DOHA: The total assets of commercial banks operating in Qatar grew by 7.7 percent during the first nine months of 2013 compared with year-end 2012. The combined assets of the banks reached QR879bn in third quarter this year against QR817bn at the end of 2012, said Qatar Central Bank Governor H E Sheikh Abdullah bin Saud Al Thani.
Delivering the key note speech at the two-day symposium being organised by the Official Monetary and Financial Institution Forum (OMFIF) here yesterday, the QCB Governor noted that customer deposits with commercial banks in Qatar rose by 19 percent during the first nine months of this year compared to the end of 2012, bringing the total deposits to about QR498bn against QR417bn in the year-end 2012.
The credit facilities provided by the commercial banks to their customers during the first nine months of 2013 grew by 6.8 percent compared to the same period in 2012, bringing the total domestic credit to about QR510bn. He said the ratio of non-performing loans and credit facilities amounted to approximately 2.9 percent, reflecting the quality of assets with commercial banks by the end of September 2013.
He pointed out that the Qatar Central Bank Law No. 13 of 2012, brought in to regulate the country’s financial institutions, helped effective overseeing all of the services and financial markets in the state. The law was instrumental in the formation of a committee to ensure financial stability and risk control.
Emphasising on the importance of the two-day forum, Sheikh Abdullah bin Saud said that participants will discuss a wide range of topics concerning the Mena region and its role in the world economy.
The current context of the Mena region is of fundamental importance for shaping the economic, social and governance systems of the future. With the benefit of demographic dividend arising from a young population and vast energy endowments in some of the fastest-growing economies globally, the region as a whole has the potential to reap significant benefits.
Growth in the Mena region is expected to pick up 2014 with improved global conditions and a recovery in oil production. However, sustainable and equitable growth over the medium term depends on an improved geo-political environment and macroeconomic stability, increased economic diversification and accelerated job creation, he said.
David Marsh, Chairman, OMFIF, said the Middle East has an increasingly important role in the world economy. Given its pivotal position in energy markets, further progress is likely in the next decade. With developments and innovation in the energy sector causing major shifts in production and performance, the region is looking for ways to diversify away from energy.
Qatar is a good example of successfully managing change, with a clear emphasis on building a knowledge-based economy at the same time as it moves towards becoming the world’s largest exporter of liquefied natural gas and clean-burning gas-to-liquid fuels, he said. Source: The Peninsula. Photo Caption: Qatar Central Bank Governor H E Sheikh Abdullah bin Saud Al Thani (third left) addressing a symposium titled ‘The role of the Middle East in the World Economy, Perspective for Growth and Change’, jointly organised by QCB and the Official Monetary and Financial Institutions Forum at the Sharq Village and Spa in Doha yesterday. With him are OMFIF Chairman David Marsh (fourth left), Dr Ibrahim Al Ibrahim (right) and other officials. (Salim Matramkot)