Qatar’s banking sector is in good health, Qatar’s central bank governor, Abdulla Saoud al-Thani, has told an audience of senior business and government figures meeting in Doha.

“We are seeing good performance from Qatar’s banks,” Al-Thani said, speaking at MEED’s Qatar Projects 2014 conference in Doha on 18 March. “Total assets of banks in Qatar grew 11.4 per cent in 2013 compared with 2012 to about QR900bn [$247.2bn]. Deposits in banks from customers were up 19.7 per cent in 2013 to reach QR948bn. And net profits to shareholders of Qatar’s banks rose 11.5 per cent.”

Al-Thani said supporting the development of small and medium-sized companies (SMEs) in Qatar and financing infrastructure projects were priorities for Qatar’s banking sector.

“The Qatar Central Bank is taking necessary measures to ensure financial and monetary stability and doing its best to ensure growth is sustainable,“  he said. “A lot of activities in construction and infrastructure with the Doha Metro project, sea port development and expansion of networks of drainage and water as run up to FIFA football World Cup 2022. We are also increasing investment in healthcare and education, which are most important to the development of Qatar.”

Qatar’s economy will expand 6.8 per cent in 2014, Qatar National Bank (QNB) acting group CEO, Ali al-Kuwari, told the conference, with capital investment in infrastructure projects being the primary drivers

“The Main contributor to this growth will be from the non-hydrocarbons sector,“ said Al-Kuwari. “The non-hydrocarbons sector contribution will be 50 per cent of GDP in 2014 and the banking sector will play a vital role in supporting the diversification of the Qatari economy by financing investment in infrastructure.”

Al-Kawari said 46.6 per cent of projects currently under way in Qatar were in the building sector, and 34.5 per cent were in the transport sector.