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jili lol646 Qatar’s banking sector remains healthy, driven mainly by robust buffers, diligent QCB supervision and ample hydrocarbon liquidity. The Qatar Central Bank’s diligent policies have certainly helped to safeguard banking sector stability in the country in 2024. The QCB has broadly maintained the monetary policy in line with the US Federal Reserve, consistent with the currency peg to the dollar. Its progress in enhancing liquidity management is commendable, and continued efforts are important to further strengthen the effectiveness of the monetary operational framework. However, the International Monetary Fund (IMF) recently cautioned continued vigilance to address pockets of vulnerabilities. Maintaining the momentum in deepening domestic financial market is also crucial, guided by the Third Financial Sector Strategy. The strength, resilience, and high flexibility of Qatar’s banking sector has been reflected in its capital adequacy ratio, which according to the QCB, remains robust, reaching 19.9% at the end of September this year, compared to 19.2% in December 2023. Total assets of commercial banks in Qatar stood at QR2.007tn in October, according to data provided by QNB Financial Services (QNBFS). Total assets, however, declined by 0.9% during October mainly due to a decrease by 4.1% in foreign assets and by 9.5% in reserves. Total assets were up by 1.9% in 2024 (as of October), compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023). Liquid assets to total assets moved lower to 29.3% in October, compared to 30.3% in September, QNBFS noted. Qatar’s Islamic banking assets accounted for nearly 29% of total banking assets as of September this year, which is equivalent to QR576bn, according to the QCB. In 2024, the QCB achieved many milestones by launching a plethora of strategies in alignment with the Third National Development Strategy and the Qatar National Vision 2030. The Third strategy for financial sector will augment Qatar’s economy and financial institutions, in addition to reinvigorating the role of financial sector to offer solutions that protect investors and help their growth. In addition, the QCB launched the fintech strategy that gives priority to innovation in financial services to keep up with technological advancements and expand the utilisation of artificial intelligence (AI), thereby shaping a more advanced future for financial sector that is capable of converting challenges into opportunities for growth and prosperity. An array of initiatives and projects have been launched to modernise and enhance the financial sector, along with a series of instructions that would bolster its capability to adapt to potential evolutions, such as digital banking instructions, AI tips, distributed ledger technology, digital insurance company regulation, cloud computing, electronic Know Your Customer (KYC) regulations, regulations for ‘Buy Now, Pay Later’, regulations for loan-based crowdfunding and for insurance policy comparison websites. The year has also seen the launch of several other QCB projects and initiatives, including the central bank’s digital currency project and the accelerated regulatory sandbox. Qatari banks continue to set themselves apart through groundbreaking innovation in product offerings, advancements in supply chain logistics, and cutting-edge trade finance and transactional banking solutions. Their strategic focus on emerging digital assets, voice-enabled services, augmented reality, and blockchain technology is redefining industry benchmarks and spearheading the financial sector’s digital transformation. The diversification of portfolios to include green bonds and sukuk has garnered significant interest from both domestic and international investors, underscoring Qatar’s unwavering commitment to sustainability and regulatory excellence. This strategic emphasis not only strengthens market confidence but also positions the country as a leader in green finance. Enhanced governance, risk management, and compliance frameworks reflect a progressive shift from basic regulatory adherence to proactive, impactful implementation. By prioritising asset quality and maintaining robust liquidity, Qatari banks are consistently exceeding regulatory expectations. Moreover, the introduction of new regulations in open banking and micro-financing is catalysing growth in these emerging sectors, driving innovation and strategic execution. Amidst a global talent shortage, Qatari banks are successfully attracting mainly local expertise and making significant investments in nurturing homegrown talent. These efforts are pivotal to sustaining long-term growth and aligning with national development goals. Qatar’s banking sector continues to lead by integrating advanced technologies, delivering exceptional financial performance, and aligning closely with national strategic priorities. While tackling challenges such as fluctuating interest rates, evolving customer demands, and asset liquidations, the sector remains a beacon of stability and growth, reinforcing its reputation as one of the most resilient and promising financial landscapes in the region. As is the case globally, Qatar’s banking sector is also navigating emerging challenges, driven by the rapid advancement of financial technology and the transition to a knowledge-based digital economy. In this evolving landscape, the establishment of proactive regulatory and supervisory frameworks is essential to safeguard stability, foster innovation, and ensure sustainable sector growth. Related Story Sony Middle East and Africa, Fnac Qatar host workshop series for content creators Ministry of Social Development and Family celebrates Qatar National Day

The year 2024 has witnessed significant milestones in China-Zimbabwe cooperation in the agriculture sector, a cornerstone of Zimbabwe’s economy. Trade between the two sides increased, while China’s support for Zimbabwe’s technical expertise and human resources development in the agriculture sector also expanded. According to the Zimbabwe Investment and Development Agency, a national investment promotion body, the agriculture sector sustains more than 60 percent of Zimbabwe’s population, provides 63 percent of raw materials for the manufacturing sector, generates 30 percent of export earnings, and contributes 15 percent to gross domestic product. In a bid to further open China’s market to Zimbabwean agricultural products, a trade protocol on the export of Zimbabwean avocados was inked during Zimbabwean President Emmerson Mnangagwa’s state visit to China in September, ahead of the 2024 Summit of the Forum on China-Africa Cooperation. Rodwell Choto, an avocado farmer from Bindura, Mashonaland Central Province, is among those preparing to meet the expected surge in demand from China. “Exports to China will give us foreign currency, our economy will grow, and our livelihoods will improve,” Choto told Xinhua in a recent interview, noting that avocado farmers are ramping up production. According to the Horticultural Development Council, an organization representing horticultural exporters in Zimbabwe, the Southeast African country is projected to produce a record 6,000 metric tons of avocados in 2024, with its avocado industry set to expand the growing area from the current 1,500 hectares to 4,000 hectares by 2030. This builds on earlier successes, including a 2022 trade agreement enabling the export of fresh citrus to China, which saw its first shipment in 2023. “This is a chance for African agriculture now to become part of the global food value chain,” said Christopher Mutsvangwa, politburo member and secretary for information and publicity at the ruling Zimbabwe African National Union-Patriotic Front (ZANU PF) party. Zimbabwe’s tobacco sub-sector has also flourished in 2024, bolstered by China’s market access. Tobacco, an important economic activity and a major foreign currency earner for Zimbabwe, Africa’s largest tobacco producer, saw exports to China rise 38.3 percent to 790 million U.S. dollars in the first nine months of 2024, accounting for 40.6 percent of Zimbabwe’s total exports to China, according to data released by the Chinese Embassy in Zimbabwe. The overall trade figures between Zimbabwe and China grew 25.6 percent to 3 billion dollars in the same period, the Chinese embassy added. Despite these significant milestones this year, a severe drought has caused crop failures and livestock losses, greatly undermining the agriculture sector. In response, China launched a project to drill 300 boreholes in four provinces of the country. “These boreholes will not only provide safe water to the affected community, but will also serve as a stepping stone towards resilience building in view of the current El Nino-induced drought, and will also save the lives of our livestock which is also in dire need of water,” said Zimbabwe’s Minister of National Housing and Social Amenities Daniel Garwe. China’s support extends beyond infrastructure to human resource development. Collaborative efforts have focused on capacity building and technical assistance to enhance agricultural productivity. As part of this initiative, Zimbabwean officials and professionals have attended seminars and workshops in China, equipping them with skills to modernize agriculture. Jotamu Dondofema, director of agricultural education in the Ministry of Lands, Agriculture, Fisheries, Water, and Rural Development, is among the officials who attended a seminar on the construction of green, low carbon, and circular economic systems in China this year. “This program has already yielded significant benefits. We have witnessed large numbers of successfully trained personnel, improved technologies in the agricultural value chains, the establishment of renewable energy sources and systems, and information and technology-sharing platforms anchoring capacity-building initiatives. These efforts have enhanced the employability and competitiveness of Zimbabwean professionals while also promoting the adoption of green technologies and sustainable practices,” Dondofema said.

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