According to the Boston Consulting Group, Qatar’s financial wealth is expected to reach US$388 billion by 2027. The Boston Consulting Group expects that ultra-high-net-worth individuals will be major contributors of this financial growth, highlighting that in 2022, ultra-high-net-worth individuals contributed approximately 38% to Qatar’s wealth. The Boston Consulting Group noted that “the success of Qatar in attracting and retaining high-net-worth individuals has been instrumental in driving its economic growth”.
Fitch has affirmed the rating on QIIB at ‘A-’ with a positive outlook. In its report, Fitch noted that its affirmation is based upon, among other things, QIIB’s financial stability, asset quality and stable funding. QIIB CEO Dr Abdulbasit Ahmed Al-Shaibei commented on QIIB’s rating and emphasized on the bank’s “commitment to the wise policies, regulations and directives issued by the Qatar Central Bank”. Fitch also affirmed the rating on Dukhan Bank at ‘A-’, with a positive outlook.
Masraf Al Rayan has launched its ‘Green Vehicle Finance Campaign’, which aims to encourage its customers to make sustainable choices by choosing electric and hybrid vehicles. Some of the benefits of the campaign include a special profit rate of 6.25%, up to 50,000 bonus Avios points to use on Qatar Airways and a repayment holiday period of up to three months. This campaign and the incentives offered highlight the bank’s commitment to supporting ethical and sustainable initiatives.
The Qatar Stock Exchange (QSE), the Qatar Financial Centre Authority and the Malaysian Rating Corporation have recently signed a memorandum of collaboration agreeing on strategic initiatives to enhance the financial landscape, locally and internationally, with a focus on Sukuk and bonds.
Through this collaboration, the parties intend to organize joint events, develop sound market infrastructure and support Qatar’s bonds and Sukuk market. CEO of the Qatar Financial Centre (QFC), Yousef Al Jaida, commented on this collaboration noting that it “demonstrates the QFC’s unwavering commitment to bolstering Qatar’s financial ecosystem”.
Abdulaziz Nasser Al Emadi, acting CEO of the Qatar Stock Exchange (QSE), announced that the QSE is expected to witness new listings during the last quarter of the year, including the listing of an investment fund.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].