MEED's Qatar Projects Conference Launches

Doha, March 15 (QNA) - The 11th edition of MEED's Qatar Projects 2016 kicked off Tuesday in Doha to discuss the plan to deliver Qatar's National Vision 2030 and plans related to hosting the 2022 World Cup. QNB Group CEO Ali bin Ahmed Al Kuwari gave a presentation on the diversity and available opportunities in the Qatari economy, saying that Qatar's diverse economy helped it in overcoming the negative impact of the drop in oil prices. He went through some figures that prove the diversity in Qatar's economy, highlighting that the non-hydrocarbon sector contributed 48.9 percent in the GDP in 2014 and that percentage rose to 66 in 2015. He added that the current mega projects are mainly in the real estate sector at 49.2 percent, followed by transport with 27.8 percent, services at 13.7 percent and then oil and gas at 8.3 percent, which shows that the majority of investments are dedicated to infrastructure and transport. Al Kuwari said banks will play a pivotal role in the diversification of the Qatari economy by offering financing for investment spending, particularly in mega projects, which, he added, is an important backing for infrastructure projects. He spoke of the status of QNB in Qatar and the region, saying that the bank came first in the Middle East and North Africa in terms of assets, loans and profits. He added that QNB is present in 27 countries and pledged to continue to invest to support the private sector, especially in supporting small- and medium-sized projects. The conference, which continues on Wednesday as well will shed the light on the latest developments on the local and global fronts, particularly those related to the issue of the drop in oil prices and focusing on promoting non-oil industries and small- and medium-sized enterprises. (QNA)