Doha Bank DHBK

22.01 -0.59 -2.62 %

Doha Bank holds business session for visiting Singapore delegation

(4/16/2018 7:41:00 AM)

Doha Bank hosted a session for the visiting Singapore Business Federation (SBF) Business Mission at the bank’s headquarters yesterday. The event was attended by key personnel from well-known companies who were part of the Singapore Business Federation and who were interested in exploring business relationships with Qatar.

Addressing the event, Dr. R. Seetharaman, Doha Bank CEO gave an overview of Qatar economy. He said “Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017. In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy. A new law for Public Private Partnership (PPP) businesses in Qatar will provide comfort to the private sector and foreign investors.”

Dr Seetharaman noted Qatar 2018 budget allocations for health, education and transportation reached QR83.5bn or 41 percent of total expenditure. The transportation and other infrastructure projects were assigned the largest share in the 2018 budget with allocations of QR42.0bn, 21 percent of total expenditure. Sports sector and 2022 FIFA World Cup projects amounted to a total allocation of QR11.2bn.

On Qatar- Singapore bilateral relationships, Dr Seetharaman said Singapore gained enhanced access to Qatar for construction services and professional services, such as legal, architectural, engineering, urban planning. The Gulf Cooperation Council – Singapore Free Trade Agreement will provide more investment opportunities in Singapore for mutual benefits. Major Singaporean companies are already working here on infrastructure development in Qatar. There are plenty of areas, including telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industries in which Qatari and Singaporean businesses can establish and enhance cooperation to facilitate bilateral trade relations. Qatar’s hospitality market is expected to demonstrate growth as Qatar begins preparations for its FIFA world up, he said.

The Peninsula