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Algeria’s banking sector has held up relatively well. Credit growth remained in positive territory through the first three quarters of 2017, albeit having slowed from the double-digit rates seen prior to 2016. Lenders are capitalised well in excess of Basel III norms, while profitability remains high, particularly among private sector banks. Internet and mobile banking are still in the early stages of development, but market observers see these technologies as having great potential to improve financial inclusion if the relevant legal, regulatory and logistical frameworks are put in place. As bank borrowing becomes increasingly expensive, capital markets are emerging as a financing alternative for a range of domestic firms. The stock market will simultaneously provide non-inflationary financing means to economic agents and have better savings yields. With only a few new entrants to the market, the structure of Algeria’s insurance sector has remained relatively stable, with the four largest state-run insurers continuing to dominate. Purely private sector insurers capture less than one-quarter of the market, despite making modest gains of late. While the life insurance segment accounts for just 10% of total premiums, its growth has been outperforming the non-life segment – a trend that looks set to continue. This chapter contains interviews with Mohamed Loukal, Governor, Bank of Algeria; Nafa Abrous, CEO, Maghreb Leasing Algérie; Lazhar Sahbani, Partner, PwC Algeria; and Mohamed Benarbia, General Manager, Salama Assurances Algeria.

Despite the collapse of oil weighing heavily on the Algerian economy, it is still the largest and most prosperous in the Maghreb. Although it remains relatively closed, with foreign investors barred from taking majority stakes in local firms or projects since 2008, the private sector’s economic contribution has expanded significantly; it grew to 70% of GDP by 2015, and economic output increased four-fold over the same timeframe. While the oil price-induced fiscal difficulties facing Algeria have added pressure to efforts to improve living standards, they have provided a pressing incentive for the country to accelerate efforts to diversify away from hydrocarbons dependency and develop a more dynamic private sector. This chapter contains interviews with Abderrahmane Raouya, Minister of Finance; Abdelkader Zoukh, Wali of Algiers; Ali Haddad, President, Algerian Business Leaders’ Forum; and Samira Hadj Djilani, President, Réseau Algérien des Femmes d’Affaires.

This chapter contains an overview of the legal framework in which local and foreign investors operate in Qatar, including a summary of the rules and requirements for foreign investors, a rundown of the new changes to the labour law, and a look at the modifications to the arbitration process that are taking shape. This chapter contains a viewpoint from Mubarak Bin Abdulla Al Sulaiti, Chairman, Al Sulaiti Law Firm.

This chapter contains an overview of the tax framework in which local and foreign investors operate in Qatar, including a summary of the general rules governing nationals and non-residents, the system requirements for locals and foreign entities, and an analysis of value-added tax, which is to be introduced at a standard rate. This chapter contains a viewpoint from Wadih AbouNasr, Country Senior Partner, PwC Qatar.

Qatar’s organised retail sector benefits from the coun¬try’s high levels of wealth and is currently going through a period of rapid expansion, with gross leasable area nearly doubling in 2017 alone thanks to a strong pipeline of mall openings. In April 2017 two of the largest of these, Mall of Qatar and Doha Festival City, opened their doors. However, the openings come at a time of lower oil and gas prices and regional disruption due to the ongo¬ing economic blockade, imposed in June 2017 by several Arab nations, along with a population that has seen a levelling out in terms of growth. This should generate greater competition for shoppers, potentially giving rise to a clearer demarca¬tion between premium and second-tier facilities in the coming years as more retail area comes on-line.