Qatar’s banking sector showed strong growth in July, with total assets rising 6.4% year-on-year to $549.9 billion. This increase, driven by higher domestic deposits and credit, underscores the country’s strong economic performance.

The Central Bank of Qatar released these figures in its Monthly Monetary Bulletin, highlighting positive trends in the financial sector. Key indicators, including domestic deposits and credit, saw substantial year-on-year increases of 11.4% and 7.3%, respectively.

This growth aligns with Qatar’s Third National Development Strategy (2024-2030), which seeks to enhance financial services as part of the nation’s broader economic diversification efforts.

An analysis by Standard Chartered predicts that Qatar is on track to restore government revenues to pre-2014 oil price shock levels and double its economy by 2031. The report attributes this potential to Qatar’s strategic position in the global energy market and its role as the world’s sixth-largest gas producer, holding the third-largest natural gas reserves.

Rising hydrocarbon prices and efforts to diversify the economy have supported this recovery, with Qatar’s non-oil economy now contributing two-thirds of its GDP.

Since hosting the 2022 FIFA World Cup, Qatar’s global economic profile has strengthened, with the IMF noting the event’s positive impact on the country’s international presence. The World Bank projects economic growth of 2.1% in 2024, accelerating to 3.2% by 2025.

In addition to advancements in energy and banking, Qatar is making progress in the sukuk market. In August, Estithmar Holding issued a 500 million riyal sukuk, marking the first corporate issuance in local currency under its 3.4 billion riyal program.

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