Huge hydrocarbon reserves and modern infrastructure are creating a gold-rush mentality among bankers, with local banks’ profits rising and foreign institutions trying to get a look in. By Stephen Timewell in Doha.Qatar’s booming economy is proving to be a bonanza for banks. Well-established local institutions have boosted profits and new regional players are buying in to get a slice of the huge opportunities available. Despite events in Iraq, investors and bankers are seeing the massive potential offered by Qatar’s unique hydrocarbon reserves and the modern infrastructure put in place in recent years.
Nick Kochan finds Dubai and Bahrain are competing hard for the region’s growing business opportunities.The announcement in April of a new federal law governing Dubai’s embryonic financial centre heralds a battle royal between the Gulf states of Dubai and Bahrain. Dubai is the upstart in the imminent struggle, while Bahrain is more established but there can be no doubting Dubai’s enthusiasm, ambition and ‘can-do’ approach.
With more than three-quarters of Qatar’s population come from overseas, Doha Bank is focusing on expatriate customers, says Parveen Bansal.With energy needs expanding worldwide and oil prices remaining high, the Qatari economy is booming. Under the prudent leadership of His Highness Sheikh Hamad Ben Khalifa Al Thani, the state’s development strategy is focusing on diversification of the economy away from oil, toward extensive gas reserves and industrial expansion. Oil and natural gas revenues enable Qatar to have a per capita income not far below the leading industrial countries in western Europe.