Falling energy prices weighed on Qatar’s economic performance in 2015, with lower demand across key export markets and tougher competition producing a sharp drop in government revenues. However, double-digit growth for non-hydrocarbons helped foster economic momentum, expected to continue into 2016.
Dramatic news from Chinese markets grabbed headlines worldwide last month, while also leaving many emerging markets (EM) analysts wondering what the full fallout from Shanghai and Beijing would be, and in particular what this would mean here in the Gulf.
For many months now, investors worldwide have been putting US Federal Reserve Chair Janet Yellen’s every statement under the strongest of analytical microscopes. A global search amongst her words for signs and portents regarding the future of interest rates has long been under way – with July’s meeting of the Federal Open Market Committee (FOMC) prompting yet another round of speculation.
A strong outlook for corporate earnings and the broader economy in Qatar, combined with an easing of restrictions on foreign ownership of firms, is pointing to a positive investment environment this year.
It has been something of a tumultuous year for Qatar’s capital markets. The 12 months saw two major country upgrades, moves to change the rules on foreign ownership, a very successful IPO, a move towards dual listing, ETFs, margin trading and short selling – all underscored by some strong growth in securities, coupled with a bolstering of bonds.
Despite falling oil prices, the economy in Qatar maintained a steady rate of expansion throughout 2014, with targets of even more robust growth this year, fuelled by the non-hydrocarbon sector.
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