Doha, Qatar: Qatar Investment Bank announced yesterday the Independent Executive Advisory Council for the next 3 years under the supervision and licence of QFICC. The Executive Members nominated by the BOD are as follows: H.E. Mohammed Al-Kuwari, Qatari national (Executive Advisor for Business Relations), Dr. Hamad Al-Jabor, Qatari national (Advisor for Research and Development Plan), Dr. Theodore Theodoropoulos, Greek national (Advisor for International Project Proposals and Valuation), Mr. Jack Weber, UK national (Advisor for Private Equity), and Mr. Adbulla Al-Marad, Qatari national (Advisor of Budgeting and Reporting). The Advisory Council will initially take care of US$6.3 billion projects across GCC, MENA, Europe and Asia in various sectors and business activities.
”The Independent Executive Advisory Council of QIB will be the Architect Council of the International Business Exposure of the Qatari Economy for 2016-2018, in accordance with the Qatari National vision 2030’’
The Chairman of the Qatar Investment Bank said that the new Advisory Council should sellect and evaluate the best international investments for Qatar on a very solidarity basis, establishing long term business relations across the globe. The Qatar National Development Strategy 2011-16 ‘’will balance challenges of Qatar’s National vision 2030’’, aggregate GDP growth in 2012-2016 is expected to average to 6.9%, out of which hydrocarbon GDP growth is by 4.4% and non- hydrocarbon GDP by 9.1.” Qatar’s Overall fiscal position is expected to be healthy with surplus of 5.7% of GDP by 2016. By 2016 the service sector could account for 40% of total output up from 36% in 2009.
Highlighting infrastructure opportunities in Qatar he said “Major projects are planned for Qatar’s infrastructural development in anticipation of FIFA 2022. Some of the major projects in Qatar include New Doha Port and Barwa City. Qatar ranks 6th globally in Global Competitiveness Report 204-15. Qatar is also expected to have a full-fledged Boeing facility”. Qatar has strong fundamentals, a visionary leadership and discipline in long-term planning. Various ratings show very high degree of economic optimism, a warm and friendly investment climate also prevails. Qatar’s economic diversification is also expected to happen which will contribute to economic growth and provide bilateral opportunities between Qatar and other countries. It is estimetaed that Qatar’s performance was on the back of the launch of five new projects worth a total of $13billion and revision of a construction project worth $3.6bn.
The Gulf Projects’ Index recorded growth of 0.1% (to $3.1tn) in the period under review following a rise in four of the six GCC (Gulf Co-operation Council) projects markets. Oman was the next largest gainer in the index, as the value of its projects market rose by 0.6% with the launch of eight new schemes worth a total of $795mn. The sultanate’s projects sector has enjoyed a strong year to date with the value of its market up by 27% year-on-year. Saudi Arabia, the region’s biggest projects’ market, grew by 0.3% over the past week due to the launch of some 12 new schemes worth $2.7bn. Unchanged for the second straight week, the value of Bahrain’s projects sector has risen by just 0.1% over the past year, which is the lowest gain of any market in the GCC, QNA report said. Kuwait was the only country in the GCC to record a fall, with the value of schemes planned or underway declining by 1.4%.
Qatar shows the largest international portfolio of investments across Europe, mainly in UK, France, Spain and Italy (banking, real estate, hospitality and football clubs), MENA region, US, Asia (energy, chemicals and petrochemicals) and Australia (food and agriculture).
Sources: Qatar News Agency, QFC, Peninsula Daily Qatar.