Qatar

The deep pre-Khuff formation off Qatar’s coast has become the focus of major test drilling and survey work, as energy firms step up their gas exploration efforts.

As the 2013/14 fiscal year drew to a close, the IMF expressed its optimistic outlook for Qatar for the upcoming year, following a recent visit. That report – combined with a cheery business sentiment survey from the private sector and a jump in 2013 profits for Qatar Exchange-listed firms – reflects refreshed momentum for the Gulf nation, despite ongoing global economic uncertainty and regional tensions, both in the Middle East and Europe.

Following a year of modest growth, activity on the Qatar Exchange (QE) shifted up a gear in early 2014, with its benchmark index, the QE Index, exceeding 10,000 points for the first time in more than four years.

A drive aimed at encouraging Qatar’s citizens to set up in business is gaining pace, as the government moves to increase the private sector’s contribution to the national economy through regulatory changes and stronger support for entrepreneurs.

Islamic banks in Qatar are gaining strength, with sharia-compliant lenders outperforming their conventional counterparts in many areas during 2013, despite the confines of an increasingly competitive market.

Growth outpaced expectations in Qatar this past year, while 2014 is widely expected to see an uptick in economic activity, as the non-energy sector further expands on the back of high levels of infrastructure spending and consumer demand.