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Home to the world’s largest non-associated natural gas field and significant oil reserves, Qatar is a leading player in the global energy market. It is also at the forefront of the international gas-to-liquids and liquefied natural gas industries, as well as fast becoming a major centre for research and development in hydrocarbons. The industry does face challenges, however. Among these are the steep decline in oil prices that began in 2014; increasing demand for energy from domestic sources as Qatar develops rapidly; and the management of a new wave of investment in existing fields. Nonetheless, with the sector operating on such an epic scale – Qatar’s gas reserves alone could last well into the 22nd century at 2012 levels of production – and the commitment of international and local giants to its continued development, such challenges seem unlikely to alter Qatar’s leading role in the hydrocarbons industry. This chapter contains interviews with Sheikh Khalid bin Khalifa Al Thani, CEO, Qatargas; and Hamad Rashid Al Mohannadi, CEO, RasGas.

Insurers in Qatar once again showed strong financial performance in 2014, and with the supply of large projects generated by the nation’s hosting of the 2022 FIFA World Cup, the industry is well positioned to make further gains. In the meantime, a process of reform that aims to streamline the regulatory regime continues apace, with the 2012 Regulation of Financial Institutions Law establishing the Qatar Central Bank as the regulator for the entire financial services industry, including banks, financial services firms, insurers and the stock exchange. Elsewhere, the ongoing implementation of a new health insurance scheme for nationals and expatriates marks another important milestone that is likely to impact premium growth in the sector going forward. This chapter contains an interview with Ali Saleh Al Fadala, Senior Deputy Group President and CEO, Qatar Insurance Group.

Qatar has been a prominent player in the region’s Islamic banking sector since the early 1980s, and Islamic banking accounted for roughly 26% of the country’s total banking assets as of March 2015, with growth in the first nine months of 2014 outstripping that of Qatar’s largest banks. Meanwhile, the country was the region’s third-largest issuer of sukuk in both 2013 and 2014, while 6.2% of global sukuk issuance in the first half of 2014 used the Qatari riyal, behind only the Malaysian ringgit, US dollar and Saudi riyal. Elsewhere, the new Islamic stock index, the Al Rayan Islamic Index, offers traders the opportunity to steer capital into a subset of sharia-screened companies with strong fundamentals. This chapter contains an interview with Bassel Gamal, Group CEO, Qatar Islamic Bank.

An increasingly competitive banking environment has encouraged lenders to seek out revenues in previously underserved sectors. Personal lending, for example, has become more important to the sector: in 2010 it accounted for 19.3% of aggregate bank lending, but by 2013 the segment’s share had grown to 23.6% of the credit mix. Meanwhile, lenders have begun to adopt SME-friendly measures such as dedicated branches and products. This segment of the market is expected to assume a more prominent position within the overall credit mix in coming years. As of January 2015 there were 18 licensed banks operating in Qatar’s banking sector, four of which operate in the sharia-compliant segment. Another 20 banks operate from the Qatar Financial Centre. This chapter contains interviews with Sheikh Abdulla bin Saoud Al Thani, Governor, Qatar Central Bank; and Ali Ahmed Al Kuwari, Group CEO, QNB.

An increasingly competitive banking environment has encouraged lenders to seek out revenues in previously underserved sectors. Personal lending, for example, has become more important to the sector: in 2010 it accounted for 19.3% of aggregate bank lending, but by 2013 the segment’s share had grown to 23.6% of the credit mix. Meanwhile, lenders have begun to adopt SME-friendly measures such as dedicated branches and products. This segment of the market is expected to assume a more prominent position within the overall credit mix in coming years. As of January 2015 there were 18 licensed banks operating in Qatar’s banking sector, four of which operate in the sharia-compliant segment. Another 20 banks operate from the Qatar Financial Centre. This chapter contains interviews with Sheikh Abdulla bin Saoud Al Thani, Governor, Qatar Central Bank; and Ali Ahmed Al Kuwari, Group CEO, QNB.

The Qatari economy boasts a decade-long track record of extremely strong expansion, with the state’s GDP per capita having risen to become one of the highest in the world. While Qatar is the world’s highest exporter of liquefied natural gas, and the country’s income remains largely dependent on hydrocarbons activity, Qatar has, in recent times, pursued a vigorous plan of economic diversification in line with Qatar National Vision 2030. Leading non-hydrocarbons growth are the finance and construction sectors. The banking sector’s macro-indicators are favourable, with sound capital and strong liquid assets, which will allow banks to capitalise on the state’s construction drive. Meanwhile, and as a result of the state’s infrastructure investment programme, the construction sector expanded by 22% year-on-year between Q2 2013 and Q2 2014. This chapter contains interviews with Sheikh Ahmed bin Jassim bin Mohamed Al Thani, Minister of Economy and Commerce; Abdullah Saleh Mubarak Al Khulaifi, Minister of Labour and Social Affairs; Eisa bin Saad Al Naimi, Minister of Administrative Development; Hassan Al Thawadi, Secretary-General, Supreme Committee for Delivery & Legacy; and Abdulaziz bin Nasser Al Khalifa, CEO, Qatar Development Bank.