Qatar's Financial Service Sector Grew Markedly Since 2000

Doha, March 14 (QNA) - Qatar's financial service sector which grew from a bare 1.3 billion dollars in 2000 to 11.9 billion dollars in 2009 has become the second largest contributor to GDP after oil and gas which constitutes little more than 50 percent of the economic output.
Addressing a seminar on insurance , member of the board of the Qatar Financial Center, Abdel Rahman Al Shibi said on Monday the financial service sector is becoming part and parcel of the country's vision for economic diversification as it forges ahead with economic development that has placed it among the highest in terms of per capita income.
Al Shibi noted that the Qatar Financial Center has played a significant role since foundation in 2005 in developing the financial service sector through creating a unique environment for sustainable growth and luring a large number of financial companies. The Gulf region has become more attractive to investors, increasing the demand for financial services which , in turn could fuel growth in other sectors, including health care and education, he explained.
Qatar's GDP grew more than 16% last year and was expected to rise further next year, he said.(QNA(