QFIB reaches out to Saudi shareholders



DAMMAM: SAEED AL-ASMARI

Published — Wednesday 6 March 2013

Last update 6 March 2013 2:01 am

| نسخة PDF Print News | A A

The Saudi economy is expected to register a growth of between 4 percent and 4.4 percent in 2013 on the back of high oil prices and government spending.
This was indicated during a meeting of the board of directors of Qatar First Investment Bank (QFIB) in Dammam on Sunday. The meeting took note of the fact that Saudi Arabia has set a record state budget valued at $ 218.7 billion to stimulate and enhance the non-hydrocarbon sectors including construction, health care, education and financial services.
The QFIB board meeting was chaired by Abdullah Fahad Ghorab Al-Marri and included leading Saudi businessman and QFIB Vice Chairman Ibrahim Mohamed Al-Jomaih and QFIB CEO Emad Mansour.
Prominent Saudi businessmen and CEOs of top companies were invited to a business meeting at the Dammam Sheraton after the board confab.
QFIB is the first independent Shariah-compliant bank regulated by Qatar Financial Center Regulatory Authority.
The meeting in Dammam was part of the bank's scheduled board meetings that is held every year in a different Gulf Cooperation Council (GCC) country in order to reach out to the its diversified base of shareholders.
"Saudi Arabia is an important market for us. It has a steady and stable economy. We like to join competitive markets to help us thrive and expand our business," Al-Marri told Arab News.
According to Al-Marri, Dammam is important because of its close proximity to Dhahran which houses the world's leading oil and gas company Saudi Aramco. "QFIB takes a special interest in the oil and gas sector as it is the backbone of the GCC economies," said Al-Marri. "To date, QFIB has invested over 400 million Qatari riyals in this vibrant sector."
He reiterated that Saudi Arabia is the world's top oil-producing country with a production of 11,150,000 barrels/day contributing around 12.9 percent of the world's total oil production. Moreover, it has 20 percent of the world's oil reserves standing at 265 billion barrels which puts the Kingdom at top of the world's oil-exporting countries.
Al-Jomaih told Arab News that the Saudi market has a very positive outlook. "We hope this meeting will bring QFIB closer to potential investors in Saudi Arabia," he said. "Our role as board members is to support the management in promoting the bank."
Al-Marri underlined great opportunities in the real estate sector in the Eastern Province. The focus of businesses will be on this region because of its closeness to Qatar.
"Since Qatar will host the landmark World Cup 2022, it will require large-scale projects. Qatari companies alone cannot carry out these large-scale projects. Saudi companies will have to join and some of the Saudi companies have already won many of these large-scale projects in different fields," said Al-Marri.

What's happening around Saudi Arabia

RIYADH: The Ministry of Education has suspended all parallel education programs, except in medical and engineering specialties, as well as bridging programs for health diploma certificates.Education Minister Azzam Al-Dhakil gave directions to the rec...
RIYADH: The Cooperative Health Insurance Council said it had suspended operations of six medical insurance companies for violating health insurance regulations by issuing insurance policies without completing the required documentation and violating...
JEDDAH: A local survey found that almost half of Saudis abide by rules and laws in public places outside the Kingdom more than they do inside the country.More than one-third of the respondent sample said they violate road traffic signs and directions...
DAMMAM: A 50 percent decline in the prices of some types of fish in the Dammam Central Market was noted compared to the previous month.Fish sellers attributed this decline to an increased fish supply and fall in demand from hotels and consumers durin...
RIYADH: In a two-day operation, police arrested 343 beggars including women and children during the holy month of Ramadan.A police officer said the raid was carried out in the Salehiya district and 220 of those arrested were women from Ethiopia. “Mos...
RIYADH: The Civil Defense has rescued 105 pilgrims trapped in vehicles and buildings for various reasons since the start of Ramadan. During the first 10 days of the month, it also had to deal with 255 complaints, which included 150 accidents due to f...
RIYADH: Hotels in the capital have made special arrangements by setting up Ramadan tents, where diners can visit to begin and break their fast with special suhoor and iftar meals during the ongoing fasting month.As the Ramadan tent is a popular pheno...
JEDDAH: Kaddadin, or unlicensed transporters, say there is good money to be made during Ramadan especially in transporting Umrah pilgrims from Jeddah to Makkah and back.During this month the number of visitors doubles or triples which means the price...
RIYADH: The holy month of Ramadan is lively at night following Taraweeh prayers. Nights are turned into days during the month in the industrial area where there is a large concentration of automobile workshops.The industrial areas are well illuminate...
RIYADH: The Saudi man behind the green project that ensured 3,400 trees in Khurais in the Eastern Province for a government firm has been approached by a Kuwaiti oil company for a similar project. “After learning about the project in the Eastern Prov...
RIYADH: A total of 1,300 Gambian pilgrims will come to the Kingdom to perform Haj this year, Ambassador Omar Gibril Sallah said on Thursday.“We hope that the pilgrims will observe the fifth pillar of Islam in peace and harmony and may Allah accept th...
RIYADH: The Saudi Commission for Tourism and National Heritage (SCTNH) and the Disabled Children’s Association (DCA) have launched a traffic safety campaign, to reduce the number of accidents that cause disability.Prince Sultan bin Salman, the SCTNH...
JEDDAH: The holy month of Ramadan is a period when non-Muslim expatriates too abstain from eating, drinking or smoking during the daytime out of respect for Muslims who fast from dawn to dusk and also because it is healthy. The expatriates are also...
JEDDAH: The Interior Ministry said on Friday that it thwarted a plot by terrorists to attack targets in the Kingdom.Officers from the ministry raided a house in Taif where the suspects were staying and arrested three men, seized Daesh flags, gun sile...
Jeddah: The Gulf Cooperation Council’s (GCC) interior ministers have vowed to take decisive action against those trying to undermine the region’s security and social fabric.At an extraordinary meeting held in Kuwait City, the ministers condemned the...

Stay Connected

Facebook