Muhannad Mukahall, CEO and Head of Corporate, Commercial and Institutional Banking, Qatar at Standard Chartered
Doha, Qatar: Qatar continues to enjoy positive growth. Standard Chartered forecasts a strong credit outlook for Qatar, driven by its liquefied natural gas expansion, strong public finances, robust balance sheet and positive ratings momentum, said a top official.
Speaking to The Peninsula, Muhannad Mukahall, CEO and Head of Corporate, Commercial and Institutional Banking, Qatar, Standard Chartered said, Given our long-standing history here, Standard Chartered has long been a cornerstone of Qatar’s financial sector.
“We’ve played a key role in facilitating trade, providing crucial financing for infrastructure projects, and supporting local businesses through innovative solutions. We’re proud to have nurtured generations of Qatari bankers, contributed to the development of Qatar financial sector, and played a role in supporting Qatar’s market achieve key milestones including issuing Qatar’s first Green Guarantee and signing a landmark $850m financing deal with Qatar Airways.”
“Recently, we have also been appointed as Qatar International Islamic Bank’s global coordinator of their $500m sustainable Sukuk for a period of five years, which is considered as the first issuance in Qatar this year and the first Qatari bank’s sustainable Sukuk to be listed on the London Stock Exchange,” he added.
As a leading international bank, “we leverage our global network and expertise to connect foreign investors with opportunities in Qatar. Through our operations in Qatar, we are supporting the country’s economic diversification efforts by identifying financing opportunities for key infrastructure projects across a range of sectors, with a focus on sustainable financing,” Mukahall noted.
Last year, “we partnered with Siemens Energy to issue Qatar’s first Green Guarantee – an initiative designed to increase sustainable and responsible banking practice in the country. The Green Guarantee was granted for a solar power project that is projected to play a significant role in the country’s national climate change action strategy and its goal of reducing its carbon footprint while enhancing its energy independence. We also acted as sole green loan coordinator and sole green hedge coordinator for Qatari Diar to fund one of only 17 neighbourhood developments in the world to reach LEED Platinum certification.”
We remain committed to supporting Qatar’s growth through our operations in the country. For the Middle East region, we have recently announced the official launch of our operations in Egypt, solidifying our presence in the region and continuing our support for emerging nations.
For the Middle East region, we have recently announced the official launch of our operations in Egypt, solidifying our presence in the region and continuing our support for emerging nations. As a new member of the BRICS group, Egypt presents promising growth opportunities that makes it an attractive investment destination.
Elaborating on the significance of Environment Sustainability Governance (ESG) in the banking sector he stated, ESG factors are integral to our decision-making process. By integrating them into risk assessments, we identify and mitigate potential environmental, social, and governance risks, safeguarding our financial stability and long-term profitability. This also attracts responsible investors who align with our values.
For customers, our ESG focus translates to access to green financing solutions, improved risk management practices, and a positive impact on the communities they operate in. The banking sector as a whole has a pivotal role to play in addressing global challenges. “We at Standard Chartered are committed to supporting a just transition, ensuring a fairer and more inclusive society, playing our part in channelling capital to where it is needed most.”
Speaking about the bank’s performance Mukahall said, “Standard Chartered Africa and Middle East has delivered continued outperformance and recorded a very strong set of results as of Q3 2023, with our Qatar operations contributing to our success. This reflects the strength of the Qatari economy and our strategic focus on key sectors aligned with Qatar National Vision 2030. We’re actively involved in supporting the pillars of Qatar National Vision 2030, including economic and environmental development.”
