Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Minister of Finance H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Minister of Communications and Information Technology Mohammed bin Ali bin Mohammed Al Mannai, Governor of Qatar Central Bank H E Sheikh Bandar bin Mohammed bin Saoud Al Thani with other officials at the launch yesterday.
Doha, Qatar: Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani inaugurated the 3rd Financial Sector Strategy launched by the Qatar Central Bank yesterday.
In a post on X platform, Prime Minister and Minister of Foreign Affairs stated, “Today, we launched the 3rd Financial Sector Strategy plan for the State of Qatar, which aims at innovation & diversification to enhance our country’s position as an advanced global center in the field of financial services. This plan is an extension of the first & second strategies, which are considered a roadmap for achieving a sound & flexible financial system that supports sustainable economic growth.”
The launch took place in the presence of Minister of Finance H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Minister of Communications and Information Technology Mohammed bin Ali bin Mohammed Al Mannai along with several senior officials and financial sector stakeholders. It aims to develop the financial sector in the country to serve the national economy and contribute to the growth of key sectors in line with Qatar National Vision 2030.
Addressing the event, H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, stated that the launch of the strategy constitutes another chapter of excellence, success, and innovation, supported by the strong foundations of our national economy under the leadership of Amir H H Sheikh Tamim bin Hamad Al Thani.
QCB Governor added that Qatar has achieved great achievements in many fields, culminating in the successful hosting of the FIFA World Cup 2022.
“The national duty dictates that we continue working diligently to preserve what we have achieved and improve the growth process with a contemporary mindset in order to keep pace with the rapid transformation, through sound and comprehensive strategic planning based on the best international practices and standards.”
From this standpoint, QCB is pleased to launch the 3rd Financial Sector Strategy to support our economy and financial institutions, promote the financial sector through innovation and efficiency and provide appropriate solutions which safeguard stakeholders’ interests and help promote growth.
He emphasised that the strategy will not be mere ink on paper, but rather a reflection of aspirations for strong growth in the coming years. Our estimates in this regard indicate an increase in the total contribution of the sector by about 45 percent, to reach about QR84bn, with a compound growth rate of more than 4.7 percent.
QCB Governor further said, “Our banks have always played a vital role in the development process and have enjoyed a prominent position globally. Today, our strategy contributes to developing banking services including advisory, investment and financing services to meet internal and external needs, achieving the aspirations of citizens, residents and foreign investors.
The 3rd Financial Sector Strategy provides a clear roadmap that contributes to identifying opportunities and addressing potential challenges in the coming years. This strategy, which was prepared in accordance with international standards, is characterised by a comprehensive approach that aims to strengthen the financial sector, enhance the growth of the national economy, and achieve financial stability by establishing a robust and effective supervisory framework.
The strategy is founded on four pillars, namely banking, insurance, digital finance ecosystem and capital markets, supported by five cross-cutting themes: Governance & Regulatory Oversight, Islamic Finance, Digital Innovation & Advanced Technologies, ESG & Sustainability and Talent & Capabilities.
