The country’s banking sector has emerged stronger amid the economic blockade imposed by four Arab nations against Qatar in June 2017, Commercial Bank chairman Sheikh Abdullah bin Ali bin Jabor al-Thani has said.
Speaking on the sidelines of the opening ceremony of Commercial Bank’s new Al Ruwais branch yesterday, Sheikh Abdullah noted that aside from the banking sector, the blockade has had a positive impact on other industries in Qatar such as manufacturing and food.
“We are doing better than before, especially after the blockade. Of course, there was some uncertainty in the beginning but at this time, there is money coming in again… there are new accounts opening, and with the support of Commercial Bank, we are able to meet our clients’ targets,” Sheikh Abdullah told Gulf Times.
He also stressed that Qatar is a stable country, citing impressive financial performance in the banking sector.
“All banks had distributed dividends this year even if people thought at first that there would be no dividends in 2018 because of the situation. All banks in Qatar are solid and we have supported each other together with the support of the Qatar Central Bank and the Minister of Finance, as well as the Prime Minister and His Highness the Emir Sheikh Tamim bin Hamad al-Thani,” he emphasised.
On the bank’s strategic plans, Sheikh Abdullah said Commercial Bank is targeting populated areas across Qatar to support the economy by serving communities around the country.
This year, however, he said the bank has not included any expansion plans abroad, citing economic headwinds being experienced worldwide.
Asked about Commercial Bank’s potential sale of its stake in the UAE-listed United Arab Bank (UAB), he said: “We signed a memo around two months ago and we are still in the discussion phase, but we hope that in a few weeks we would be able to finalise everything. When this is done, we would definitely publish the outcome.
“We signed an extension but we couldn’t finalise with them because we are still discussing the matter. Due to the sensitivity of the situation, we cannot disclose anything until everything is clear.”
Sheikh Abdullah added that UAB held its general assembly recently where the meeting nominated a new board, which includes Commercial Bank officials.

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