Qatar is among the “least affected” because of liquidity constraints in the banking system, said Commercial Bank CEO Abdulla Saleh al-Raisi.
“Liquidity constraints are everywhere; these are an issue all over the world. But in Qatar, our situation is much better due to the wise management of our financial system…and our budget under the wise leadership of HH the Emir, Sheikh Tamim bin Hamad al-Thani,” al-Raisi said in an interview with Gulf Times yesterday.
Recently, HE the Minister of Finance had said “Qatar’s economy is still strong and stable.”
“This is a clear endorsement of the health or our economy, which is surging ahead. Many local projects are ongoing. This is the time we need to concentrate on our local projects,” al-Raisi said.
The Commercial bank CEO said he was “very much optimistic about the years ahead.”
“In Qatar, we have many projects being implemented.”
Asked whether Commercial Bank would have to raise funds to meet its expansion needs, al-Raisi said, “We will see how we can do it.”
He said Commercial Bank would continue to review its existing network.
“Possibly, we may have to add more in different areas. In Al Sadd, we have the Commercial Bank Boulevard that is coming up. We may have it ready by the year-end or early 2017.”
In Lusail, he said, Commercial Bank has plans to set up a tower.
“Surely, we will be there in Lusail, a new development in Doha,” al-Raisi said.
Yesterday, Commercial Bank formally reopened its ‘Al Wakrah Avenue’ branch, which will provide world-scale banking services to residents of the Qatar’s third most populated city.
Commercial Bank’s 30 full-service branches are supported by some 154 ATMs, plus Internet banking and Mobile banking services.
At the opening ceremony, al-Raisi said: “Commercial Bank has a long historical association with Al Wakrah, serving the local Qatari community and businesses here for many years. Investing in our Al Wakrah Avenue branch demonstrates our commitment to both maintaining these valued long-term customer relationships and investing across the whole of Qatar to serve new customers in areas of development and growth.”
He pointed out Al Wakrah had always been a trade hub, and was a major centre for Qatar’s pearl divers.
“We want to be as close as possible to our customers in Al Wakrah,” al-Raisi said.
“You have seen the efforts that we have taken to set up this building, which provides all that our customers need. In this beautiful branch, we have the ‘Sadara’ lounge for privileged banking customers and corporate and retail facilities.
“Basically, we want to show everybody that we are loyal to our country. Qatar is the reason why we have grown as a premier bank. By opening a world scale branch, we are showing our appreciation to the society,” al-Raisi said.
Qatar’s liquidity situation is much better due to the wise management of the financial system, says al-Raisi: PICTURE: Jayan Orma