Key indicators showed a significant increase in domestic deposits, surging 11.4% year-on-year to 833.1 billion riyals Total domestic credit climbed by 7.3%, reaching 1.3 trillion riyals RIYADH: Qatar’s banking sector demonstrated a strong performance in July, with total assets of commercial banks rising by 6.4 percent year-on-year to reach 2 trillion Qatari riyals ($549.9 billion). The latest statistics were released in the central bank’s July Monthly Monetary Bulletin and shared through the institute’s official X account. Key indicators showed a significant increase in domestic deposits, surging 11.4 percent year-on-year to 833.1 billion riyals. Similarly, total domestic credit climbed by 7.3 percent, reaching 1.3 trillion riyals during the same period. The broad money supply also expanded by 6.4 percent, amounting to 727.4 billion riyals, further highlighting the sustained momentum in Qatar’s financial landscape. This robust growth aligns with the goals outlined in Qatar’s Third National Development Strategy for 2024-2030. The approach emphasizes enhancing financial services to fuel national development and drive economic diversification, which are key priorities as the country seeks to strengthen its foundations. Further supporting this transition, an analysis by Standard Chartered predicted that Qatar is on track to restore government revenues to pre-2014 oil price shock levels and double its economy by 2031. The report attributed this recovery to the Gulf country’s strategic positioning within the global energy market and its continuous efforts toward diversification. The study underscored Qatar’s status as the world’s sixth-largest gas producer and holder of the third-greatest natural fuel reserves, which allows the country to benefit from rising hydrocarbon prices. In addition, Standard Chartered noted the steady growth of the country’s non-oil economy, which now contributes two-thirds of the nation’s gross domestic product. Qatar’s international economic profile has been further elevated since hosting the FIFA World Cup in 2022. According to the International Monetary Fund, the event boosted the country’s global presence, while the World Bank projects Qatar’s economy to grow by 2.1 percent in 2024, accelerating to 3.2 percent by 2025. Standard Chartered also anticipated continued growth in the liquefied natural gas sector, which will further bolster the country’s economic expansion in the years ahead. Beyond its energy and banking sectors, Qatar is also making strides in the sukuk market. In August, Estithmar Holding, a Qatar-based company, issued a 500 million riyal sukuk, marking the first corporate issuance denominated in local currency under its 3.4 billion riyal program. The firm’s group CEO Mohamad bin Badr Al-Sadah said: “The issuance of the first corporate Qatari-riyal-denominated sukuk is a historic milestone for Estithmar Holding.” On being listed on the London Stock Exchange’s International Securities Market, he said this issuance has garnered significant interest from diverse investors.