Dr R Seetharaman, CEO, Doha Bank, said: “The Qatar economy is expected to grow by 3.4% in 2017 and a fiscal deficit of 7.7% this year. The nominal GDP of close to 30% comes from Mining and Quarrying (mainly hydrocarbons) and the remaining from non-hydrocarbon sectors. Net foreign currency liability of all banks (QR 120 billion) in Qatar is more than 135% of Qatar Central Bank (QCB) reserves.”
He added: “QCB reserves are more than six times of volatile non-resident deposit outflow (QR 14 bn) during June 2017. Qatar has a reserve of $340bn, including assets of its sovereign wealth fund. Qatar’s reserves are more than 200% of its GDP.”
Bilateral relationship
Speaking on the Qatar-Australia bilateral relationship, he said: “The Australian economy is expected to grow by more than 3% in 2017. The Australian dollar has strengthened by more than 10% against the US dollar. Qatar-Australia trade exceeded A$1.6bn in 2016. There are growing relationships between both countries in aviation, education, trade and defence. The major Australian export to Qatar was livestock.”
He said Leighton of Australia was instrumental in constructing the equestrian complex in Qatar. Qatar plans to airlift 4,000 cows. It would take as many as 60 flights to deliver the cattle, which were bought in Australia and the US.
Hassad Australia, a subsidiary of Hassad Foods, a company owned by the Qatar government, owned land spread across Victoria, New South Wales, South Australia and Western Australia.
“The Qatar economy is opening up on account of the current scenario which will give enormous opportunities for Australian companies to participate in Qatar’s development, particularly food security. On the whole, synergistic opportunities prevail between Qatar and Australia in food security.”
From www.bq-magazine.com.