His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman of the Board of Al Khalij Commercial Bank (al khaliji) QSC, delivered an optimistic outlook on the Qatari real estate sector to a packed audience at Qatar’s first Cityscape conference on May 23rd.
HE Sheikh Hamad delivered the keynote address on behalf of the bank, which is supporting the event as Platinum Sponsors.
“Despite a slowdown in the Qatari market [during the crisis in 2008], the country emerged relatively unscathed as compared to many economies” said His Excellency.
“The resilience shown by the real estate sector in Qatar, as well as by the financial institutions, was primarily due to wise and sound decisions taken by the government and the Qatar Central Bank. In contrast to the experience globally, and regionally, financing by Qatari banks to the local real estate sector grew more than two fold from October 2008 to April 2012. And the future of the real estate sector looks extremely promising… [with the advent of the FIFA World Cup in 2022, and the country being guided by Qatar’s National Development Strategy].”
With the expected growth in the real estate sector, al khaliji is viewed as a bank of choice for developers seeking financing of their projects. HE Sheikh Hamad indicated some reasons that strengthen al khaliji’s position in the financing sector: healthy capital, an untarnished record of growth, the recently-awarded Fitch rating and most important of all its unique “preferred customer” approach to banking.
“In 2008, al khaliji launched its activities with a capital base just short of 4 billion riyals. Four years later, and with a succession of double-digit year-on-year growth numbers, we now have almost seven times the capital base – close to 27 billion riyals in assets. And we have accomplished this without recording a single loss in any quarter over the past 48 months,” continued HE Sheikh Hamad.
“A bank is a partner, and is intimately involved in the project just as much as the architect or engineer,” added HE Sheikh Hamad. “al khaliji as an A- rated financial institution, has a pre-defined approach whereby our real estate loans have been extended to top tier corporate clients and high net worth individuals. We become their business partner. We have extended significant financing for the development of land-mark real estate and infrastructure projects in Qatar to include retail properties, commercial and residential compounds, hotels, roads and museums. This bank is well positioned for the “right” opportunities in the future.”
Cityscape Qatar is the latest franchise of the event, originally founded in the UAE in 2002. The event has attracted over 1500 global participants, with over 200 multi-national firms exhibiting their wares and services at the Doha Exhibition Center. For those interested in what al khaliji has to offer, they can be found at stand D25. For more information, please visit www.alkhaliji.com.
(click here to view statements)
You must be logged in to post a comment.