Acting CEO of Qatar Development Bank: Qatar's Growth Rate Will Continue to Rise

Doha, March 28 (QNA) - Acting CEO of Qatar Development Bank (QDB) Abdulrahman Hesham Al Suwaidi underlined that Qatar's GDP growth rate will continue to rise until 2030, and will not be affected by the end of the 2022 FIFA World Cup Qatar, according to World Bank and International Monetary Fund reports. In statements on the sidelines of the Build Your House Qatar (BYH 2022) exhibition which kicked off Monday, Al Suwaidi explained that this growth will be driven by government projects, foremost of which is the expansion of the North Field, the increase of competitiveness and efficiency of the local product, and the focus on exporting abroad. He pointed to the current great boom in the real estate sector which is witnessing a remarkable growth at all levels, both in residential and commercial properties. He added that the direct financing portfolio from the bank exceeded QR 7.5 billion, a significant part of which is related to the production and manufacture of building materials in Qatar, adding that this financing contributed to the development of this sector in the country, serving local consumption as well as competitiveness in export issues, which was confirmed by many forums and exhibitions that prove the quality of local building products and their competitiveness in global markets. Al Suwaidi stressed the importance of the Build Your House exhibition in introducing local products and providing all options for individuals who are about to build their houses in terms of services or Qatari products, in addition to benefiting from governmental and non-governmental institutions organizing housing operations in educating and raising awareness among the citizens about the latest developments in this sector. He added that inflation at the present time is a common feature among all countries of the world, due to the negative impact of the COVID-19 pandemic and the current geopolitical situation, expecting conditions to improve over time in light of the availability of cash and the return of production to its usual level, as is the case with the offered services in various fields, which will contribute to re-arranging the supply chains again. For his part, HE Ambassador of the Republic of Turkey to the State of Qatar Mustafa Goksu stressed the importance of the Build Your House exhibition for Turkish companies looking to increase their opportunities in the Qatari market, and promote more new goods in the country, noting the participation of 10 Turkish companies in the exhibition. In this regard, HE the Ambassador highlighted the great investment and marketing opportunities offered by the State to institutions active in this sector, as part of its preparations for the FIFA World Cup at the end of this year. His Excellency indicated that Turkish companies operating in Doha focus greatly on the construction sector, noting that 60% of the 711 Turkish companies active in Qatar are construction and contracting companies, which indicates the success of Turkish companies in this sector. He stressed that the building and construction opportunities in Qatar will not end after the World Cup as the goal remains to achieve Qatar Vision 2030, which will undoubtedly carry with it more promising projects in this sector. (QNA)