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The economy of Papua New Guinea is decelerating, with the GDP growth rate expected to fall by half in 2016 to 4.3% and by nearly half again to 2.4% in 2017. A combination of the end of the construction phase of the PNG Liquefied Natural Gas (LNG) project and an unexpected drop in energy prices has resulted in a significant decline in business activity and state revenues. The PNG economy is in for a rough few years as it adjusts to the drop in LNG prices and awaits the start of the next major project. How¬ever, barring any further dramatic declines in energy prices, growth will remain positive and the government will be able to bring its spending closer in line with revenues. This chapter contains interviews with Peter Lanslow, Managing Director, Steamships Trading; and James Lau, Managing Director, Rimbunan Hijau (PNG) group; and a viewpoint from Joseph Ernest Zveglich Jr, Director, Macroeconomic Research Division, Economic Research and Regional Cooperation Department, Asia Development Bank

The trade and investment landscape in Papua New Guinea has undergone substantial changes in recent years, driven to a large extent by the country’s large liquefied natural gas (LNG) project, PNG LNG. The development comprises gas production and processing facilities, with its initial phase carrying an estimated cost of $19bn, an investment greater than the country’s GDP at constant prices in 2014, which stood at $15.8bn. Since the facility commenced production in April 2014, exports have reached record levels and the country has experienced its largest trade surplus ever. Even with fading hydrocarbons prices, key figures are holding up, putting PNG in an excellent trade position overall. This chapter contains interviews with Manasseh Sogavare, Prime Minister, Solomon Islands; and Ivan Pomaleu, Investment Promotion Authority.

Sharjah is the UAE’s third-largest emirate with a population of almost 800,000 and a GDP of roughly $24bn. Government focus on education programmes and the development of a diversified economic base has helped support Sharjah’s robust growth in recent years while its relatively small oil and gas reserves mean the emirate has been less affected than many by the oil price-induced turbulence witnessed over the past two years.

This chapter contains an overview of the tax framework in which local and foreign investors operate in Qatar, including a rundown of the tax rules that apply to businesses and how moves to widen the tax base are likely to affect future policy. This chapter contains a viewpoint from Wadih AbouNasr, Country Senior Partner, PwC Qatar.

Over the past half-decade Qatar has posted robust economic growth on the back of strong hydrocarbons revenues, state-led infrastructure development and a rapidly maturing financial sector. According to Standard & Poor’s, from 2010 to 2015 it was one of the fastest-growing economies in the world, posting average annual GDP growth of 8.6%. Qatar is the world’s top exporter of liquefied natural gas and has the third-largest proven natural gas reserves. Consequently, Qatar’s indigenous population is among the wealthiest in the world, with the country reporting a per capita GDP in excess of $100,000. While gas and oil exports account for a majority of GDP, a handful of non-hydrocarbons sectors have expanded rapidly in recent years. Non-hydrocarbons growth was 7.7% in 2015, while hydrocarbons growth contracted by 0.1%. This chapter contains interviews with Sheikh Ahmed bin Jassim bin Mohamed Al Thani, Minister of Economy and Commerce; and Vice-Chairperson, Qatar Investment Authority; Saleh bin Mohamed Al Nabit, Minister of Development Planning and Statistics; Yousuf Mohamed Al Jaida, CEO and Board Member, Qatar Financial Centre Authority; Abdulaziz bin Nasser Al Khalifa, CEO, Qatar Development Bank; and Fahad Rashid Al Kaabi, CEO, Manateq.

This chapter contains an outline of the legal framework in which local and foreign investors operate in Qatar, including the rules and regulations for foreign investors, the guidelines for incorporating a new company, a rundown of the foreign property ownership laws and regulations, and a review of the new changes to the Labour Law. This chapter contains a viewpoint from James Elwen, Partner and Head of Qatar Office, Pinsent Masons.