Doha Bank opens Sydney representative office - Gulf Times

Yousef Ali al-Khater and Seetharaman cut the ribbon to inaugurate Doha Bank’s Sydney office.

Doha Bank has opened its Australia representative office in Sydney.

Qatar’s ambassador to Australia, Yousef Ali al-Khater, and Doha Bank Group Chief Executive Officer Dr R Seetharaman jointly cut a ribbon to mark the opening of the representative office in Sydney.

The bank also hosted a reception at InterContinental Hotel, Sydney, which was attended among other dignitaries by al-Khater and Andrew Stoner, North South Wales deputy premier and minister for trade and investment, regional infrastructure and services.

At the inaugural reception Seetharaman gave insights on the global

economy.

He said: “IMF’s World Economic Outlook update in January forecasted that the global economy would grow by 3.5% in 2013. New issues emerge in European Zone such as the Cyprus bailout even as political gridlock in Italy remains. The risk of prolonged stagnation in the euro area would rise if new issues emerge and the momentum for reform is not

maintained.”

On Qatar and Australian economy, he said: “The real GDP growth in Qatar in 2013 is expected to slow to 4.8%. The non-hydrocarbon sector is expected to pick up in the coming years as diversification has begun in Qatar. By the end of 2013, service activity is expected to contribute more than 60% of the total growth in Qatar’s economy. Qatar Budget 2013-14 has also increased its allocation for infrastructure spending.

“The Australian economy is expected to grow between 2-3% in 2013. During 2012, there was a significant easing in monetary policy in Australia. In Australia the long boom in mining investment was fuelling an expansion in resource exports. The investment is likely to peak later this year; the export pick-up has some years to run yet. Australia has low public debt, low unemployment, strong public finances, lower interest rates and strong

investment pipeline.”

Highlighting the bilateral developments between the Gulf Co-operation Council (GCC) and Australia, Seetharaman said: “The bilateral trade between the GCC and Australia has increased from Au$8.6bn in 2009-2010 to Au$11bn in 2011-2012. The GCC is a key market for agricultural exports such as livestock, meat, dairy products, vegetables, sugar, wheat and other grains. There are further opportunities in agriculture, mineral commodities, and services. Free trade agreement between the GCC countries and Australia is still under

negotiation.”

On Qatar – Australia bilateral developments, Seetharaman said: “Qatar’s bilateral trade with Australia has increased from Au$754mn in 2009-10 to Au$1bn in 2011-12. Qatar remains the second largest exporter to Australia after the UAE in the GCC in last two years. The major Australian export to Qatar was livestocks. There are growing relationships between both countries in aviation, education, trade and

defence.”

Australian company Leighton was instrumental in constructing the equestrian complex in Qatar. In March 2013, the Qatar International Centre for Reconciliation and Arbitration (QICRA) and the Australian Centre for International Commercial Arbitration (ACICA) signed a co-operation agreement in Doha to support the movement of trade and investment between Qatar and Australia.

In 2012, Hassad Australia, a subsidiary of Qatar-owned Hassad Foods, had bought 40,000 hectares of land in western Victoria. Raby Station at Warren was bought by Qatar Investment Authority’s Hassad Food in 2010.

1. From Left: Seetharaman with Yousef Ali al-Khater, Andrew Stoner and Hilton Wood, chief representative officer of Doha Bank in Australia during the inauguration of the Bank office in Sydney.