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 Q527.5bn 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 27 2016 - President confers Independence Order on Indian AmbassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th July, 2016 (WAM) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has conferred the Independence Order (First Class) upon T. P. ...

 Jul 27 2016 - President confers Independence Order on Chinese AmbassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th July, 2016 (WAM) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has conferred the Independence Order (First Class) upon Chang ...

 Jul 27 2016 - New batch of 80 diplomats sworn in before Sheikh Abdullah bin ZayedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th July, 2016 (WAM) A new batch of 80 male and female diplomats took the oath of office on Tuesday before H.H. Sheikh Abdullah bin Zayed Al ...

 Jul 27 2016 - RTA Customers' Council explores improving NOCs services to partners, developersEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th July, 2016 (WAM) -- The Customers Council at Roads and Transport Authority (RTA), has explored a number of services related to No Objection ...

 Jul 27 2016 - Emirates Airlines' Dubai to Maldives flight lands safely in Mumbai due to technical diversionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th July, 2016 (WAM) -- The spokesman of the Emirates Airlines has announced that the Emirates can confirm that on 26 July 2016, flight EK652 from ...

 Jul 27 2016 - Etihad Airways announces additional A380 service to New York's JFK AirportEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th July, 2016 (WAM) -- Etihad Airways, the national airline of the United Arab Emirates, today announced plans to increase Airbus A380 service ...

 Jul 27 2016 - Custodian of Two Holy Mosques receives President of SudanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) TANGIER, 26th July, 2016 (WAM) -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, today received at his residence ...

 Jul 27 2016 - Saif bin Zayed inspects Solar Impulse, stresses UAE is international hub for all kinds of energyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th July, 2016 (WAM) H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, inspected the Solar ...

 Jul 27 2016 - Qatar condemns attacks on African Union Mission in SomaliaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOHA, 26th July, 2016 (WAM) -- The State of Qatar has expressed its strong condemnation and denunciation of the attack, that targeted the area around ...

 Jul 27 2016 - King of Jordan receives phone call from British PMEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AMMAN, 26th July, 2016 (WAM) -- His Majesty King Abdullah II of Jordan on Tuesday received a phone call from British Prime Minister, Theresa May, during ...

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