Qatar’s economy is very well diversified and the country’s major projects are government’s investments into the future, International Islamic CEO Abdulbasit A.al-Shaibei said in an interview with Gulf Times here. PICTURE: Shaji Kayamkulam
By Pratap John/Chief Business Reporter
Qatar’s economy is very well diversified and the country’s major projects are government’s investments into the future, says International Islamic CEO Abdulbasit A.al-Shaibei.
“For most oil producers, the number one source of revenue is crude oil. So the oil price drop will obviously impact these countries. But the strengthening dollar will provide some sort of cushion, especially to those countries, whose currencies have been pegged to the dollar,” al-Shaibei said in an interview with Gulf Times here.
The drop in oil price, he said, should boost many economies, especially in Europe and the US.
“Europe is struggling. Many European countries face issues relating to growth. But the falling oil price should provide relief to these countries and help grow their economies.
“Similarly in the US, consumer consumption accounts for about 75% of the country’s GDP. With lower oil price, there will be a growth in disposable income in the US, which will drive consumer consumption as well as economic growth,” al-Shaibei points out.
Asked whether the lower oil price would force Qatar to review some of the major projects, the International Islamic CEO said, “I don’t think so. Qatar economy is very resilient. It can absorb shocks generated by the lower oil price. Impact, if any will be very minimal. Also, our government is committed to infrastructure upgrade and other major projects.
“These are not expenses…but are investments into Qatar’s future,” al-Shaibei stressed.
The International Islamic CEO said he was “very much optimistic about Qatar in 2015.”
“As I said earlier, our economy is very well diversified….we have multiple streams of revenue…from our God given natural resources and investments.
“In 2008, when the global economy was in turmoil, we were on solid ground. It was great depression at that time; we did not even notice it.”
On International Islamic’s proposed expansion plans, the CEO said, “We are still looking at different markets…eager to expand abroad…and are studying few proposals at hand.
“We went to the Central Asia, North Africa and some other countries. That said, we cannot go everywhere, at one go. We are studying a few proposals…and hopefully, will pick up the right one.
“In Qatar too, we are expanding. This year, we are hoping to open five new branches in Qatar. Geographically, we have to be everywhere in Qatar,” al-Shaibei said.
The International CEO said he was encouraged by the response to the ‘Second career day’ hosted by the bank at the Sheraton last week.
“I have seen many young Qataris, both male and female, attending our Qatarisation drive…and many came with a passion to pursue banking as a career. Many of these young Qataris are graduates.
“We have an excellent career development programme for Qataris, which we do in association with the Ministry of Labour. The society has clearly recognised our Qatarisation initiative,” al-Shaibei said.
He said, “Currently we have a Qatarisation rate of about 40% in the top management level and an overall 20%. We wish to increase this further,” he added.
