QNB meets target of becoming No.1 bank in MENA a year early

Qatar National Bank (QNB) has achieved the target of becoming  the No.1 bank in the Middle East and North Africa (MENA) , much ahead of the stipulated time.

"We set ourselves the target of being the number one in all key emtrics-assets, profitability and revenue-across the Mena banking sector by 2017, an I am pleased and proud to say we have achieved that goal one year early in 2016", said Ali Ahmed Al Kuwari, Group CEO, QNB yesterday addressing the Euromoney Qatar Conference 2016.  The strength of Qatar's economy is reflected by the postion of its largest bank, he added. In his presentation, Al Kuwari pointed to Qatar's position as the richest country in the world in terms of GDP per capita, supported by proven gas resrves projected to last for 135 years

Speaking in a panel discussion Yousuf Mohamed Al Jaida, CEO, Qatar Financial Centre (QFC) Authority said, “The country has built a successful model of partnership between the public and private sectors (PPPs), the local industries have greatly developed throughout the past year and have benefited from partnerships with international companies ”.

Commenting on the role of Islamic Finance in diversifying the economy Al Jaida stated: “The Islamic Banking industry will greatly benefit from the diversification of the local economy, there is however still a gap of under penetration for Islamic banking that must be addressed. As the economy moves away from its dependence on hydrocarbon revenues, Islamic Finance will have a bigger role to play and innovation will be critical for this growth.”

He also commented regarding the advantages provided by the QFC. “The Qatar Financial Centre brings a unique business model that allows for further integration with the economy by giving local companies the opportunity to grow both in Qatar and beyond,” he said.

“The regulatory infrastructure at the QFC is based on international best practices and it is further reinforced by the presence of the Qatar International Court and Dispute Resolution Centre (QICDRC),