Qatar raised US$14 billion through bonds and treasuries
The Qatari government has raised QR50 billion (around US$14 billion) through bonds and treasuries to stabilize and balance the national banking system. The Qatari Prime Minister stated that the 2011-2012 year budget is considered the biggest in Qatar history and it shows the nation’s economic power and durability.
Sheikh Hamad bin Jassim bin Jaber Al Thani, the Prime Minister and the Minister of Foreign Affairs has recently addressed the Businessmen and Commerce Chamber of Qatar, to discuss the private sector’s role in the economic development of the country, and the unexpected growth in GDP by 16% in 2010.
The Prime Minister and Minister of Foreign Affairs affirmed that the government had bought 20% of the national banks’ capital for over three years between 2008 - 2010 and a number of portfolios and real estate investments totaling 15 billion riyals, to stabilize the market during the economic crisis. Further, the restructuring of the financial system is nearly done and the necessary legal tools have been completed to let the Central Qatari Bank supervise and control the Qatar Financial Market Authority and the Qatar Financial Center Regulatory Authority.
Qatar News Agency quoted Sheikh Hamad bin Jassim bin Jaber Al Thani as saying that the government is preparing to launch and sign contracts to add new road projects in the following six years at a cost of 8 billion riyal, sanitation projects totaling 3.650 billion riyals, and building projects totaling approximately 3.6 billion riyals. Many sanitation projects have already been completed, including pumping stations, treated sanitation water networks, and discharge of surface water.