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
 Jul 5 2015 - Emaar Misr to add USD2.26b to market capitalizationMENAFN
(MENAFN) Emaar Misr will add USD2.26 million to the market capitalization after being listed over the Cairo bourse, according to the bourse chief, Amwal Alghad reported.The affiliate of the United ...

 Jul 5 2015 - Saudi Looks for 'Guinness' Record with 50,000 Coins MuralSaudi Press Agency
(MENAFN - Saudi Press Agency) A Saudi citizen seeks to set a Guinness Record with drawing the largest painting mural in the world with more than 50,000 coins, in support of his talent initiated since ...

 Jul 5 2015 - PM: Jordan is a stable country with well-defended bordersJordan News Agency
(MENAFN - Jordan News Agency) Prime Minister Abdullah Ensour said Jordan is a stable country, owing its security to the wisdom of its leadership and its people's awareness, which are its source of ...

 Jul 5 2015 - Jordan- Moderate weather forecast until TuesdayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate until Tuesday in the hilly areas while it will be relatively hot to hot in the Badia, the Jordan Valley and Aqaba with high clouds and ...

 Jul 5 2015 - Israeli forces arrest 9 PalestiniansJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation troops arrested 9 Palestinians in the occupied West Bank, the Palestinian Interior Ministry said in a statement Sunday.The occupation forces broke ...

 Jul 5 2015 - Jordan- Border guards receive 275 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 275 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the past 72 hours.The border guards provided the ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Venezuela on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Venezuela Nicolas Maduro a cable of congratulation on the ...

 Jul 5 2015 - Kuwait- Message from His Highness the Amir delivered to Nicaraguan PresidentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait's non-resident ambassador to Nicaragua, Samih Johar Hayat, has delivered a message from His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Cape Verde on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Cape Verde Jorge Carlos Fonseca a cable of congratulation on the ...

 Jul 5 2015 - Terrorism main topic of Arab Parliament's urgent meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab Parliament (AP) held an urgent meeting here Sunday which focused on the recent terrorist attacks that hit a number of Arab countries.A press release by ...

more...


 






Google

 
 

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