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Mar 08 2012

QDB achieves Qatarisation target of 51.6pc

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DOHA: QDB's Ordinary General Assembly has approved the bank's financial results and achievements for the year ended December 31, 2011. Sheikh Abdullah bin Saud Al Thani, Chairman of QDB Board of Directors, presented an overview of the bank's activities, achievements and financial results for 2011.

Commenting on the bank's performance in 2011, he said: "Consistent with our strategy for QDB to diversify the Qatari economy, the bank plays an integral role in the economic development of Qatar, without neglecting its social responsibility. We are not focused on profits but rather on committing our resources towards catalyzing the private and SME sectors. We are committed to providing the private and SME sectors with all the products and tools necessary to make a positive impact on Qatar's economy".

QDB has delivered outstanding results and achievements during 2011 including the launch of "Tasdeer". QDB also approved 40 projects by Al Dhameen worth a total value of QR135m through relationship's and the agreements with 14 leading banks and financial institutions.

Other notable achievements in 2011 included the approval of 47 direct loans worth a total in excess of QR640m, thus exceeding by more than double the set target of QR300m. QDB achieved Qatarisation target of 51.6 percent of Qatari bank employees. Another commendable achievement was the was deleting the wait list for the housing loans scheme, and providing the loans immediately without any wait for the Qatari public, which is a great showcase of the Qatari government's support to its citizens. On the operational level, the bank was successful in reducing the application time for housing loans from 5 days to 15 minutes.

"2010 witnessed a strong leap forward for QDB, and we are confident that with strong support of the environment and the commitment of the bank's management team, we will achieve greater milestones in the years ahead," said Sheikh Abdullah.

© The Peninsula 2012

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