Financial Sector Strategy To Boost Economic Growth


(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: Qatar Central Bank (QCB) launched the 3rd Financial Sector Strategy yesterday which was inaugurated by Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani in presence of a number of Their Excellencies ministers, and senior officials.

Addressing the launch event H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, QCB Governor noted that Qatar has a high-quality technological infrastructure that helps in the transition towards a competitive digital economy and QCB has spared no effort over the past period to develop the digitisation of banking and financial services.

Deliver the keynote speech, Abdulla Mubarak Al Khalifa, Group CEO QNB said, this strategy represents a clear path and an ambitious vision in order to elevate and boost the competition and competitiveness of the sector. This will also help to achieve development and economic strategies within the framework of Qatar National Vision 2030.

“I would like to reaffirm the commitment of all the Qatari banks to achieve all the goals of the third strategy. At QNB Group we will as soon as possible review the strategy of the bank as well as its road map in order to achieve this goal, and also seize all the opportunities that will emanate from this strategy. We also look forward to working in a permanent way not only to achieve the strategic goals but beyond that in order to enhance the success of this strategy. This will also create an ecosystem for diversity in order to provide different financial services including consulting services and also the stability of the financial sector,” Al Khalifa added.

For his part, Salem Al Mannai, Group CEO of Qatar Insurance Company said,“We face now different challenges given the economic instability resulting from the international geopolitical situation in the world and this strategy will help us not only to overcome those challenges but also to develop and grow in the right direction to maintain solid growth of the Qatari economy.”

This strategy will help us build a stronger and solid financial sector. It will offer several opportunities for financial and insurance services.

He added that the strategy provides a clear and well-thought-out roadmap for growth and success, and it will create great new opportunities for the financial services sector and the insurance sector, which in turn will double the sectors business volume, place it in a leading position in the region, and increase the sectors contribution to the country's plan for sustainable growth and economic diversification.

Abdul Aziz Nasser Al Emadi, Acting CEO of Qatar Stock Exchange said that this strategy is comprehensive that represents a new chapter in the process of the development of our economy.

“I see in this strategy a clear vision and commitment to enhance the financial sector based on important pillars that are likely to boost the economic growth in Qatar and to increase the competitiveness of the financial sector. QSE is working relentlessly to overcome all the challenges to enhance its infrastructure through supervision and by boosting all the local companies to list in the QSE and also to launch several initiatives to enhance the capital market here in Qatar by enhancing the its liquidity and increasing the trust in the sector,” he said.

Al Emadi added,“I think that we are here standing in front of a big opportunity that we should seize wisely and implement it in an efficient way and implement all its initiatives. This will likely help us to unleash all the potential of our sector so that it can be a leading sector in the region to also aspire to penetrate the international and global market and ensure a diversification of our economy.”

The Third Financial Sector Strategy provides a clear roadmap that contributes to identifying opportunities and addressing potential challenges in the coming years. This strategy, which was prepared in accordance with international standards, is characterisd by a comprehensive approach that aims to strengthen the financial sector, enhance the growth of the national economy, and achieve financial stability by establishing a robust and effective supervisory framework.

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