(MENAFN- The Peninsula) Qatar's Asset Management sector is still young and relatively untapped. There is full-scope for greater expansion of this sector, Sheikha Hanadi Nasser bin Khaled Al Thani, Founder and Chairperson, Amwal, said.
There is huge potential for growth in the region's asset management sector. It is estimated that $1.5 to $3 trillion of wealth pool is available in the region, excluding the sovereign wealth fund (SWF). This is huge money. There is enough room for greater expansion of the sector, she said in an interview at the opening day of Euromoney Conference yesterday.
On the country's economic diversification programme and the positioning of financial sector in this context, Sheikha Hanadi said the financial sector is key in the development of non-hydrocarbon sector. There is no doubt that hydrocarbon is the backbone of our country's economy. But non-oil sector is fast emerging as major contributor to the national GDP.
Sheikha Hanadi noted: Despite making big successes, the SME stories are going unheard in the region. SMEs are the biggest providers of employment I within the region. SMEs accounts for more than 87 percent of businesses in the region. There are huge success stories in this sector. But we don't hear it.
In Qatar, she said, there are multiple institutions that are committed to promote small businesses. There is lot of initiatives for financing as well as creating capitals. Still we need a lot of 'bubbly' initiatives in this sector.
On the challenges of Qatarisation, she said:
"Well, the future of Qatar lies on Qatari people. We are a small population and we have large opportunities to offer. Qatari entities are trying to create a right talent pool of nationals. But I think we need to strike a right balance between local and foreign talents to move forward. Young Qataris must look for opportunities both in Government and private sectors, she said.
Amwal that won "best asset manager in Qatar" award for the fourth consecutive year, is one of the best-positioned asset managers in the expanding sector, with full-scope asset management capabilities.
A leading asset management firm with a successful track record in managing equities, Amwal offers non-banking financial advice to Qatari investors and helps them realise their wealth management and asset management aspirations.
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