DOHA: Defying the global recession which began spreading its tentacles late last year hitting businesses the world over, companies listed on the Qatari bourse have reported enviable financials for 2008.

The collective net profits of the 43 entities listed on the Doha Securities Market (DSM) soared to an incredible QR28.5bn, showing a 33.4 percent increase over 2007. Their profit figures in 2007 were QR21.4bn. According to a statement posted on the website of the DSM, “All the listed companies have disclosed their financial statements for the year ended December 31, 2008.”

Banking giant Qatar National Bank (QNB) contributed a major share to the sector’s profits. It reported record net profits of QR3.65bn last year, up from QR2.5bn in 2007, showing an impressive 45.7 percent rise.

Source: The Peninsula Online Newspaper

Qatar is expected to see a nine percent grwoth in its gross domestic product growth in real terms in 2009 despite the global economic slowdown, a new report says.

Analysts at the International Bank of Qatar (IBQ) said the growth would be mainly due to increasing gas production.

IBQ estimated that Qatar’s gas production increased by up to 40 percent in 2008 with the gas sector doubling in size last year, partly on higher energy prices, Gulf Times reported recently.