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
 Mar 3 2015 - Cruise liner traffic bound for Abu Dhabi to grow 25 percentMENAFN
(MENAFN) An increase of 25 percent in cruise liners calling at Zayed Port will help to lift the number of cruise tourists by 50 percent this season, The National reported.This season above 94 vessels ...

 Mar 3 2015 - UAE non-oil business growth declines in FebruaryMENAFN
(MENAFN) Business activity growth in the UAE non-oil private sector decreased to a five-month low in February but remained strong and above the average for 2014, a corporate survey showed, The ...

 Mar 3 2015 - Kuwait Fund grants USD23.8m to irrigation project in Lao RepublicMENAFN
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement in the city of Vientiane with the Democratic Republic of Lao, whereby the Kuwait Fund will offer the government ...

 Mar 3 2015 - Bahrain to launch USD22b development projectsMENAFN
(MENAFN) The government of Bahrain will be carrying out giant development projects with a value exceeding USD22 billion, Minister of Information said, KUNA reported.Bahrain is continuing with its ...

 Mar 3 2015 - KFAED finances USD13.47m loan to BelizeMENAFN
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) provided a USD 13.47 million loan to Belize to help in a road restoration project, a statement by the fund showed, KUNA reported.The ...

 Mar 3 2015 - FDI in Qatar posts USD30.65bMENAFN
(MENAFN) Foreign direct investments (FDI) inflow to Qatar registered USD30.65 billion at the end of 2012, a 1.2 percent growth from a year ago. Though the FDI has targeted various economic activities ...

 Mar 3 2015 - Oman's Raeco to invest USD395.75m for power expansionsMENAFN
(MENAFN) A total of USD395.75 million will be invested by Rural Areas Electricity Company (Raeco) in the next three years to raise the power generation capacity, transmission lines and distribution ...

 Mar 3 2015 - Kuwait Investment to cut US investmentMENAFN
(MENAFN) The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that ...

 Mar 3 2015 - Oman's NDC hits sales revenue of USD60.47m in 2014MENAFN
(MENAFN) National Detergent Co. (NDC), one of the leading FMCG companies in the sultanate, has posted total sales revenue of USD60.47 million for full-year 2014, compared with USD56.13 million a year ...

 Mar 3 2015 - 100 per cent rise in FDI expected this yearKhaleej Times
(MENAFN - Khaleej Times) Egypt expects 100 per cent increase in foreign direct investment, or FDI, during the current fiscal year compared to last year, Investment Minister Ashraf Salman said on ...

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