Posted on May 15, 2011

Doha Bank celebrated the opening of their Central European representative Office in Germany on 10th May 2011 at Hotel Hessischer Hof, Frankfurt, Germany. The top delegates from the German Business and Social strata graced the occasion.

HE Sheikh Abdullah Saoud Al Thani had sent his hearty congratulations to Doha Bank’s team and wished Doha Bank a successful development of their activities. Mrs. Elisabeth Haindl, Member of Municipality City of Frankfurt welcomed Doha Bank to Germany and highlighted the benefits of conducting business from Frankfurt and key bilateral relations. Doha Bank was represented by H.E The Chairman Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, H.E MD Abdul Rahman Bin Mohammed Bin Jabor Al Thani along with the group CEO Mr.R.Seetharaman, Head of IBD Mr. Chris Fellner and Head of Human Resources Mr. Abdul Rahman and our Frankfurt Office representative Mr. Maik Gellert. Top International and Arab Bankers, economists and business professionals participated in this event.

Speaking on the occasion Mr.Seetharaman explained the current scenario prevailing in the global economy and the basic challenges economies face in moving from crisis to stability. He stated that “Global economy is expected to grow at 4.4% in 2011.In Feb 2011 the G20 agreed indicators for measuring imbalances include public and private debt and level of private savings. The sovereign risks are mainly at Euro zone. In March 2011 the European Union announced of a permanent $700-billion safety on concerns from Portugal.”

Mr. Seetharaman while explaining on State of Qatar's emergence as a role model for transformation on economic and social fronts said “State of Qatar has effectively followed the true principles of globalization that is driving the world economies through progressive liberalization and modernization under the astute leadership of His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of the State of Qatar and His Highness Sheikh Tamim Bin Hamad Al-Thani, Heir Apparent of the State of Qatar. Qatar’s National Vision 2030 builds on a society that promotes justice, benevolence and equality.

The increasing energy demand in last of couple of year’s world over had enabled GCC to generate considerable fiscal surplus thereby substantially improving its balance of payments position which has further enabled this visionary state to invest wisely on various industrial, infrastructural projects and overseas investments. Qatar’s GDP is expected to grow at the rate of 20% in 2011 and the current account surplus as percentage of Current GDP is expected to be 36% in 2011.The National development strategy 2011-16 will balance challenges of Qatar’s National vision 2030.Qatar economy is expected to have a robust growth in 2011 and broadly favourable in next 5 years.”

Mr. Seetharaman gave his economic outlook on German economy. He highlighted on the bilateral trade between Germany and Qatar in recent years and said “Qatar can meet significant demand of German oil needs Germany and Qatar already have excellent bilateral relations beyond oil.

Mr. Seetharaman gave his overview on the significant bilateral deals between Qatar and Germany and said” In 2009 Qatari government acquired 10 percent stake in Porsche. Qatar investment acquired 17 percent in Volks Wagen. In recent times Qatar is also evidencing interest in Hochtief – ACS deal. Qatari Diar and Germany's Hochtief AG signed MOU to establish service Joint Venture. In Sept 2010 MoU was signed between Qatar and Germany on scientific and technical co-operation in the areas of new and renewable energy. German (SMEs) are exploring opportunities to expand their trading activities with Qatar. German Oil exploration company Wintershall has exploration activities for Gas in North field. In March 2011 Qatar Airways announces fourth route to Germany with services to Stuttgart. Qatar Airways will buy into Cargolux with purchase of 33 percent of the Luxembourg air freight carrier Dorsch Holding, a German consulting company has expressed interest in expanding to Qatar “

Mr. Seetharaman gave his overview on German participation in Qatar infrastructure and said “Barwa has already awarded construction works on Barwa Commercial Avenue in Doha to Hochtief.In Nov 2009 German rail operator Deutsche Bahn has signed a 17bn euro contract to build rail lines in Qatar and Bahrain. The five stadium projects launched for FIFA 2022 have been designed by German architect Albert Speer & Partners. Germany will play a large role in building the World Cup stadiums. In April 2011The Qatar Steel Company awarded a contract to Siemens VAI Metals Technologies. German to work with Qatar‘s education and research. Qatar General Water & Electricity Corporation signed a deal with Siemens Energy worth EUR 600 Million for the supply of equipment to high-voltage grid. Siemens has completed projects worth EUR 1.6 Billion within Qatar Power Transmission System Expansion. In June 2010 Siemens launched development centre at Qatar Science and Technology Park. “

In his concluding remarks, Mr. Seetharaman said “Germany is emerging as one of the major trading partner for Qatar”