Doha Bank showcases resilience of Qatari economy at London meet

DOHA: Doha Bank CEO Dr R Seetharaman showcased Qatar’s sustainability and resilience at the just-concluded ‘London Summit of Leaders Achievements Forum 2018’.  
The event, held at the Institute of Directors (IOD), London,  was attended by key British and world expert’s members of the Oxford Speakers Bureau and Academic Union professors.
Commenting on the fast expanding Qatari economy, Dr. R. Seetharaman said: “Qatar economy expected to grow by close to 2.6 percent in 2018. Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017. In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy.”
Qatar’s reserves are more than twice of its GDP and in terms of financial stability Qatar is strong, stable and functional.  Qatar lending growth in 2017 was close to 8 percent and deposit growth more than 13 percent. Government, real estate and services sector were the contributors to lending growth.
In September 2017 Qatar inaugurated Hamad Port which will provide “a golden opportunity” for the private sector and Qatari businessmen to activate their business and promote the import and export of various commodities. Manateq Qatar has three special zones under its wing, which are geared to facilitate private sector growth and promote manufacturing in Qatar. A new law for Public Private Partnership (PPP) businesses in Qatar should provide an additional level of comfort to the private sector and foreign investors. Qatar ranked 25th in ‘the Global Competitiveness Report 2017-18’. Qatar 2018 Budget allocations for health, education and transportation reached QR83.5bn or 41 percent of total expenditure. The transportation and other infrastructure projects were assigned the largest share in the 2018 budget with allocations of QR42.0bn, 21 percent of total expenditure.