With Qatar experiencing strong and protracted economic growth, built largely on the back of a globally significant hydrocarbons sector, banking in this Gulf state has long been a robust business. The sector weathered the international credit crunch well and has since achieved double-digit asset growth, despite more recent global financial woes, and...
Having had the best year on record in 2011, sharia-compliant bonds, known as sukuks, have come back in full force from a post-financial crisis lull. The year 2012 is also set to see some major issuances in Qatar, which has already established a role for itself as a key international player in the sukuk market.
THE COMPANY: A regional and local heavyweight, Industries Qatar (IQCD on the Qatar Exchange) is the second-largest listed company on the local bourse. The state of Qatar, through Qatar Petroleum (QP), owns a 51% stake in the company. QP recently lowered its ownership from 70% by transferring a portion of...
According to the “Qatar Economic Outlook 2011-12” report, issued by the General Secretariat for Development Planning (GSDP), the country will continue posting double-digit fiscal surpluses in 2011 and 2012 as a result of increasing hydrocarbons revenues. However, as the National Development Strategy 2011–16 (NDS) has pointed out, this hefty surplus...
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