Qatar Spends More on Infrastructure:Kamal

Doha, January 30 (QNA) -HE Qatar's Minister of Economy and Finance Yousef Kamal said on Wednesday that government spending on infrastructure in the budget of fiscal 2013-2014 will be much larger than the previous year. Speaking after a meeting of the general assembly of QNB group, he said the non-oil sector was the driving force for the growth of Qatar's economy, expecting the process to continue in 2016-2017. He expected the non-oil sector to grow by 9% in this period. He noted that companies will be set up until 2016 with a strong contribution from the private sector. Until 2016 big projects will be completed, including the Hamad international airport and the Doha port, he added. The General Assembly of the QNB group ratified the proposal by the Board of Directors to distribute a cash dividend of 60% of the nominal share value (representing QR6.0 per share). The General Assembly also approved the appointment of Ernst & Young as External Auditors for the year 2013. During the General Assembly, Yousef Kamal, Chairman of QNB Group's Board of Directors, presented an overview of the Bank's activities and financial results for 2012, and provided shareholders with detailed answers in regard to all questions posed. He said that the group was able to deliver outstanding financial results for 2012, driven by the on-going expansion across the range activities both domestically and internationally along with the continuation of the adoption of a conservative approach to risk management that resulted in further enhancing the QNB Group s leading position amongst financial institutions in the Middle East and North Africa. He also provided an overview of the Bank s business plans for 2013 that focuses on retaining its leading position through diversifying income sources along with expanding the range of activities within QNB Group and its subsidiaries and associate companies around the world. QNB Group was able to deliver record financial results for 2012, with Net Profit reaching QR8.3 billion increasing by 11.1% over 2011 and with Total Assets up by 21.5% to QR367 billion. (END)