DOHA: Despite falling crude prices, the international reserves of Qatar are on the rise and have reached all-time high of $46.5 billion in November.
According to the Qatar National Bank figures, the reserves witnessed a considerable increase of almost $7 billion.
The emirate’s largest commercial bank said it expected the new record to be broken in 2015 and for Qatar’s economy to power ahead over the next 12 months as it diversifies away from the energy sector.
‘Growth is expected to accelerate further in 2015 as the implementation of large infrastructure projects and a large influx of expatriates continued to drive double-digit growth in the non-hydrocarbon sector,” the Qatar National Bank said.
The report also noted that Qatar’s population grew by more than nine percent in 2013, reaching 2.24 million.
The bank pointed out that the growth had been buoyed by the number of infrastructure projects being carried out in preparation for hosting the 2022 football World Cup.
