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Posted On: 9 June 2009 11:31 am
Updated On: 12 November 2020 02:09 pm

‘Real estate market stabilising’

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A senior banker here sees the global financial crisis easing and its impact becoming clearer over the next three months. “We are in a recovery mode,” R Seetharaman, CEO of Doha Bank, told this newspaper yesterday, talking of the world economic down. He said the sagging real estate market here was stabilising after the government offered to buy local banks’ real estate investments. According to Seetharaman, the government’s real estate package worth QR15bn for Qatari banks, announced recently, will not only check the downward trend in the property market but will also improve the risk profile of the banks. “We are seeing positive results in the real estate market from the government’s investment bailout… By lowering the risk inherent in investment portfolios, the solvency of the banks is boosted.” He said he saw the global financial crisis in a “recovery mode” and added: “Over the next three months, we will see the impact…To explain it simply, a few months ago, we saw a downward trend. Over the next three months, we see an even line. At the start of the fourth quarter, we will see a rise.” The government’s timely assistance had improved the world’s confidence in the country. “Investment has almost gone through depletion, and they fixed it… the real estate sector has gone through depletion, and they fixed it…” Talking about how he sees Doha Bank’s performance this year, he said: “We see stable and functional growth for the bank.”