|
M/S: The Shareholders and Guests
Prior to presenting the agenda, I would like to welcome you and thank you for attending this meeting, which is devoted to discuss the issuance of senior debt bonds. My thanks and appreciation is also extended to M/S: Members of the Board of Directors and the Executive Management Team of Doha Bank for their efforts exerted during the past period towards the progress and prosperity of the bank as well as for maintaining the best levels of performance in the midst of fierce competition and the continued implications of the global financial crisis that shook various capital markets in the world since the beginning of the fourth quarter of 2008.
As you are all well aware of the fact that the implications of the Global financial crisis was considerable and affected various economies of the world including the developed economies such as, Britain, France, Spain and other economic giants who are witnessing unprecedented reforms to emerge from this crisis and restore the situation to normality. In spite of all these circumstances, we were able to endure and achieve high growth ratios in most of the financial indicators as we have achieved growth in net profit for the first nine months of this year by 5.2% and a rate of return on shareholders average equity by 22.4% and the rate of return on average assets by 2.6%.
As a result of the wise leadership of H. H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani and the strength and durability of Qatar economy, we are looking forward to accomplish additional outlined objectives on the financial, organizational and services levels as per our strategic plans.
|
 |
As for the agenda, I would like to mention here that we are planning to issue senior debt bonds up to U.S. $ 500 million during the first quarter of 2011 through the incorporation and registration of a subsidiary Special Purpose Vehicle (SPV) Company in Bermuda, which is fully owned by Doha Bank. The sole purpose of incorporating the company is the issuance of capital market instruments on behalf of the bank provided that the bank will irrevocably and unconditionally guarantee the bonds and borrow the funds received from issuing of such bonds by the SPV Company and authorizing the Board of Directors in determining the terms of the guarantee.
On this occasion, myself and the Board Members would like to extend our deepest thanks and gratitude to H. H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani, and H. H. The Heir Apparent, Sheikh Tamim Bin Hamad Al-Thani, and H. E. The Prime Minister and Foreign Minister, Sheikh Hamad Bin Jassim Bin Jabor Al-Thani, and H. E. Minister of Economy and Finance, Mr. Yousef Hussain Kamal, and H.E. Minister of Business & Trade, Sheikh Jassim Bin Abdul Aziz Bin Jassim Bin Hamad Al-Thani, and H. E. The Governor, Sheikh Abdullah Bin Saud Al-Thani, and H. E. The Deputy Governor, Sheikh Fahad Bin Faisal Al-Thani, and to all the officials of Qatar Central Bank, and Ministry of Business & Trade, and Qatar Financial Markets Authority, and Qatar Exchange for their continued support.
Finally, I would like to thank all the shareholders and our valued customers for the trust they have showed in us. I would also like to thank the Executive Management and the Staff of Doha Bank for their quality performance that enabled us to achieve amazing results
Thanking You
Fahad Bin Mohammed Bin Jabor Al Thani,
Chairman of the Board of Directors
|