GCC banks allowed to open branches in Qatar

9/9/2015 10:46:59 PM

(MENAFN- The Peninsula)Emir H H Sheikh Tamim bin Hamad Al Thani Chairman of the Supreme Council for Economic Affairs and Investment yesterday chaired the council’s fourth meeting this year at the Emiri Diwan. Deputy Emir H H Sheikh Abdullah bin Hamad Al Thani vice president of the council attended the meeting along with Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani executive member of the council and other members.

DOHA: Qatar will allow GCC banks to open their branches in the country.

A meeting of the Supreme Council for Economic Affairs and Investment chaired by Emir H H Sheikh Tamim bin Hamad

Al Thani yesterday approved a proposal by the Qatar Central Bank (QCB) in this regard.

Licences will be issued to the banks to open their branches in Qatar in keeping with QCB requirements Qatar News Agency reported yesterday quoting the Minister of Finance H E Ali Sherif Al Emadi who is the council’s secretary general.

The meeting discussed a project to build 2000 residential villas for Qataris in south Doha on an area of 2500000 square metres at a total cost of nearly QR10bn over four years.

The Qatar Development Bank will manage the project and offer tenders to the private sector for construction work infrastructure and service facilities. Villas will be designed in different models and at appropriate prices and will be allocated to Qataris who are covered by the housing scheme.

Al Emadi said the council reviewed developments in oil and gas projects as well as investment affairs. Deputy Emir HH Sheikh Abdullah bin Hamad Al Thani vice president of the council Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani executive member of the council also attended its fourth meeting at Emiri Diwan.

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