QCB Governor Predicts $50 Billion Contracts in 2014

Doha, March 18 (QNA) - HE Qatar Central Bank Governor Sheikh Abdullah bin Saud Al Thani has projected that Qatar will sign contracts in infrastructure, transport and energy and other sectors of up to $50 billion in 2014. Speaking at the inauguration of the 11th MEED Qatar Projects Conference 2014, HE Sheikh Abdullah bin Saud Al Thani said this reflects the rapid and strong development of the Qatari economy and the extended growth and expansion expected in the next few years due to increasing need to achieve Qatar National Vision (QNV) 2030. He added that Qatar's financial sector has seen an enormous development and made effective contributions to the country's economic growth. He also mentioned QCB initiatives to achieve the goals of QNV 2030 with the launching of the strategy of supervisory and regulatory bodies being the recent one. The governor said that QCB continues to take the necessary monetary policy measures to boost financial stability and liquidity management, adding that the bank spares no effort to enhance the efficiency of the financial sector through the issuance of regulations, circulars and field and office supervision. He also noted that client deposits with commercial banks have increased in 2013 by 19.7% to reach QR 548 billion compared to 458 one year before. Meanwhile with credit facilities provided by commercial banks, total domestic credit rose by 11.8%, mounting up to QR 533 billion compared to QR 477 billion at the end of 2012. (QNA)