Abdulla Mubarak Al Khalifa, Group CEO of Qatar National Bank, speaks with Global Finance about the bank’s international strategy and the opportunities shaping QNB’s next phase of growth.
Global Finance: QNB is the largest bank in the Middle East and North Africa (MENA) by assets and a global player. Tell us about your international strategy
Abdulla Mubarak Al Khalifa: Our strategy beyond the Qatari market involves leveraging our strong brand reputation and extensive experience in emerging markets. We aim to expand our footprint in the MENA region and beyond by establishing strategic partnerships and exploring opportunities in countries with high growth potential. By focusing on markets that complement our expertise in corporate banking, retail banking, and wealth management, we aim to enhance our international presence and diversify our revenue streams.
GF: At home in Qatar, big economic changes are underway, how does it affect the banking and financial sector? How do you see the future?
Al Khalifa: The banking sector in Qatar is undergoing significant transformation, driven by technological advancements, regulatory reforms, and a focus on digital banking. We’re witnessing an increase in customer expectations for seamless digital experiences, prompting us to invest heavily in innovative financial technologies. Additionally, the sector is becoming more competitive, with both local and international players enhancing their presence in the market. This evolution is setting the stage for a more robust and diversified banking environment that can better serve the needs of individuals and businesses alike.
GF: What product offerings show the most promising outlook?
Al Khalifa: In the coming years, we believe that digital banking services, green finance products, and wealth management solutions will hold the strongest growth potential. As consumer behavior shifts towards digital transactions, we are enhancing our online banking platforms and mobile applications to meet these demands. Additionally, with the global emphasis on sustainability, we are committed to developing green financing products that support environmentally friendly projects, aligning with Qatar’s vision for sustainable development.
GF: With major developments ahead, particularly the expansion of Liquefied Natural Gas (LNG) production capacity from 77 million to 142 million tons per year by 2030, how are you adapting and preparing to support this next phase of growth?
Al Khalifa: QNB is strategically positioned to support this growth by providing tailored financing solutions for energy projects, including infrastructure development and sustainability initiatives. We are also focusing on fostering partnerships with companies in the energy sector to ensure that we are aligned with their financial needs, thus playing a pivotal role in facilitating this next phase of economic growth.
GF: What major risks does the banking industry currently encounter, and what measures are QNB taking to mitigate them?
Al Khalifa: The banking sector faces several challenges, including regulatory compliance, cybersecurity threats, and economic fluctuations. At QNB, we are proactively addressing these risks through robust risk management frameworks and investments in technology to enhance our cybersecurity measures. We also maintain a strong focus on compliance with international regulations to ensure that we navigate the evolving regulatory landscape effectively. By adopting a forward-thinking approach, we are committed to safeguarding our assets and ensuring the long-term stability of our operations. In summary, QNB is well-prepared to navigate the evolving landscape of the banking sector in Qatar and beyond, focusing on innovation, sustainability, and strategic growth to support our clients and the economy as a whole.
