QCB Governor delivers keynote address at MEED Qatar Projects Conference 2010

26 January 2010

• Opening session to focus on banks’ evolving role in Qatar’s project financing market
• Over US$ 200 billion value of current and upcoming projects within Qatar; nearly 42 per cent of investment in non-construction sectors

H.E. Sheikh Abdullah Saud Al-Thani, Governor of Qatar Central Bank, will serve as keynote speaker at the MEED Qatar Projects Conference 2010, which kicks off in the capital today. As part of his address, the QCB Governor will present an overview of the Qatari economy and the country’s banking sector, while outlining Qatar’s key economic achievements in 2009.  Held under the patronage of H.E. Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy & Industry of the State of Qatar, the seventh edition of MEED Qatar Projects Conference will run for two days at the Ritz-Carlton, Doha.

The Governor’s address will be followed by the opening panel session on the banking and finance sector titled the “Role of Qatari Banks in Economic Development and Project Finance in Qatar.” Joining the panel will be George Nasra, Managing Director of IBQ; Dr Khaled Yousef Alderbesti, Director of the Investment & Trade Promotion Department at the Ministry of Business & Trade; and Saleh Jaidah, Chief Executive Officer of Qatar Islamic Bank. Edmund O’Sullivan, Chairman of MEED Events, will moderate the session.

The 2010 edition of the annual conference, focusing on significant projects in energy and non-energy sectors, also marks IBQ’s second successive year of association as platinum sponsor of the event.

“As the clouds of global uncertainty gradually part in 2010, Qatar is making confident strides towards its economic diversification and long-term development, through sustained investment in strategic infrastructure projects,” said George Nasra, Managing Director of IBQ. “Owing to its unique strengths and a concerted move towards diversification of its economy, Qatar today offers one of the most vibrant landscapes for project financing and investment across sectors, vis-à-vis other GCC countries. In 2009, Qatar ranked sixth in the world in terms of project financing activity. This makes it an opportune time for all stakeholders to discuss the opportunities at hand and assess the risks and challenges ahead of us.

“According to recent estimates, the value of current and upcoming projects in Qatar is over US$ 200 billion. Importantly, nearly 42 per cent of these investments have been in non-construction sectors, compared with 29 per cent for other GCC countries, creating new opportunities for financial institutions such as ours,” said Nasra.

The conference brings together key stakeholders of Qatar's energy and non-energy sectors to discuss a range of issues, including economic outlook, project financing landscape, diversification and growth in energy projects, civil infrastructure development, the resilience of the country's financial sector, and progress of the national master plan Qatar National Vision 2030.