Solid fundamentals bolster Qatar’s sustainability: PM

25/11/2014 05:58 AST

Despite turbulent global market conditions, HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani has reassured the economic sustainability of Qatar, which is anchored on solid economic fundamentals.

The Prime Minister’s statement was part of his official address delivered yesterday during the Euromoney Qatar Conference 2014 which concludes today at the Ritz-Carlton in Doha.

“The economic growth of Qatar is well-connected with the development of the global economy; that is why we are concentrating on following-up these developments and the potential consequences,” Sheikh Abdullah said.

He was referring to big-ticket projects that form part of the Qatar National Vision 2030 in the areas of infrastructure, economic growth, and building Qatari human capital.

The Prime Minister stressed that HH the Emir Sheikh Tamim bin Hamad al-Thani has put a premium on economic growth by creating a sustainable development strategy “for all sectors of society.”

“Economic growth is important and requires a lot of attention from the government. This is quite clear in the allocations of the State’s budget for education and health, including infrastructure and massive development projects such as those related to the 2022 FIFA World Cup,” the Prime Minister said.

Aside from economic development, Sheikh Abdullah also emphasised the government’s thrust to transform Qatar into a knowledge-based economy by prioritising the “development of the Qatari citizen.”

“That is why the government has invested in education, health, and projects related to the transformation of the economy into a knowledge-based society,” he said.

According to the Prime Minister, “Financial activities pave the way for more participation of the private sector in the economic environment.”

He emphasised that Qatar is constantly supporting the non-hydrocarbon sector through the expansion of industrial areas and by increasing the capacity of storage as well as the growth of small and medium-sized enterprises (SMEs).

Doha Bank Group CEO R Seetharaman said “Qatar’s economic fundamentals are well-founded.”

“We have diversification as a structured solution and the country’s economic fundamentals in terms of overall GDP growth are sustainable,” Seetharaman told Gulf Times on the sidelines of the event.

He said there was continued growth of Qatar’s non-hydrocarbon economy and pointed out that inflation “is fairly under control.”

“Surplus will continue to be sustained in line with the overall 2030 vision in light of progressive measures taken by HH the Emir, the Prime Minister, and his team,” he said.

He added, “If you look at the first nine months, the combined lending in the banking sector is more than 10%. That shows enough liquidity. There is enough credit creation and sufficient lending is also taking place. SMEs are progressive and many projects are getting announced.”

Gulf Times