Oil and gas exporting nations of the region need fresh thinking and new approaches to stave off recession following the fall in oil prices, a major conference in Doha, Qatar, heard.

More than 700 senior finance and banking executives heard a range of speakers outline the challenges and risks facing the regional and global economies at the Euromoney Qatar Conference 2014 recently.

The global economy is being pushed off-track by a rising range of pressures that require concerted action, and oil and gas-exporting nations in particular face new risks, said the financial leaders.

Globally, the world economy is still unbalanced, having lost $16 trillion in household wealth during the 2008 economic crisis and still seeing more than 50 per cent of global financial transactions concentrated in a small handful of financial centres, such as New York, London and Tokyo, they said.

The Middle East and North Africa (Mena) region’s economy may be compromised by the fall in the price of key asset prices, said a statement.

Senior Qatari leaders took to the stage to outline the positive steps taken by Qatar to ensure on-going financial stability and position the country as a role model for sustainable development.  

Abdullah bin Nasser bin Khalifa Al-Thani, Prime Minister of Qatar, highlighted the country’s success in building infrastructure assets that support all sectors, as well as investing in the development of the citizen, through initiatives that support education, health and transformation of the economy.

“We are supporting the sustainable growth of Qatar’s economy through major development projects, including those that will support our hosting of the Fifa World Cup in 2022 and the Qatar National Vision 2030. Importantly, we are modernising our legal framework through a series of recent decrees that will encourage local and global investment in Qatar, and the development of the private sector,” he said.

Ali Shareef Al-Emadi, Qatar’s Minister of Finance, stressed that Qatar’s economy is being rebalanced, so that the non-energy industries – and the private sector in particular – is set to play a growing role in the coming years.  

“Financial stability is a top priority and at the heart of the Qatar National Vision 2030. We are investing in major projects in education, health and transport infrastructure and managing the development process so that they are rolled-out in harmony, limiting logistical issues and delivering for the benefit of the people of Qatar. We have develop a progressive, reliable regulatory and legal framework to provide a solid foundation for our development strategy,” said Al-Emadi

Meanwhile, Sheikh Abdullah bin Saoud Al Thani, Governor of the Qatar Central Bank, highlighted the key role played by central banks in Qatar and across the global economy.

The work of central banks had become both more important and more complex since the financial crisis, both in Qatar and around the world, he noted.

“Qatar Central Bank has launched initiatives to promote the effectiveness of the finance sector in developing capital markets and increasing financial stability. We have launched a strategy for the development of capital markets with other ministries, based on the Qatar National Vision 2030,” said Sheikh Abdullah.

“Qatar, with its strong programme of investment in networks and mobile innovation, is well-positioned to play a leadership role in transforming both the finance sector and society as a whole. Ooredoo is striving to make our nation an ideal hub for business, creativity, and innovation, and we are already enabling businesses in Qatar to achieve their objectives, through the provision of 4G, Fibre and enterprise services,” he added.

The speakers repeatedly highlighted the need for greater global co-operation and discussion to ensure continued financial stability – emphasised by the success and importance of The Euromoney Qatar Conference, the statement added. - TradeArabia News Service