Qatar Moves Ahead

摘要

Qatar's wealth and confidence continued to grow apace in 2007, as it concluded five years of average annual growth of 8 percent. GDP has risen from $23.5 billion in 2003 to $63.81 billion in 2007. With per capita income at $70,754 in 2007, Qataris are on track to become the world's wealthiest population (Luxembourg, with an estimated $88,000 per capita income and Norway with $72,300 are currently ahead of them). The growth has also helped make Qatar's banks the most profitable in the GCC. Net profits of the country's eight listed banks, which between them have 85 percent of the country's total banking assets and 92 percent of its loan business, increased 56 percent last year, while those of the sector overall were up 48.9 percent. The Qatar Financial Center now has 70 financial institutions registered, including 25 banks that can conduct onshore business but are not allowed to offer retail services.