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Saying the above, the highly reputed Dr. R. Seetharaman sat down for a cover interview with BUSINESS LIFE reporter tackling various important topics. Dr. R. Seetharaman brings a wealth of knowledge, experience, and integrity to his valuable achievements.
Dr. Seetharaman is also very active in promoting economic cooperation and cross border investment opportunities between the GCC and other regions across the globe. He is committed to corporate social responsibility by proactively contributing towards social causes besides his initiatives towards creating a knowledge-society. He is actively engaged in creating awareness to the global corporate community on global warming and climate change - causes, effects and measures.
He is a prominent personality in the banking industry throughout the Middle East, an economic expert who has achieved remarkable success for his contributions to Banking, Trade, Investment, Economics, Environment, Social responsibility, Philanthropy and Charity. He is recipient of multiple doctorates from leading universities of the world, including PhD in Green Banking and Sustainability from Sri Sri University and PhD in Global Governance 2013 by European University.
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank is recipient of multiple doctorates from leading universities of the world, including PhD in Global Governance by European University, PhD in Green Banking and Sustainability from Sri Sri University and Honor of the Doctoral Fellowship from Sri Sharada Institute of Indian Management (SRISIIM).
He was recognized and conferred by the Government of India with the prestigious Pravasi Bharatiya Samman Award, the highest honor conferred on overseas Indians by the Government of India.
Dr. Seetharaman was honored with Best CEO of The Century for Peace and Humanity Award by the World Humanitarian Drive (WHD) in June 2019.
He received the “Global Excellence Award in Renewable Energy 2017” by the Energy and Environment Foundation from Hon’ble Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines, Government of India, for his vision, leadership, outstanding contribution and for demonstrating excellence in the Renewable energy sector.
Dr Seetharaman was honoured with the “Green Economy Visionary Award” in 2016 by Union of Arab Banks (UAB). He has also been conferred with the Lifetime Achievement Award by The Banker Middle East in May 2015. He has been named “Best CEO in Middle East” three times in the last 10 years and “World Leader Business Person”. He has received the “Business Man of the Year Award” in 2015 from Qatar Today, “Life Time Achievement Award” from the Institute of Directors’ at the Global Summit 2014 and The “Man of the Year” at IAIR Awards 2014.
He is a Chartered Accountant and holds certificates, in IT systems and Corporate Management, whilst being a Gold medallist in his graduation Bachelor of Commerce.
He is recipient of multiple doctorates from leading universities of the world, including:
• PhD in Global Governance by European University
• PhD in Green Banking and Sustainability from Sri Sri University
• Doctorate of Laws by Washington College for his unique and valuable contribution to society in the field of banking and knowledge management,
• Doctorate of Honoris Causa from European University for his contribution to global governance and social responsibility
• ‘Doctor of Philosophy (Honorary) by Arts, Science and Technology University, Lebanon (AUL) during the annual graduation ceremony for his valuable contribution to Banking and Finance.
Dr. R. Seetharaman, CEO of Doha Bank was honored with the “Green Economy Visionary Award” in 2016 by Union of Arab Banks (UAB) for his outstanding contribution of close to two decades towards environment friendly activities thereby promoting green economies.
He has also been conferred with the Lifetime Achievement Award by The Banker Middle East in 2015 “to honor his contribution to the industry, not only as the leader of one of Middle East’s most dynamic banks, but also for his personal contribution to the greater understanding of the economic development of the region and his support for the environment and the business”. He has been named “Best CEO in Middle East” 4 times in the last 12 years and “World Leader Business Person”. He has received the “Business Man of the Year Award” in 2015 from Qatar Today, “Life Time Achievement Award” from the Institute of Directors’ at the Global Summit 2014 and The “Man of the Year” at IAIR Awards 2014.
As a leading top-tier Bank CEO, he has transformed Doha Bank as one of the best performing Banks in the Middle East region. He is a high profile economist and is invited on a regular basis by international media such as BBC, CNN, FOX, CNBC, Sky News, ABC and Bloomberg to share his views.
Education: Honor of the Doctoral Fellowship from Sri Sharada Institute of Indian Management (SRISIIM)
Doctor of Philosophy (Honorary) by Arts, Science and Technology University, Lebanon (AUL)
PhD in Green Banking and Sustainability 2015 from Sri Sri University
PhD in Global Governance 2013 by European University
Doctor of Civil Laws of Honoris Causa 2012 by European University
Honorary degree, Doctor of Laws 2012 by Washington College
CA from the Institute of Chartered Accountants, India
B. Com Gold Medalist - University of Madras
Profile : Started career in Price Waterhouse
Worked at the top management level in three banks in Middle East
Few Prestigious awards won by Dr. R.Seetharaman
Lifetime Achievement Awards:
Doha Bank CEO Dr. R. Seetharaman was honored with Lifetime Achievement Award at Banker Middle East Awards in Dubai on 27-May-2015
Dr. R. Seetharaman, CEO of Doha Bank was presented with the “Life Time Achievement Award” by The Institute of Directors, Tamil Nadu State Chapter at the Global Summit 2014 on Business Excellence held in Chennai – India for his initiatives to promote excellence in Governance practices on 22-Aug-2014. Chief guest Dr. K. Rosaiya, Hon’ble Governor of Tamil Nadu, India handed over the award.
Life Time Achievement Award for outstanding contributions and achievements in Banking Sector organized by NRI Institute from the Minister of State of External Affairs for the year 2009. Rare honor given by the institution to any individual.
Dr. Seetharaman was honored with Best CEO of The Century for Peace and Humanity Award by the World Humanitarian Drive (WHD) in June 2019.
Other Prestigious Awards:
Dr. Seetharaman was honored with Professional Excellence Award by Institute of Directors (IOD) handed over by Honorable Governor of Tamil Nadu Thiru. Banwarilal Purohit in September 2019
Doha Bank CEO Dr. R. Seetharaman received “Business Leader of the Year Award” for his contribution to Environment and Social Responsibility from BRICS International Forum.
Doha Bank CEO Dr. R. Seetharaman received the 3G Leadership Award for Corporate Sector 2019 [Individual] at the Global Good Governance Awards in Jakarta, Indonesia on March 14, 2019.
Doha Bank CEO Dr. Seetharaman was honored with World Leader in Finance Award at THE BIZZ EUROPE 2019 event by World Confederation of Businesses (WORLDCOB) in Amsterdam, Netherland on 14th May, 2019.
Doha Bank CEO Dr. R. Seetharaman was recognized and conferred by the Government of India with the prestigious Pravasi Bharatiya Samman Award [PBSA], the highest honor conferred on overseas Indians by the Government of India. Shri Pranab Mukherjee, Honorable President of India, handed over the Award citation and the gold medallion to Dr. Seetharaman.
“Award of Excellence” from the Sri Lankan Government presented by H.E. the Sri Lankan Ambassador to Qatar A.S.P. Liyanage to Dr. R. Seetharaman in recognition of his services and the support extended by Dr. R. Seetharaman for promoting bilateral trade and investment relationships between Qatar and Sri Lanka.
Dr. Seetharaman received the New Age Banker of the Year Award at The New Age Banking Summit 2018, supported by Qatar Central Bank and Qatar Financial Centre Regulatory Authority in Doha, Qatar.
Dr. R. Seetharaman, CEO of Doha Bank, was honoured with the EU Business School Leadership Award at the EU Munich Commencement Ceremony on 16th June 2018 in recognition of his dedication to inspire passion, direction and determination in young and fellow business people. The award also acknowledged his integrity, innovative spirit and commitment to promote sustainable development and economic prosperity which greatly inspired community.
Doha Bank CEO Dr. R. Seetharaman was honored with the title “Honorary Professor Of The Academic Union, Oxford, UK” at The International Achievements Forum 2018, London Summit of Leaders, organized with the support of the Academic Union, Oxford and the Global Club of Leaders on 17th April 2018, in London, UK.
Dr. R. Seetharaman, CEO of Doha Bank was honored with the “Green Economy Visionary Award” at the 2016 Union of Arab Banks (UAB) International Banking Summit on 30-May-2016 in Rome, Italy for his outstanding contribution of close to two decades towards environment friendly activities thereby promoting Green economies. He received the award from Mohammed Jarrah Al-Sabah, Chairman - UAB in the presence of Wissam H. Fattouh, Secretary General - UAB, H.E. Mohammad Machnouk, Minister of Environment - Lebanon, Sarkis Yoghourtdjian, Advisor - Federal Reserve Board, Washington DC, Mustapha Bakkoury, President du Directoire - MASEN, Morocco, Mrs. Michele Caparello, Advisor to the Executive Board - European Central Bank, Mrs. Michele Caparello, Advisor to the Executive Board - European Central Bank and Eric Usher, Acting Head of the United Nations Environment Programme Finance Initiative (UNEP-FI), Switzerland.
Dr. R. Seetharaman, CEO of Doha Bank was honoured with “Energy and Environment Foundation 2017 Global Excellence Award in Renewable Energy” on 21st August 2017 for his vision, leadership, outstanding contribution and for demonstrating excellence in the Renewable energy sector. He received the Award from Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines in the Government of India.
‘Global Financial Leader 2017’ award from Hon. Indian Member of Parliament M.I. Shanavas at the Golden Achievement Awards Doha First Edition 2017, organized by Global Media in association with Kerala Chamber of Commerce & Industry in Doha, Qatar
Dr. R. Seetharaman was honored with the CEO of the Year Award at the EMEA Finance Middle East Banking Awards 2017 Ceremony on 28th Feb 2018 in Dubai for bringing about transformational leadership in Doha Bank with focus on technology and sustainable development
Best Manager of Year for Excellence in Quality in Banking at Excellence in Quality and Management Conference, Europe Business Assembly Ceremonial Events 2017 in Luzern, Switzerland on 3rd July 2017.
Dr. R. Seetharaman, CEO of Doha Bank was honored with “Business Man of the Year Award” on 16-June-2015 at the Hilton Hotel, Doha, Qatar for his strong beliefs in management principles and for his dynamic leadership qualities in leading Doha Bank with strong values and firm principles.
Dr. R. Seetharaman, CEO of Doha Bank being honored with NRI foundation Excellence award by Hon’ble Arun Jaitley, Finance Minister, and Government of India on 13-Mar-2015.
Doha Bank CEO Dr. R. Seetharaman was awarded the “Man of the Year “at IAIR Awards 2014 at a glittering function held in Dubai on 20-Nov-2014, where Doha Bank was adjudged the “Best Bank In Qatar”.
Dr. R. Seetharaman, Doha Bank CEO was honored with the prestigious “Gold Stevie Award for Executive of the Year” in the Banking Category at the 2014 International Business Awards - “The Stevie Awards” event in Paris on 10-Oct-2014.
CEO of the Year 2011 in Middle East at the EMEA Awards. This is the Second time he has won the prestigious honor in the Middle East.
Doha Bank CEO Dr. R. Seetharaman was honored with “The ABLF Business Economist Award” at the ABLF (Asia Business Leadership Forum) Leadership Weekend 2014 on 13-Dec-2014 for his outstanding contribution in financial media in areas such as economics, financial markets, banking, finance and sustainable development through commentaries and opinions and for promoting bilateral trade and investment relationships between various countries. He received the award from H.E Sultan bin Saeed Al Mansouri, UAE Minister of Economy.
Outstanding Contribution to the Industry award by Banker Middle East in partnership with Hawkamah Institute for Corporate Governance during the Banker Middle East Industry Awards 2010 in Dubai, UAE.
Dr. R.Seetharaman has been awarded the prestigious “CA Global Achiever Award” during the glittering ceremony of The Institute of Chartered Accountants of India (ICAI) Awards 2012 in February 2013 at Grand Hyatt, Mumbai
Recommended as the United Nations Goodwill Ambassador to H.E. Ban ki- Moon, UN Secretary General, by H.E. Nassir Abdulaziz Al Nasser, the Permanent Representative of the State of Qatar to the UN for his renowned environmental / Green activities.
Mahatma Gandhi Pravasi Samman by NRI Convention held in House of Lords, London – October 2013 for his achievements in the field of Banking Sector
World Leader Business person - For being a successful leader who works in an innovative, systematic and knowledgeable manner - September 2012
Doha Bank CEO Dr. R. Seetharaman was honored as “Banking Innovator” at the 2014 Indian Innovator Awards, Entrepreneur of the Year Award function held in Dubai on 09-Dec-2014.
Dr. R. Seetharaman received the “Best Banker Award for Supporting SMEs for their better growth and exemplary achievements in Banking Sector” during the “INDIA SME BUSINESS CONCLAVE” on 15th June, 2013 on the occasion of 19th Foundation Day of Small and Medium Business Development Chamber of India.
Leadership and Fellow Award during the 23rd World Congress Leadership and Quality of Governance and Presentation of Golden Peacock awards ceremony hosted by Institute of Directors in February 2013
Dr. R. Seetharaman was honored with 4th Rajiv Gandhi Excellence Award in 2013 for his distinguished services in the banking profession.
Global Indian Award by Rotary Club of Madras Metro during the launch of KRIA- Rotary Metro Awards 2013 in Commemoration of the 10th Anniversary of Kesar
International Indian of the Year Award for his contributions for global economics, supporting for years the common cause to address the Global Warming & Climate Change and Millennium Developments Goals from H.E. Dr. Farooq Abdullah, Minister of New and Renewable Energy, Government of India in 2010
Best CEO in Middle East Banking Industry 2008 by the Middle East Awards Institute from Honorable Dominique de Villepin, Former Prime Minister of France.
Banker of the Year 2007 from Banker Middle East.
Arab Asian Banker Excellence Award - 2006 from Arab Asian Forum in Singapore.
The Phenomenal Banker Achievers Excellence Award from the President of Mauritius in 2009
The Gullands Excellence Awards for excellence as a Phenomenal Banker in 2008.
Certificate of Appreciation from United States Department of Commerce - U.S. Commercial Service in promoting US-Qatari trade and financial ties from Israel Hernandez, Assistant Secretary of Commerce Director General of the Commercial Service International Trade Administration in 2007.
Pravasi Achievers Gold Medal for his outstanding contribution in the Banking and Economic Sector by the NRI Welfare Society of India at the House of Lords, London - 2010.
Dr. Seetharaman has transformed Doha Bank as one of the best performing bank in the Middle East region. During his stewardship Doha Bank has become a Global Brand, conferred with the following awards /recognitions:
Golden Peacock Global Award for Excellence in Corporate Governance by the Institute of Directors in 2019, 2018, 2016 & 2015
3G Financial Services Award 2019 at the Global Good Governance Awards
Best Trade Finance Bank in Qatar at Global Finance Awards for the years 2019 & 2017
Doha Bank received THE BIZZ Award at THE BIZZ EUROPE 2019 event in Amsterdam, Netherland on 14th May, 2019 where the organization was granted with the GLORY trophy, one of the highest distinction given by World Confederation of Businesses (WORLDCOB).
LinkedIn Talent Awards 2019 for ‘Best Talent Acquisition Team in Qatar in above 500 Employee’
Best Bank In Capital Position during The New Age Banking Summit 2018, supported by Qatar Central Bank and Qatar Financial Centre Regulatory Authority
2018 Corporate Excellent Award from CV Magazine for ‘Most Outstanding Business Bank’ in Qatar
Qatar Domestic Trade Finance Bank of the Year at the Asian Banking & Finance (ABF) Wholesale Banking Awards 2018
Doha Bank & Amwal’s “QETF” The first Exchange-traded fund (ETF) in Qatar by Qatar Stock Exchange
Best Arab Customers Services 2018 at Arab Banks Awards & Commendations of Excellence
Most Innovative Bank in the Middle East at the EMEA Finance Middle East Banking Awards 2017
Best Regional Commercial Bank in Middle East by the Banker Middle East for 5 years in a row - 2017, 2016, 2015, 2014 & 2013
Best local bank in Qatar award at the EMEA Finance Middle East Banking Awards 2017
Qatar Domestic Trade Finance Bank of the Year and Qatar Domestic Project Finance Bank of the Year awards at the Asian Banking & Finance (ABF) Wholesale Banking Awards 2017
Best Bank Governance - Qatar 2017 at the Capital Finance International (CFI.co) Awards 2017
3G Environmental Responsibility Award 2017 at the Global Good Governance (3G) Awards 2017
Golden Peacock Global Award for Sustainability 2017, 2014, 2013, 2012 & 2010 by Institute of Directors, India
Best Regional Enterprise award at Excellence in Quality and Management Conference, Europe Business Assembly Ceremonial Events 2017 in Luzern, Switzerland on 3rd July 2017
Best Commercial Bank, Qatar 2016 from International Finance Magazine
Doha Bank has been named Bank of the Year 2013 – Qatar by The Banker magazine, an affiliate publication of The Financial Times, at the 14th Bank of the Year awards function held in London in 2013.
“Best Commercial Bank Qatar 2013” & “Best Customer Loyalty Programme 2013” from International Finance Magazine (IFM), a leading source of information, analysis and insights for the global finance community.
Golden Peacock Global Award for Corporate Social Responsibility for the years 2016, 2015, 2013, 2012 & 2011
BIZZ Peak of Success Award from the World Confederation of Businesses in 2013
Ebanking 2013 Excellence Award by the Middle East Excellence Awards Institute in 2013
Most Innovative Retail Bank Middle East by Global Banking & Finance in 2013
Best Corporate Responsibility Programme in the Middle East by EMEA Finance in 2012
Best Bank in Qatar by EMEA Finance in 2012
Best Corporate CSR Program by Arab Organisation for Social Responsibility in 2012
Best Bank in Qatar & Most Innovative Bank In the Middle East 2012 by Global Banking & Finance Review
Best Bank in Qatar 2011, 2012 - EMEA
Bank of the Year 2011 in Qatar by Arabian Business Awards
Asia’s Best Brand Award from CMO for the year 2011
Best Bank in Qatar & Most innovative bank in Middle East for the year 2010 from EMEA
Best Sustainable Financial Institution in Qatar for the year 2010 from The New Economy
Best Commercial Bank in Middle East from Banker Middle East for the years 2005, 2007, 2009 & 2010.
Best Bank in Qatar from Euromoney for 2008 and 2005
Best Globalization Bank and Best Green Bank from Banker Middle East Awards 2008
Bank of the Year from The Banker, Financial Times for the years 2003, 2004 and 2006
Best Bank in Middle East from Banker Middle East for 2006
Best Bank in Qatar from World Finance for 2007
Best Internet Banking Award from Banker for 2008
Best Islamic Corporate Finance Award from Banker for 2007
He has played a pioneering role in introducing innovative products and services, deploying consumer centric technology solutions, newer strategic business models etc., and all first of its kind in the State of Qatar.
His strategic business model initiatives include his vision towards globalization through opening of full-fledged cross border branch operations in Dubai, Abu Dhabi and Kuwait and representative offices in Australia, Hong Kong, Singapore, Japan, Turkey, China, South Korea, United Kingdom, Canada, Frankfurt and Sharjah. Doha Bank has successfully established Doha Bank Assurance Company, the first Middle Eastern Bank to establish a 100% owned insurance company. He was instrumental in striking a strategic tie-up with a leading Indian brokerage firm and named it as Doha Brokerage and Financial Services Ltd., first financial institution to set foot in the Indian sub-continent. His thought leadership and relentless attitude resulted in Doha Bank being granted license to commence banking operations in India and has been permitted to provide full-scale banking services.
Dr. Seetharaman is very passionate about theatre and literature and actively promotes social and cultural arts.
The key success for Doha Bank’s growth is the strategic transformation program that the Bank has embarked on in 2019 .
At Doha Bank have embarked on a new journey with a vision to reinforce our reputation as the bank of choice in Qatar, delivering superior shareholder returns and an unparalleled customer experience.
The transformation of the bank in line with the 7 strategic themes of Customer experience, Empowerment, Talent development, Cost reduction, Revenue enhancement, Risk & Capital Management and Process reengineering & Digitization.
In keeping with the Bank’s desire to remain at the forefront of digital transformation, the strategies will drive digitization and automation across internal and customer-facing processes.
It also included strategic processes focused on risk and capital management to protect Doha Bank customers, shareholders and the bank’s reputation, as well as on the importance of reducing the cost to improve margin and enhancing revenue through diversified sources of income and resource allocations and budgets to ensure sustainable growth.
BL: What is your insight on Global economic growth?
Dr. R. Seetharaman:
IMF APRIL 2020
According to IMF Oct 2020, Global growth is projected at -4.4 percent in 2020. Global growth is projected at 5.2 percent in 2021.
Growth in the advanced economy group is projected at –5.8 percent in 220. In 2021 the advanced economy growth rate is projected to strengthen to 3.9 percent.
The US economy is projected to contract by 4.3 percent in 2020, before growing at 3.1 percent in 2021
A deeper contraction of 8.3 percent is projected for the euro area in 2020, reflecting a sharper downturn than in the United States in the first half of the year. The growth bounce-back of 5.2 percent projected for 2021 is accordingly stronger from a lower base
Among emerging market and developing economies, growth is forecast at –3.3 percent in 2020, 0.2 percentage point weaker than in the June 2020 WEO Update, strengthening to 6 percent in 2021.
Prospects for China are much stronger than for most other countries in this group, with the economy projected to grow by 1.9 percent this year and 8.2 percent next year.
Indian economy is projected to contract by 10.3 percent in 2020, before rebounding by 8.8 percent in 2021
BL: How do you explain the pace of inflation?
Dr. R. Seetharaman: In line with the subdued outlook for activity, inflation is expected to remain relatively low.
Inflation in the advanced economy group is projected at 0.8 percent in 2020, rising to 1.6 percent in 2021 as the recovery gains hold.
In the emerging market and developing economy group, inflation is projected at 5 percent this year, declining to 4.7 percent next year.
BL: What’s going on with M&A? Are people still using cash?
Dr. R. Seetharaman: Due to COVID -19 announcements of greenfield projects are also delayed. Similarly, many mergers and acquisitions (M&As) are temporarily suspended.
Like greenfield projects, M&As are generally long-term commitments to overseas markets. Nevertheless, completions of already announced M&A transactions have been running into delays that could result in cancellations. Over-geared and cash strapped companies may seek equity injection, in such cases cash is used.
BL: What is the most complicated decision on your agenda for the year 2021?
Dr. R. Seetharaman: The biggest and the most complicated decision is to sustain the performance of Doha Bank amidst COVID-19.
The COVID -19 has impacted the growth on the economy, the oil prices fell in April 2020, the liquidity was under pressure and the volumes fell.
Qatar unveiled stimulus packages worth 75 billion riyals for the private sector to help mitigate the economic impact of the coronavirus outbreak
In view of Covid-19, we have made it our mission to engage the customers closely as the economic dynamics are evolving at unprecedented speed and we are carefully analyzing and evaluating the situation and will re-align our transformation efforts with evolving external factors.
Some impact felt on Doha Bank’s trade finance portfolio due to COVID-19. However improvement witnessed since Sept 20.
Despite the challenging market conditions, Doha Bank’s performance throws light on its superior products and services, ongoing customer demand, and being able to capitalize on market synergies as well as being able to navigate through market dislocations
BL: What is your insight on trends in advanced economy currencies?
Dr. R. Seetharaman: The developments on various currencies till 11, Oct 2020 are as follows:
Advanced Economy Currencies
Dollar index is at 93.05 level. It is down by 3.5 %The dollar fell to three-week lows on optimism that a deal for new U.S. stimulus would be reached, and as investors bet that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package.
1 Pound = $1.30356. Pound weakened by close to 2% YTD against the dollar. Despite YTD weakens pound strengthened recently . The British Pound is the best performing major currency of the past month owing to a steady rise in odds that the EU and UK will reach a post-Brexit trade deal.
1 Euro = 1.1826$ Euro has Strengthened by more than 5% YTD.
1US$ = 105.62 Yen. Yen has strengthened by close to 2.7% YTD. The dollar and safe-haven Japanese yen nursed losses, after revived hopes for U.S. fiscal stimulus improved investor sentiment.
BL: What is your insight on emerging economy currencies?
Dr. R. Seetharaman: The developments on various currencies till 11, Oct 2020 are as follows:
Emerging economy currencies
1 US$= 16.46 Rand . Rand has weakened by more than 17% YTD.
1 US$ - 5.53 BRL. Brazilian real has weakened by close to 37% YTD.
1US $ - 76.77 RUB Russian ruble fallen by 24 % YTD.
1US$ - 6.69 Yuan. Chinese Yuan strengthened by close to 4 % YTD.
1 US$ - 73.13 Rupee. 2.5% down YTD.
The emerging economy currencies have recovered from their yearly lows however except Yuan others are still weaker against the dollar.
BL: What are current trends in precious metals?
Dr. R. Seetharaman: As at 6th October 2020
Gold - $1912.29/ Ounce (YTD 25.58%)
Silver - $24.26/ Ounce (YTD 35.22%)
Gold and silver will continue to perform positively. The dollar index is correcting and there is a possibility of a second stimulus from the US anytime this week or the next week. Pre-poll surveys in the US indicate Trump may lose the election, which is also supporting safe haven buying.
BL: What are current trends in oil prices?
Dr. R. Seetharaman: As at 6th Oct 2020
WTI – $39.57/ Barrel. YTD (-35%)
Brent Crude – $41.67 /Barrel YTD (-36%)
There were several principal drivers that caused WTI to lose its grip on the $40 level this week. First was a recent surge in corona virus infection rates globally which let us know that it’s not going to creep back into the slime from whence it came, and is going to be with us for a good while now. Then news this week that there would be some very uncomfortable side effects along with the vaccines that might come out of the various phase three trials now underway, put the “silver bullet” vaccine narrative “out with the cat.” The problem here is that this knowledge could put people off the idea of taking it, thus extending the progression of the virus through the global population.
Natural gas - $2.666 MMBTU. YTD ( 9.89%)
Natural gas prices on Monday rose as lofty hopes of an economic stimulus deal in the United States persist, an increase in LNG exports, and positive reports of President Donald Trump’s bout with the coronavirus reinvigorates the markets after traders were spooked last weeks.
BL: What is your insight on industrial metals trends?
Dr. R. Seetharaman: As at 6th Oct 2020
Copper was at $6514 / Tonne. 6% up this year YTD .
Aluminum price was at $1746.25 / Tonne. It is down 2% this year.
Nickel price was at $14,604/ Tonne. It is up by 5 % this year.
Copper Prices have been supported by a recovery in top consumer China, supply tightness and cheap and abundant liquidity fuelled by global stimulus programmes.
Despite the drop this year by Aluminum , it had recovered in recent times amid a strong recovery in demand in China following the coronavirus outbreak.
Most prices for industrial metals have been rallying amid a recovery in Chinese demand after sinking in March, with nickel one of the best performers among the base metals as investors expressed confidence about battery-nickel demand in line with the positive sentiment surrounding the electric vehicle sector.
BL: What is your insight on agricultural commodities trends?
Dr. R. Seetharaman: As at 6th Oct 2020
Corn price was at 3.80 USD/ Bushel. It is down by 5 % YTD
Wheat price was at 5.82 USD/ Bushel. It is flat YTD
Soybean was at 10.30 USD/ Bushel. It is up by 9% YTD.
Corn futures slipped as funds sought short positions ahead of USDA grain stocks report
Dry weather concerns for top competitor Russia and other world wheat areas supported the wheat prices.
The soybean contract hit a one-week high after the USDA’s soybean stocks figure came in below the average of trade expectations.
BL: What is your insight on soft commodities trends?
Dr. R. Seetharaman: As at 6th Oct 2020
Cocoa was at $2463/ Tonne and is flat YTD.
Coffee was at $108 / Pound and down by more than 21 percent YTD.
Coffee resumed declines as traders weighed ample supplies from Vietnam and steadier exchange stockpiles.
Sugar was at $13.65 / Pound and down by more than 5 percent YTD.
Even though they are down YTD, Soft commodities such as coffee, sugar and cocoa have broadly rallied steadying after a period of sharp volatility at the height of the coronavirus crisis.
BL: How have Global & Regional Capital Markets performed?
Dr. R. Seetharaman:
Global markets recovered after yearly lows in April 2020 due to COVID -19.
Nasdaq leads the indices on account of outperformance of technology companies.
Qatar has rebounded to 10k levels after the fall this year.
BL: What are the major trends in GCC CDS rates?
Dr. R. Seetharaman: As at 12th Oct 2020
CDS rates
Qatar CDS – 38.767 Basis points
Saudi CDS - 69.896 Basis points
Dubai CDS - 153.615 Basis points
ADB CDS – 39.688 Basis points
Bahrain CDS – 323.800 Basis points
BL: What are the major trends in Gulf Bond market?
Dr. R. Seetharaman: GCC Sukuk - $28.4bn in 2020.
Major GCC Sukuk Issuances include Riyadh Bank - $1.5bn, CBB International Sukuk - $2bn, Saudi Govt Sukuk - $9.2Bn, Saudi Electricity Global Sukuk - $1.3Bn, Boubyan Sukuk - $1.5Bn and Sharjah Sukuk - $2bn
GCC Bonds - $ 71.8bn in 2020 Major GCC conventional Bond issuances – Saudi Sovereign - $17 bn, Sharjah Sovereign - $2bn, ADB Sovereign - $12 bn , Bahrain Sovereign - $1bn, ME Global Canada - $2.2bn and Qatar Bond issue - $10bn.
Qatar sold $10 billion in bonds in tranches of 5, 10, and 30 years. Qatar offered interest equivalent to 300 basis points (bps) over U.S. Treasuries for a $2-billion five-year tranche, 305 bps over the same benchmark for a $3-billion 10-year tranche and 4.4% for the 30-year paper
BL: What is the key success to Doha Bank’s growth?
Dr. R. Seetharaman: The key success for Doha Bank’s growth is the strategic transformation program that the Bank has embarked on in 2019 .
At Doha Bank, we have embarked on a new journey with a vision to reinforce our reputation as the bank of choice in Qatar, delivering superior shareholder returns and an unparalleled customer experience.
The transformation of the bank in line with the 7 strategic themes of Customer experience, Empowerment, Talent development, Cost reduction, Revenue enhancement, Risk & Capital Management and Process reengineering & Digitization.
In keeping with the Bank’s desire to remain at the forefront of digital transformation, the strategies will drive digitization and automation across internal and customer-facing processes.
It also included strategic processes focused on risk and capital management to protect Doha Bank customers, shareholders and the bank’s reputation, as well as on the importance of reducing the cost to improve margin and enhancing revenue through diversified sources of income and resource allocations and budgets to ensure sustainable growth.
BL: How does Doha Bank Stand in solidarity with the nation ?
Dr. R. Seetharaman: Doha Bank believes in Qatar National Vision (QNV) 2030 which aims to direct Qatar towards a balance between developmental needs and the protection of its natural environment, whether land, sea or air.
The QNV 2030 includes an emphasis on establishing an effective legal framework and the environmental institutions that can serve as the guardians of Qatar’s environmental heritage. The QNV 2030 also emphasizes the importance of increasing citizens’ awareness of their role in protecting the country’s environment for their children and the nation’s future generations.
Doha Bank has regularly showcased the developments in Qatar and the initiatives of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani including his address in UN in September 2019 where he promised to work for the climate and the sovereign wealth fund of Qatar and will work on encouraging and promoting the green investment activity and adopt low-carbon economic growth.
BL: What are your views on the Sooq as another step in Doha Bank’s goal to integrate the entire array of its e-banking and e-commerce services?
Dr. R. Seetharaman: Doha Sooq was built to support SME’s in Qatar for having additional certified way of selling their products & services online, by utilizing DOHA BANK digital marketing channels to reach more customers in the Qatar market.
This ecommerce product supported SME’s stickiness with Doha Bank and made them expand their businesses with existing Doha Bank SME financing solutions. Merchants utilized their current e-commerce experiences gained from Doha Sooq and did implement the same on their designated web platforms that is also powered by Doha Bank Online Payment Gateway services for easy and secure transactions processing.
After which SMEs will access their Online Banking profile (TADBEER) and easy monitor transactions and do manage the necessary instant settlements between accounts.
BL: What are the new products that Doha Bank offered in 2020?
Dr. R. Seetharaman: Doha Bank Launched New Local and International Funds Transfer Digital Service for its corporate clients.
Doha Bank Integrates Facial and Voice Recognition into Mobile Banking App for Seamless and Secure Access.
Doha Bank Unveils Visa Premium Metal Cards with Exclusive Privileges for Elite Customers.
Doha Bank Extends Liquidity Support to SMEs due to Covid- 19
Doha Bank Enters into Partnership with Bank of Singapore for Wealth Solutions
Doha Bank Teams Up with Habib Bank Limited to Offer Instant Cash Payout Remittances to Pakistan from Qatar
BL: How has Doha Bank always maintained its Customer Satisfaction?
Dr. R. Seetharaman: In Doha Bank, we constantly pursue top-class promotions and services to ensure high levels of customer satisfaction at all times.
Given the current circumstances, we encourage our dear clients to stay safe and perform their necessary payments from the comfort of their homes for food delivery, groceries, online subscriptions, bill payments, and more.
BL: Why do you believe that Sharq Insurance will support Qatar’s economic diversification?
Dr. R. Seetharaman: Sharq Insurance, a wholly Owned Subsidary of Doha Bank has a wide range of insurance offerings which can support both the Qatar’s hydrocarbon and Non hydrocarbon segment.
The developments in the non-hydrocarbon segment such as Airports, Ports, FIFA 2020 stadiums, QFC, Free trade zone and similar projects will require insurance offerings from Sharq Insurance.
BL: Why is Cybersecurity the Backbone of Digitization?
Dr. R. Seetharaman: The digital security is important in the current times where social governance was at stake and the Qatari government was responding to dynamic environment keeping trust, transparency, and truth at the helm.
In the Gulf region, malware attacks were one of the biggest cyber threats in 2019. There is increased exposure to cyber risks from digital transformation. More and more disruptive advanced technologies are changing the paradigm of banking. At the same time, the cyber threats are increasing rapidly.
Increased web based banking channels and interfaces to provide convenient services to customers, the more cyber threats and challenges. Cyber-attacks are capable of deteriorating institutions performance and economies’ growth. Financial, legal and brand are impacted due to cyber-attacks. Measures are being taken to address cyber security in the light of digital transformation. Hence cyber security is the backbone of digitisation.
BL: What are you comments on “Qatar- Turkey Bilateral Relationships”?
Dr. R. Seetharaman: Qatar- Turkey Bilateral Relationships Has Experienced Tremendous Progress in Recent Years.
Bilateral trade volume increased from $340 million in 2010 to over $2 billion in 2019. The COVID-19 has limited impact on bilateral trade between Qatar and Turkey.
Turkish constructions companies have significantly contributed to the infrastructure of Qatar. The total value of construction projects since 2002 is over $18bn. Qatar is seventh largest contract market for 2019. Turkey is safe haven for Qatari investment.
BL: What do you believe that QETF is a bigger opportunity for investors? Is it a good solution?
Dr. R. Seetharaman: The QE Index ETF, or QETF, tracks the performance of the benchmark QE Price Index, which offers access to the 20 most highly capitalized and liquid companies in Qatar through a single listed product. Clients are seeking more income, at a time of low rates and low returns with less risk.
In terms of potential future growth, Qatar stands out from the others and offer investors a number of opportunities to be had on the lead up to the FIFA World Cup 2022, and longer term – hence need to know that the QETF is a bigger opportunity for them.
BL: How do you see the performance of Qatar’s economy during Covid-19?
Dr. R. Seetharaman: Please read the below chart.
BL: What do you comment on online education in the Arab countries and in the rest of the world?
Dr. R. Seetharaman: Distance learning amid a pandemic such as the novel coronavirus disease (Covid-19) provides not only a safe environment for both teachers and students but also an opportunity to take advantage of technology to make education more interesting and effective.
Where essentially, the use of technology and online platforms is submerged with our education. Thus, these experiences and gained skills have become very useful during this time.
Digital environment can reset our economic and social foundations in response to COVID-19
BL: How do Qatar and UK intend to Accelerate their bilateral relationships?
Dr. R. Seetharaman: Bilateral trade is £7 billion a year and growing. The UK buys more LNG from Qatar and is exporting more to Qatar than ever before. Qatar is the third largest market for the UK in the region and the GCC as a whole is the third largest trading market for the UK after the EU and the US. UK is committed to an ambitious partnership with Qatar to deliver a safe and successful World Cup in 2022, leaving a positive legacy for Qatar and the region. People to people relations are strong including over 20000 UK nationals living in Qatar, the second largest British community in the region.
MEs in the UK should explore partnerships with Qatar. Qatar Gas and Petronas UK signed a new 5-year LNG sale and purchase agreement in 2016. In 2017, the Qatar-UK Business and Investment Forum was held in the UK. In 2018, an MOU between QCB and the UK was also signed. QFC has more than 60 UK firms. Opportunities could also be explored in the fintech sector
BL: How do Qatar and Germany can Enhance Relationships on Sustainable Projects?
Dr. R. Seetharaman: Qatar and Germany can benefit from these opportunities by capitalizing on their longstanding relationships. opportunity still exists. Some companies even opened their offices in Doha before Qatar’s independence and are trusted partners to implement Qatar’s National Vision 2030. German companies undoubtedly remain committed to Qatar and are seizing investment opportunities in Qatar. Most recently, Volkswagen announced a major investment in the Qatar Free Zones and more companies will certainly follow. Vice versa, Qatar’s sovereign wealth fund, the Qatar Investment Authority, SWF is a key investor in German companies.
The COVID-19 pandemic crisis offers another opportunity: to build our economy back better. We need a “green recovery” connecting our recovery from the economic impacts of the pandemic to achieving our objectives under the Paris Agreement and the Sustainable Development Goals and should ensure achievement of UN sustainable development goals. Economies can only thrive only if we protect the environment. Qatar and Germany should jointly work on this kind of Green projects, developing a technological edge and competitive advantage
BL: How can Qatar Play a vital role in Srilanka’s Strategic Expansion?
Dr. R. Seetharaman: There are more than 200 Srilankan companies established in partnership with Qatari side. Doha Bank entered into an agreement with Bank of Ceylon, the largest bank in Sri Lanka, for remittance of funds from Qatar to Sri Lanka.
Qatari businessmen should explore the huge investment opportunities in Sri Lanka and establish business partnerships and alliances with their Sri Lankan counterparts. Many Sri Lankan companies are looking to take part in Qatari projects and establish joint ventures in all sectors. Qatar Airways and SriLankan Airlines Announce Significant Codeshare Expansion in Dec 2019.Qatar can play a vital role in Sri Lanka’s strategic expansion.
BL: Can Qatar and Bangladesh work together to boost the bilateral relationships?
Dr. R. Seetharaman: Qatar Bangladesh trade was close to $1bn in 2018-19. In June 2017, Bangladesh entered into agreement with Rasgas to supply 2.5 million tons of LNG for 15 years.
The major opportunities include issuance of performance bonds, tender bonds for participation of Bangladesh companies in the infrastructure projects in Qatar. Letters of credit for exports of LNG shipments from Qatar to Bangladesh. Incoming Remittances & payments for Qatar exports to Bangladesh .LC opening in Qatar for imports of Qatar from Bangladesh.
BL: What are the bilateral opportunities between Qatar- India?
Dr. R. Seetharaman: Qatar can increase its supply of gas to India at cost-effective rates. India gets high remittances from Qatar as there are Indian immigrants working in Doha. Qatar-India can work bilaterally on Food security, energy mix, Fossil fuels, Qatar investing in India’s Infrastructure Fund, Pharmaceutical industry. Qatar and India have to closely work on the bilateral agreements to boost the trade between the two countries.
In order to attract Qatari capital in India, India needs to set up a contract regime which is universal in nature and time-bound dispute resolution, whereas for Indian companies to participate in Qatar’s construction it has to have best in class services, supply of labor and manpower. In infrastructure sector, high end real estate development and affordable housing are the key areas where can Qatar can invest into India.
BL: What are the bilateral opportunities between Qatar- Singapore?
Dr. R. Seetharaman: Singapore has emerged as a strategically important hub for Qatar’s LNG exports to the region. Opportunities between both countries can be explored on both hydrocarbon and non-hydrocarbon segment.
Major Singaporean companies are already working here on infrastructure development and other projects.
The key opportunities include issuance of performance bonds, tender bonds for participation of Singapore companies in the infrastructure projects in Qatar. Letters of credit for exports of Crude Oil and LNG shipments from Qatar to Singapore. Incoming Remittances & payments for Qatar exports to Singapore.LC opening in Qatar for imports of Qatar from Singapore. Collaboration for Global trade under risk participation: Singapore banks with Qatari banks. Singapore being hub of International Trade, we can collaborate for Trade Finance solutions like LC confirmation, Discounting thru Doha Bank branch network. Potential interest from Singapore companies in the vessel maintenance, North field gas expansion project
BL: What are the bilateral opportunities between Qatar- Hong Kong?
Dr. R. Seetharaman: In July 2019 Hong Kong & Qatar sign MOU on Investment Promotion and Cooperation. At the same time, Multiple Memorandum of Understandings have been signed between Hong Kong Special Administrative Region (HKSAR) Authorities; InvestHK and the Hong Kong General Chamber of Commerce (HKGCC) and Qatar Financial Centre Authority (QFC).
The developments in Lusail Smart City, potential of E- Commerce in Qatar, Sustainable Journey of Doha Bank, fintech networks and Startups in Qatar. The connectivity between Qatar and Hong Kong on above areas could strengthen bilateral partnerships
BL: What are the bilateral opportunities between Qatar- Japan?
Dr. R. Seetharaman: Qatar is number one trade partner of Japan and Liquefied Natural Gas (LNG) forms major part of this trade. Qatar is number three crude oil supplier to Japan. Japan importing helium and oil products. Qatar- Japan bilateral trade exceeded $14bn in 2020. In July 2019, Qatar gas announced a historic milestone as it successfully delivered the 3,000th Liquefied Natural Gas (LNG) cargo to Japan. Qatar gas has term contracts to supply LNG with many of the key Japanese buyers including JERA, Tohoku Electric, Kansai Electric, Chugoku Electric, Tokyo Gas, Osaka Gas, Toho Gas and Shizuoka Gas. The number of tourist visiting Japan from Qatar has jumped by 36 percent in 2019
BL: What are the bilateral opportunities between Qatar- South Korea?
Dr. R. Seetharaman: Qatar and South Korea can explore Co-operation in various fields relating to the fourth industrial revolution, smart agriculture in South Korea, e-learning and the applications of smart cities in Korea. Qatar is an important Engineering, Procurement and Construction (EPC) EPC market for Korea. Many Korean construction companies have participated in various infrastructure projects such as Lusail Expressway, Umm Haul Power & Hyundai Engineering and Construction. Issuance of performance bonds, tender bonds for participation of Korean companies in the infrastructure projects in Qatar. Letters of credit (advising/negotiation/discounting) for exports of Crude Oil and LNG shipments from Qatar to S. Korea
BL: What are the bilateral opportunities between Qatar- India?
Dr. R. Seetharaman: Qatar and South Korea can explore Co-operation in various fields relating to the fourth industrial revolution, smart agriculture in South Korea, e-learning and the applications of smart cities in Korea. Qatar is an important Engineering, Procurement and Construction (EPC) EPC market for Korea. Many Korean construction companies have participated in various infrastructure projects such as Lusail Expressway, Umm Haul Power & Hyundai Engineering and Construction. Issuance of performance bonds, tender bonds for participation of Korean companies in the infrastructure projects in Qatar. Letters of credit (advising/negotiation/discounting) for exports of Crude Oil and LNG shipments from Qatar to S. Korea.
