(MENAFN- The Peninsula) QNA
Doha: Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani said yesterday that the Qatari economy achieved a four-percent growth rate in 2022.
The Minister said this in his inaugural speech at the 9th Doha Islamic Finance Conference, held this year under the theme 'Islamic Finance and Challenges of the Web 3.0' at the Sheraton Hotel, Doha.
His Excellency said that the State of Qatar achieved an actual budget surplus of QR89bn in 2022, and became the world's fifth-largest market for Islamic finance.
HE Minister of Commerce and Industry considered the financial sector as one of the main pillars of the Qatari economy, given its quality and the size of its local assets, highlighting its success to overcome many regional and global crises.
His Excellency highlighted that the successive developments in the digital transformation with major global economies tending to accelerate the adoption of advanced technological solutions.
The Islamic financial technology sector is one of the most important sectors that has achieved significant expansion in the State of Qatar over the years, His Excellency said, adding that Doha is ranked among the top 10 capitals for this sector in the Organization of Islamic Cooperation (OIC) countries.
H E added that the major global economies' investments directed to the financial technology sector exceeded about $164 bn in 2022, amid the competition of companies specialized in this field to adopt the best and most advanced digital programs like Metaverse technology, which is expected to make tremendous revolution regarding its solutions, which include applications of the third generation of the web or what is known as the decentralized Internet and blockchain technologies, which are one of the most important tools used in financial portfolio technology.
His Excellency considered that the 9th Doha Islamic Finance Conference is an important opportunity to highlight the approach that has been taken at the local and global levels, in order to adopt the best technical standards and regulatory controls to benefit from artificial intelligence solutions and advanced technologies in the field of financial technology and Islamic finance.
MENAFN15032023000063011010ID1105783439
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.