Qatar growth seen continuing despite oil slump

Bhatia during the interview with Gulf Times. PICTURE: Jayan Orma. Right: Hamad Port’s first vessel, heavy load carrier Zhen Hua 10 from China, which arrived at the new port at Umm Alhoul in Mesaieed last month. There is a lot of required development taking place in Qatar and the momentum of the economy today is fuelled by government expenditure, Alpen Capital MD Sanjay Bhatia says. PICTURE: Jayaram

Infrastructure growth and economic development is expected to continue in Qatar even as oil dropped below $50 per barrel on Friday, an official of Alpen Capital Investment Bank said.

Owing to uncertainty over China’s economic outlook, the rise in production from Organisation of Petroleum Exporting Countries (Opec) and a strong dollar, Brent crude on August 7 closed down 1.8% at $48.61 per barrel, while West Texas Intermediate slipped 1.7% to $43.87/b.

But Alpen Capital managing director Sanjay Bhatia has expressed optimism over the momentum of Qatar’s economy, which, according to him, is driven by a significant amount of “planned” government expenditure.

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Source News: Gulf Times