Qatar First Investment Bank (QFIB), Qatar’s independent Islamic investment bank, today provided an in-depth economic snapshot of Qatar’s investment landscape to an influential group of Saudi businessmen at a reception hosted by Mafaz International, a shareholder of QFIB and one of the leading organizations in the Kingdom of Saudi Arabia.
Mafaz International, based in Riyadh, hosted a dinner for key Saudi Arabian businessmen and government officials in addition to QFIB shareholders’ based in the Kingdom. Speaking at the event, the QFIB senior executives discussed the Bank’s progress and the investment landscape in Qatar ahead of the FIFA 2022 World Cup. They gave a presentation that outlined the different sectors that will benefit from the 2022 World Cup and the potential opportunities that will be generated for investors.
“We extend our appreciation to Mafaz International for organizing this gathering. We are delighted to meet our Saudi shareholders and share the progress of QFIB to date” commented Abdullah bin Fahd bin Ghorab Al Marri, QFIB Chairman. “We are further pleased to share our insights and knowledge of the Qatari investment landscape with our Saudi counterpart. Everyone is eyeing Qatar with great interest after winning the bid for FIFA 2022 World Cup. There will be tremendous opportunities for investors in the region as Qatar is poised for massive growth- not just in the obvious sectors of infrastructure, construction and development, but also in education, healthcare and telecom”, he continued.
Dr. Fahad Al Damer, QFIB Board member and General Manager of Mafaz International commented, “As a board member of QFIB, I applaud the management’s efforts in trying to connect with its shareholder base around the GCC. We are pleased to have had the opportunity to organize such an event. This gathering has given QFIB Saudi based shareholders the opportunity to meet with QFIB senior executives and discuss how the Bank has progressed since the private placement in 2008. We also appreciate QFIB sharing the opportunities in different sectors that are likely to emerge as a result of the FIFA 2022 World Cup. This will alert Saudi businessmen to any investment prospects they might focus on.”
Equity research undertaken by QFIB has indicated that over nine sectors are expected to benefit from Qatar’s FIFA bid win. Immediate sectors to benefit include infrastructure, transport and logistics, and construction/development. Further sectors are also projected to benefit due to ancillary development needs including the financial sector, education, power and healthcare. These multiplier effects, according to QFIB executives, combined with a population growth will have a great impact on Qatar’s GDP in the coming years.
“With no major energy projects on the horizon, economists had projected a slowdown in growth from 2012-2015,” Emad Mansour, CEO of QFIB, began. “The FIFA 2022 World Cup is a big win; the resulting investment will have a multiplier effect on several other industries and lead to increased diversification of Qatar’s hydro-carbon focussed economy,” he added. The executives also detailed the three pillars of announced FIFA 2022 investment initiatives: stadiums, accommodation and infrastructure, projected at $3 billion USD, $12.4 billion and $44 billion respectively. With a concentration of key event facilities and venues within a compact area of a 60km radius, three stadium renovations and the construction of nine new stadiums are planned.
While detailed information is still being compiled, Qatar government decision-making is ongoing. Nonetheless, healthcare and education are the key sectors of expected growth with approximately 72 out of 200 awarded projects.
For more information on QFIB’s analysis of projected growth in Qatar, please visit the detailed report at www.qfib.com.qa