Mubasher: A number of Qatari banks are planning to expand their footprint in the German market after Sheikh Tamim bin Hamad Al Thani announced Qatar's scheme to invest in Europe's strongest economy.
The announcement took place during the Qatar-Germany Business and Investment Forum in Berlin.
Qatar is mulling over investing around $10 billion over the coming five years following the banking sector’s view.
The world's richest country per capita has injected $29 billion (EUR 25 billion) investments in key German companies, top bankers told Qatar Tribune.
“The German Chancellor Angela Merkel has also announced that Germany would reciprocate. This means the commercial ties between the two countries will continue to strengthen further,” R Seetharaman, CEO of Doha Bank, said.
Doha Bank is considered the only Qatari bank that has a physical presence extending for seven years in the European country.
“Now we have bigger opportunity to build on this partnership. We do bank-to-bank relationship in a stronger sense. Bank to corporate is another area where we are expecting more companies to open accounts with us,” Seetharaman added.
Moreover, there are further investment opportunities in other sectors including the food industry and urban development represented in stadiums and renewable energy.
In the same vein, Qatar National Bank (QNB), the largest bank in the Middle East and Africa, “will look for opportunities to grow its presence in Germany. The bank will play a vital role in facilitating trade between the two countries,” Ali Ahmed Al Kuwari, CEO of Qatar National Bank (QNB), commented.
