Qatar has demonstrated “remarkable resilience” since the June 2017 economic blockade by implementing a series of legislative reforms, including achievements in finance and infrastructure development, according to Doha Bank CEO Dr R Seetharaman.
At the Doha Bank forum titled ‘Qatar’s Resilience Post Blockade – A Year On’ held on Wednesday at the Four Seasons Hotel Doha, Seetharaman spoke on reforms implemented in the past year such as the new Investment Law, permanent residency, food security, Qatar sovereign bond issuance, and other key developments like the Metro Rail project.
“In recent times, Qatar’s long-term issuer ratings have been changed from negative to stable by Moody’s Investors Service, which affirmed the long-term issuer and foreign-currency senior unsecured debt ratings at Aa3.
“According to Moody’s assessment, Qatar can withstand the economic, financial, and diplomatic boycott by Saudi Arabia, the UAE, Bahrain, and Egypt in its current form, or with possible further restrictions, for an extended period of time without a material deterioration of the sovereign’s credit profile,” Seetharaman stressed in a speech.
The knowledge-sharing forum was attended by HE the Governor of Qatar Central Bank Sheikh Abdulla bin Saoud al-Thani. Also present were Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani and managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani, as well as leading Qatari executives and diplomats from various embassies.
The forum was also highlighted by a panel discussion moderated by Seetharaman with speakers Qatar Financial Centre CEO Yousuf Mohamed al-Jaida, Manateq CEO Fahad Rashid al-Kaabi, Qatar Stock Exchange CEO Rashid Ali al-Mansoori, Hassad Food Commercial Relations Department executive director Mubarak al-Sahuty, and acting executive director of Intelligence and Localisation Saleh Majid al-Khulaifi.
Al-Jaida said, “Challenges create new opportunities and in facing these challenges, Qatar and the Qatar Financial Centre have become more resilient and more self-sufficient. A testament to this is the QFC’s incredible growth in spite of regional challenges. In fact, 2017 was the fastest growth period in our 13-year history.
“We have also seen a remarkable 69% increase in new firms during the first six months of this year. Economic resiliency is the cornerstone of the various pillars of the Qatar National Vision 2030, and the QFC is fully-committed to achieving the goals of this vision.”
In a presentation, al-Kaabi spoke on reforms undertaken in Qatar’s free zones, logistic parks, and industrial zones, as well as the incentives being offered to operate in these areas.
He said some of the incentives offered by Manateq include permits issued within three working days, financing by local banks, rent exemptions in 2018 and 2019, and 50% discount per square metre in rent fees.
Al-Mansoori, for his part, focused on the QSE reforms and increased volumes and turnover. He added that the Qatari Market Index “is one of the best performing indices globally” with more than 15% year-to-date returns.
Al-Sahuty noted that post-blockade Qatar has managed to increase cultivated land to reach 8,000 tonnes of vegetable production per year. He said Hassad recently established ‘Mahaseel’, which aims to support the private agriculture sector to contribute to the country’s self-sufficiency and ease the burden on local farmers to increase their production.
On the other hand, al-Khulaifi said the financial sector can help small and medium-sized enterprises to support Qatar’s economic growth, and called for more research and development for SMEs.
HE the Governor of Qatar Central Bank Sheikh Abdulla bin Saoud al-Thani; Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani; managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani, and CEO Dr R Seetharaman during the Doha Bank forum titled ‘Qatar’s Resilience Post Blockade u2013 A Year On’. PICTURE: Noushad Thekkayil
