 10 per cent YTD in Dec 2015 and loan growth was more than 15 per cent YTD. In 2015 the real estate sector lending was more than 27 per cent YTD, retail sector was close to 17 per cent YTD, contracting sector more than 23 per cent YTD and service sector was more than 6 per cent YTD. The customer deposit growth was more than 8 per cent YTD. According to recent S&P report, Qatar has “significant” strength in defending its fixed exchange parity with the dollar due to availability of reserves to cover the monetary base and current account payments over the next four years. Qatar economy is sustainable in the long term amidst short term challenges.”
Rashid Bin Ali Al-Mansoori, CEO Qatar Exchange spoke on Competitive exchange and opportunities. He said, “Qatar is one of the fastest growing economy and youngest stock market. Qatar has become an emerging market in recent years. Qatar exchange mission is to support Qatar economy. It has 43 listed companies. We have programs to improve sentiment for retail investors. We have introduced government bonds and are planning to introduce Exchange trade funds (ETF) and provide alternative for investors. We would like to increase the presence of both foreign and local institutional investors in Qatar exchange.”
Yousuf Mohamed Al Jaida, Chief Executive Officer & Board Member of QFC spoke on QFC offerings and opportunities. He gave macroeconomic insight on Qatar and oil crisis of 80s, low oil levels during global financial crisis and the recent crisis as well. Qatar economy will face fiscal and current account deficit however Qatar’s resilience is further supported by diversification of central government revenue and growing private sector. He also gave insight on QFC organization and its entities, activities and structure and benefits of regulated under QFC.
Fahmi Alghussein,
CPI Financial
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