Abdulla bin Khalid Al-Attiya, governor of the Qatar Central Bank, talks about Qatar’s financial future.
Q The Qatar economy is seen to be booming; how do you see its prospects and the years ahead?
A The economy has been growing strongly, reaching 8.8% growth in 2003 and a GDP total of Qr70.8bn ($19.5bn). Other factors have been positive, too, with the balance of payments surplus rising 34.2% to Qr10.9bn in 2003 and inflation, although rising, kept at 2.3% last year. Clearly the economy is influenced by developments in the oil and gas sectors, and the growth in gas revenues has and will be significant, with gas revenues expected to be higher than oil revenues by 2010.

Huge hydrocarbon reserves and modern infrastructure are creating a gold-rush mentality among bankers, with local banks’ profits rising and foreign institutions trying to get a look in. By Stephen Timewell in Doha.
Qatar’s booming economy is proving to be a bonanza for banks. Well-established local institutions have boosted profits and new regional players are buying in to get a slice of the huge opportunities available. Despite events in Iraq, investors and bankers are seeing the massive potential offered by Qatar’s unique hydrocarbon reserves and the modern infrastructure put in place in recent years.

Banks in the Gulf have rarely taken minority stakes in banks elsewhere in the region but in recent weeks two prime players, Bahrain’s Ahli United Bank and National Bank of Kuwait, have been drawn to the attractions of the Qatar banking market.

Top African bankers have been told they have to reduce costs, satisfy clients and become compliant. Parveen Bansal reports.

European banks are rushing to buy American banks, but will they make money? Or will it all end in tears, as it did the last time they tried in the 1980s.

Intesa managing director and CEO Corrado Passera tells Karina Robinson how he plans to keep the bank on an upward path after turning it around.

Prime minister Recep Tayyip Erdogan talks to The Banker about Turkey’s role in Europe and other strategic policies.

Turkey’s economic recovery and reform continues to impress. Positive progress across the board will help the country to achieve its international ambitions.

Revaluation, consolidation, privatisation, economic revival and access to foreign markets all affected the banking sector in 2003.