Energy-rich Qatar to keep playing a major role in global economy

Qatar will continue to play a major role in global economy because of its energy resources, says QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei. “Energy will be an essential element for the development of any region or country – so Qatar will remain playing a special role in world economy, because of its energy,” al-Shaibei said in an interview with Gulf Times. Qatar economy, he said, would continue to offer “distinguished opportunities” for various sectors including banking. “This year we are all focused on the world’s most important sporting event, the FIFA World Cup Qatar 2022. Covid-19 is almost over, but I believe, we may see a slow period, after the world cup. I believe next year will be a period of certain evaluation. In 2024, I believe it will be another take off year for the Qatari economy. “Because as we all know, whatever that is going on right now in terms of development in our country is not limited to the FIFA World Cup Qatar 2022. We have the Qatar National Vision 2030 and many key projects in terms of infrastructure, healthcare and tourism among others. The local banks will play a major role in all of them,” al-Shaibei noted. “The national economy continues to be well maintained,” the veteran Qatari banker said. And during the pandemic (Covid-19), the local banks under the guidance of Qatar Central Bank (QCB) managed to put a lot of procedures, process to make sure it was a ‘win-win’ situation.“These have ensured banks do not suffer and clients do not get severe pressure from the banks as well. QCB have always tried to guide banks on how to place measures that ease the business for the private sector. At the same time, the local banks were focused on securing their loans,” al-Shaibei said. He said QCB needs to be complimented for ensuring that the banking regulations in Qatar are of international standards. “We thank QCB for their guidance… their regulations are of international standards. While they don’t comprise, they properly guide banks,” the QIIB chief executive officer noted.Talking about QatarEnergy's multi-billion dollar North Field (LNG) expansion, al-Shaibei said, "We at QIIB are very open to financing all companies that are involved in it...even if they are not the main contractor. The procedures (laid down by QatarEnergy in terms of pre-qualification or technical qualification) give us comfort."Al-Shaibei sees a cyclical effect on the Qatari economy because of the North Field expansion."A project of this scale calls for lots of expertise. I believe lots of people with expertise will move to Qatar to implement the project. This will positively impact the national economy, real estate in particular. It will also mean more business for the banking sector."