World Economy

Qatar Reserves at $46.5b

Qatar Reserves at $46.5bQatar Reserves at $46.5b

Qatar’s international reserves hit an all-time high of $46.5 billion (39 billion euros) in November and are expected to climb higher despite falling oil prices, Qatar National Bank figures revealed.

The latest figure was a jump of almost $7 billion on the level of reserves recorded by the energy-rich Persian Gulf state at the same time in 2013.

In its monthly monitor, the emirate’s largest commercial bank said it expected the new record to be broken in 2015 and for Qatar’s economy to power ahead over the next 12 months as it diversifies away from the energy sector.

“Growth is expected to accelerate further in 2015 as the implementation of large infrastructure projects and a large influx of expatriates continue to drive double-digit growth in the non-hydrocarbon sector,” QNB said.

The report also noted that Qatar’s population grew by more than nine per cent in 2013, reaching 2.24 million.

QNB said growth had been buoyed by the number of infrastructure projects being carried out in preparation for hosting the 2022 football World Cup.