Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar - Infra projects fuel credit growth  Join our daily free Newsletter

MENAFN - The Peninsula - 24/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Banks in Qatar registered a 12 percent growth in domestic loans in 2013 with domestic credit growing to QR533bn at the end of 2013 from QR477bn in 2012, according to Qatar Central Bank data



Growth in lending of banks was mainly driven by infrastructure projects related to FIFA World Cup which will be hosted in Qatar in 2022. To prepare for the world cup, the government is investing heavily in basic infrastructure such as roads, expressways, metro and rail. The loan growth is expected to remain firm in the coming years due to ongoing infrastructure projects



"With the acceleration of investment projects ahead of the 2022 FIFA World Cup, these trends (growth in loans) are likely to continue going forward," said Qatar National Bank in a recently released report. A large infrastructure spending programme of the government will have multiplier effect in the economy as it will generate demand for cement, steel and other materials, as well as for services



Last year, October emerged as the best month for banking sector in terms of loan growth as banks witnessed highest increase of about four percent during the month. Loans of the banks grew to QR527.5bn at the end of October 2013 from QR509.4bn at the end of September 2013.



In terms of quarterly performance, loan growth was highest in the last quarter (October-December) as domestic credit grew by 4.7 percent to QR533bn at the end December from QR509bn at the end of the third quarter



According to industry experts, one of the main reasons for increased loan growth is that the business activities are usually on higher side during the last quarter of year.



Deposits of the banks also grew at healthy rate in 2013. Total deposit of the banks witnessed a growth of 23 percent during last year to QR514.8bn at the end of 2013 from QR417bn at the end of 2012.



In terms of quarterly performance, deposit growth was highest in the second quarter (April-June) as domestic credit grew by 11 percent to QR494bn at the end December from QR445bn at the end of the third quarter (July-September)



In the total deposits, private sector deposits grew by 20 percent to QR284.6bn at the end of 2013 from QR236.6bn at the end of 2012. Experts believe that deposit growth of banks in Qatar is likely to witness healthy growth in coming years


 


The Peninsula




  MENA News Headlines
 Aug 4 2015 - UAE Q3 non-oil sector keeps growing baseMENAFN
(MENAFN) An official report show that Business conditions in the UAE's non-oil private sector continued to improve in last July.Non-oil private sector employment in the UAE keeps on increasing in ...

 Aug 4 2015 - Emirates Reit to invest USD56.69m in Akoya new schoolMENAFN
(MENAFN) Dubai-based real estate investment trust Emirates Reit has announced that it will invest about USD56.69 million on building a new school in DAMAC's Akoya development. Emirates Reit acquired ...

 Aug 4 2015 - Egypt expands armed forces mission in YemenDaily News Egypt
(MENAFN - Daily News Egypt) President Abdel Fattah Al-Sisi met Saturday with members of the National Defence Council, in a meeting that saw the expansion of the Egyptian armed forces' participation ...

 Aug 4 2015 - Egypt- None can interfere in judiciary, Brotherhood defendants tried by law: Al-ZindDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Justice Ahmed El-Zind said that defendants of the former Muslim Brotherhood regime are being tried according to the law, during a Friday TV show on a state-run ...

 Aug 4 2015 - Oman approves electricity projects worth USD600.2mMENAFN
(MENAFN) Three hundred fifty-nine projects with a total value of around USD600.2 million were approved by licensed operators last year to enhance the electricity network in Oman.The projects were ...

 Aug 4 2015 - Industries Qatar profits surge 20 percent in Q2MENAFN
(MENAFN) Industries Qatar said its second-quarter profit increased 20 percent, beating analyst forecasts, although its half-year profit fell because of declining petrochemicals prices.The ...

 Aug 4 2015 - Health Ministry's Hajj Preparatory Committees hold meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) The Preparatory Hajj Committees of the Ministry of Health held their 12th meeting at the ministry yesterday, in the presence of the heads of the preparatory committees ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Scouts honor World Scout Committee MembersSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi Arabian Boy Scouts Association honored the members of the World Scout Committee during their visit yesterday to the Saudi delegation participating in Arab Cultural ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Consul General in Los Angeles : We did not record any contact from citizens due to fires in Northern CaliforniaSaudi Press Agency
(MENAFN - Saudi Press Agency) The Consul General of the Kingdom of Saudi Arabia in Los Angeles, Ambassador Dr. Faisal bin Abdulaziz Al-Sudairy, confirmed that there is no Saudi citizen close to the ...

 Aug 4 2015 - UAE- Apparel unveils community centre in AjmanKhaleej Times
(MENAFN - Khaleej Times)Apparel Group has launched its first community centre in the UAE - Grand Centrale in Ajman. His Highness Shaikh Humaid bin Rashid Al Nuaimi Member of the Supreme Council and ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help