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Qatar economy proved resilient to blockade

Qatar economy proved resilient to blockade

DOHA:  Qatar’s economy has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, Qatar First Bank (QFB) Chairman Abdulla bin Fahad bin Ghorab Al Marri has stated.

Addressing QFB’s Annual General Meeting (AGM) yesterday, Al Marri said: “2017 was a challenging year for all financial institutions in the country, amid the ongoing illegal blockade imposed on Qatar by some neighbouring GCC countries, which impeded the flow of business both locally and regionally. Qatar’s economy, however, has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, and continues to do so.”

“At QFB we are not immune to the prevailing global and regional economic environment. In 2017 the bank recorded revenue of QR334.2m and a net loss of QR 269.3m, resulting mainly from the downward revision of the valuations of some of the bank’s private equity investments across several markets,” he added.

QFB’s Board of Directors,along with shareholders, Management team and attendees of the AGM, discussed and approved, the bank’s audited financial results and the performance for the previous year.

QFB was able to complete some successful exits, resulting in a gain of QR24m, and bank’s investment portfolio continued to generate healthy dividends (QR 25.5m), which was double that generated in 2016.

Many of Bank’s portfolio companies have performed well in 2017. David Morris has successfully continued its expansion, opening new boutiques in Paris and Doha, with further expansion expected in 2018. Cambridge Medical & Rehabilitation Centre grew its revenues by 39 percent and increased its profitability.