Doha Bank opens in Abu Dhabi
- United Arab Emirates: Sunday, December 16 - 2012 at 16:59
- PRESS RELEASE
Doha Bank, the leading private commercial bank in Qatar, has announced the opening of its branch in Abu Dhabi recently. The opening follows the upgrade of its existing license to a full branch license.
During the inaugural reception, H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank thanked H.E. Sultan Bin Nasser Al Suwaidi, Governor, Central Bank of the UAE, for his patronage and support.
Speaking at the inaugural reception Dr R. Seetharaman, gave his insights on Qatar and UAE economy. He said: "Qatar's economic growth is expected to be around 6 per cent in 2012 and moderate to 4.5 per cent in 2013. The non-hydrocarbon sector is seen maintaining momentum through to 2013. The UAE is expected to grow by around 4 per cent in 2012. The UAE federal budget of 2013 focuses more on social spending, education, water and electricity. Qatar budget 2012-13 will focus on education health and housing. Qatar - UAE bilateral trade was close to $2bn in 2011 and is expected to increase in 2012."
Dr. R Seetharaman highlighted the key developments in Abu Dhabi. He said: "Abu Dhabi's economic growth may grow by 3.9 per cent in 2012 as non-oil industries in the emirate expand. Non-oil industries, which accounted for 48 per cent of gross domestic product in 2011, will expand 5.5 per cent in 2012 from 4.1 per cent last year. Abu Dhabi is planning to create two new industrial clusters and to go on with some landmark projects; increased public spending in the Northern Emirates. Abu Dhabi's gross domestic product (GDP) is estimated to grow at an average annual rate of 5.7 per cent from 2013 to 2016, with expected non-oil output to accelerate at an average pace of 6.5 per cent a year through 2016.
Dr. R.Seetharaman highlighted the key dimensions in Abu Dhabi Vision 2030. He said: "The pillars on Abu Dhabi Vision 2030 include a sustainable knowledge-based economy, Premium education, healthcare and infrastructure assets and a large empowered private sector. The Abu Dhabi Vision 2030 key priority areas include economic development, social and human resources development and infrastructure development. The Abu Dhabi Vision 2030 plan expects revenue from the non-oil sector to account for 60 per cent of the GDP Tourism is a major component of this plan. In addition to tourism, other contributors include supporting industries such as aluminum production, petrochemicals and media."
Dr. R.Seetharaman gave insights on major projects between Qatar and UAE. He said: "Dolphin Energy's major strategic initiative, the Dolphin Project, involved the production and processing of natural gas from Qatar's North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE. Qatar and Abu Dhabi Coral reefs have been studied and mapped with a view to developing a comprehensive conservation and management plan for these valuable ecosystems. UAE based tabreed is one of the Joint Venture partners in Qatar district cooling company."
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