George Nasra addressing the media at IBQ's press conference
The MEED Qatar Projects 2011 conference kicked-off in Doha today under the patronage of H.E. Abdullah Bin Hamad Al-Attiyah, Deputy Premier. The eighth edition of MEED Qatar Projects Conference will run for two days at the Grand Hyatt, Doha with a host of distinguished speakers and delegates.
The keynote address was followed by the opening panel session on the banking and finance sector entitled “An In-depth look at the current economic developments and financial landscape in Qatar.” Joining the panel were George Nasra, Managing Director of IBQ who opened the session; Alberto Verme, CEO of EMEA Citigroup Inc; and Ahmad Meshari, Acting CEO of Qatar Islamic Bank. The panelists discussed the challenges associated with managing the world's fastest growing economy. The session also explored best practices to manage risks in a post-crisis financial landscape in addition to the process of funding and financing requirements for major projects in Qatar. Additionally, speakers looked into the feasibility of Qatar plans to develop an economy that is totally funded by non-energy revenues.
The 2011 edition of the annual conference, focusing on significant projects in energy and non-energy sectors and the line-up of projects resulting of a World Cup in 2022, also marks IBQ’s third successive year of association as platinum sponsor of the event.
The World Cup is set to launch a USD 60 Billion construction boom in Qatar with project spending in the Gulf state forecast to hit USD100 Billion in the next five years. The nation will spend USD 4 billion on building nine state-of-the-art stadiums and upgrading existing ones.
“Moving from economic strengths to another, Qatar is now the fastest growing economy in the world with a projects pipeline which will see a significant surge in project financing and construction over the next 10 years,” said George Nasra, Managing Director of IBQ. “With a population that is expected to double and a GDP which will reach USD 221 Billion in 2015, Qatar is poised to set a historic global growth benchmark with investments topping USD 100 Billion in infrastructure, real estate and other non-energy sectors that are set to fuel-charge the country's expansion schemes."
“Qatari banks are well capitalized, liquid and ready to finance projects and developments. We believe that IBQ is a rising banking force in Qatar and that it is well positioned to support multinational companies that are setting operations in the country.” said Nasra.
MEED’s Qatar Projects 2011 will see the presence and participation of over 450 international and regional attendees and over 40 expert speakers, stakeholders and decision-makers of Qatar's energy and non-energy sectors. Qatari Diar is diamond sponsor of the event, alongside platinum sponsor, IBQ and supporting partner, Qatar Petroleum.
The range of issues to be covered will include the economic and financial landscape, plans for the downstream and upstream energy markets, power and water infrastructure, Qatar's National Vision 2030 and Masterplan, transportation, social and healthcare development plans, sports, real estate and urban planning and industrial investment opportunities.