(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Commercial bank Managing Director Omar Alfardan has made his way to the cover page of World Finance magazine.
In an interview with the World Finance magazine Omar Alfardan highlighted that Commercial Bank have fostered a community that have relentlessly pursued the achievement of one goal and that is to position Qatar at the forefront of economic diversification and leadership.
"So, we placed digital transformation at the heart of our five-year strategic plan. Our banking solutions integrate advanced innovations with a deep understanding of customer needs, ensuring a superior banking experience for every service," Alfardan said during the interview.
He discussed Commercial Bank's steadfast support in Qatar National Vision 2030, and the wise leadership that has empowered the Bank to navigate and transform Qatar's financial landscape.“Becoming an attractive destination for international capital after the domestic investment boom around the World Cup is a strategic objective for Qatar.”
Omar Alfardan, Commercial Bank Managing Director
Alfardan added“Qatar is positioning itself as a gateway to larger regional markets by establishing trade and investment agreements with neighbouring countries. This strategy amplifies Qatar's appeal to international investors.”
Indeed, the nation is aiming to create an ever more attractive business environment to boost foreign investment and domestic employment.
Going green
As climate change continues to climb up the global agenda, Qatar is making sustainable development a key priority. While its oil and natural gas reserves remain central to the nation's economy in the short and medium term, Qatar is actively taking steps to reduce its reliance on hydrocarbons and embrace a more sustainable future.
Alfardan said,“Qatar has made significant progress in recent years in advancing renewable energy and energy efficiency initiatives. This strategic commitment aligns with the nation's goals to diversify its energy sources, reduce its carbon footprint and contribute to global sustainability efforts,”
In recent years, Qatar has launched several renewable energy projects, including the development of solar and wind power facilities, which harness the strengths of the country's desert climate. The Al Kharsaah Solar Plant, located 80km west of the capital city of Doha, is now one of the largest solar plants in the word, capable of producing 10 percent of the country's peak electricity demand.
“Qatar has made significant strides in advancing renewable energy and carbon reduction, positioning itself as a regional leader in sustainable development practices.“These efforts not only contribute to Qatar's environmental goals but also enhance its energy security, economic resilience, and its global reputation as a responsible and forward-thinking nation,” he added.
Financing the future
As Qatar embarks on an exciting new chapter in its development, the nation's banking sector will have an important role to play in supporting this ambitious economic journey.
Commercial Bank's Managing Director further said,“Supporting the next stage of Qatar's economic journey is a priority for Commercial Bank, and we believe that the banking sector can play a pivotal role in this endeavour. By facilitating investment, empowering SMEs, embracing digital transformation, promoting sustainability and fostering collaboration, we aim to be a catalyst for economic growth, innovation and prosperity in Qatar.”
Indeed, Commercial Bank is taking a multifaceted approach to supporting private sector growth in Qatar. It provides a broad range of tailored financial solutions for both local and international investors, with a view to helping businesses thrive and expand. Specialised investment advisory services, competitive lending terms and structured finance solutions all help to make Qatar a more attractive place to invest.
“We are committed to empowering SMEs by providing access to capital, financial advice, and specialised banking solutions that cater to their unique needs. Through this targeted support, we hope to support a culture that fosters entrepreneurship and innovation, in line with Qatar's economic diversification goals,” he added.
Harnessing technology
Innovation is a defining principle of Qatar's National Vision 2030. As the country looks towards its future, harnessing the benefits of technology will be crucial in order to reach its goals. Already, technology has transformed Qatari society, with the nation having the highest levels of social media usage in the world.
Commercial Bank is committed to helping its customers reach their digital goals. Its powerful and convenient digital platforms enable businesses and individuals to carry out their financial transactions quickly and efficiently, while its investments in innovative banking solutions give customers a range of choices to suit their individual needs.
Alfardan said,“We are committed to evolving alongside our changing customer needs and preferences. We are continually enhancing our digital technology capabilities to ensure that we offer the right products. In this way, we can help our customers to reduce their reliance on traditional banking interactions, freeing up more time in their day. Our ultimate goal in this ongoing digital transformation is to provide an exceptional, personalised customer experience.”
From mobile payment solutions to biometric authentication methods, Commercial Bank is always looking for new opportunities to enhance the customer experience. Last year, the firm partnered with retail giant Lulu Group to trial the first cashierless check-out system in Qatar, all powered by Commercial Bank's innovative payment systems. The first-of-its-kind project demonstrated the bank's commitment to digital innovation, and to meeting the ever-changing needs of its customers. For its efforts in the digital space, Commercial Bank has been recognised with a number of awards, including being named the“Most Innovative Bank” in the Middle East by World Finance.
“In today's rapidly evolving financial landscape, banks that fail to innovate and adapt risk losing ground to more agile competitors. That's why digital transformation is a central pillar of our five-year strategic plan. Our solutions blend advanced technology with a deep understanding of customer needs, ensuring a superior banking experience for every service,” Alfardan added.
Showing resilience
The global economic outlook has remained gloomy for some time. Last year proved to be a particularly turbulent time for the world economy. Inflation remained persistently high, with food and energy particularly affected, and many developed economies found themselves teetering on the edge of a recession.
However, despite these ongoing macroeconomic challenges, Qatar is demonstrating remarkable resilience. Looking to build on the momentum of the World Cup, the nation shows no signs of slowing down when it comes to achieving its Vision 2030 missions, and the economic outlook for Qatar looks decidedly more upbeat than for many other countries in the developed world.
Commercial Bank's Managing Director further said,“We know that some economic volatility is expected to persist in 2023 and beyond. Nevertheless, Commercial Bank's strategic plan will allow us to effectively confront these immediate challenges and navigate the longer-term landscape.”
In fact, amid wider global economic uncertainty, Commercial Bank is experiencing significant growth in a number of key business segments. Its corporate banking division continues to thrive, and offers a comprehensive suite of financial solutions to meet the diverse needs of its customers. Likewise, the bank has experienced an increased appetite for its wealth management products and services, and is pleased to be able to assist its customers in their unique financial journeys.
“From early adulthood through to retirement and beyond, Commercial Bank works with its customers to proactively manage their finances, set realistic goals and make informed decisions. Our customised solutions support customers with a variety of aims - whether that be saving for education, purchasing a home, or planning to start a family. And with a long history in the Qatari finance and investment sector, Commercial Bank is a well-established expert when it comes to achieving financial goals,” he added
Giving something back
Green loan products are becoming an ever more common feature of the Qatari finance industry, and are being effectively used across the country to finance environmentally-responsible initiatives.
“Commercial Bank is proud to offer green loans to its customers. We are deeply committed to sustainability and ESG considerations, both as an integral part of our corporate strategy and as a reflection of our responsibility to our stakeholders,” Commercial Bank's Managing Director said.
In line with Qatar's National Environment and Climate Change Strategy, Commercial Bank is intensifying its efforts to reduce its carbon footprint, with a 25 percent greenhouse gas reduction target in place for 2030. And the bank's ESG commitments don't stop at sustainability. Commercial Bank also prides itself on maintaining good governance practices, and is one of just a handful of banks in the Middle East with deferred bonus arrangements for its senior executives.
At every level of its business, Commercial Bank is looking to exhibit exemplary ESG principles. Just as the State of Qatar has committed itself to a sustainable and socially conscious future, so too has Commercial Bank. With the steadfast support of Commercial Bank and others within the resilient and influential banking sector, Qatar appears to be well on its way to becoming a dynamic and diversified economy of the future.
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