Author: OBG Admin

Mohammed El Etreby-Chairman-Banque Misr

Budgeting for progress: The authorities work to keep the fiscal balance in surplus while also investing in health and education

Posted OBG AdminPosted in Uncategorized

  In recent years Qatar’s leaders have faced some difficult choices in terms of public spending as a result of the continued downturn in oil and gas prices since 2014, followed by the economic blockade by neighbouring countries. Despite facing declining revenue, public spending continued on infrastructure mega-projects initiated for the 2022 FIFA World Cup as well as on schemes that have a wider social significance, such as new schools, health centres, university buildings and housing developments for Qataris. Budget for 2020 Despite its recent

Peter Wong-Deputy Chairman and Chief Executive-HSBC

Local focus: Improving access to finance for smaller companies can feed into broader economic growth

Posted OBG AdminPosted in Uncategorized

  Following Qatar’s first delivery of liquefied natural gas in 1996, the state created Qatar Development Bank (QDB) in 1997, to nurture, encourage and support small businesses as well as to help allocate land to Qatari citizens. The QDB plays a vital role in supporting small and medium-sized enterprises (SMEs) in Qatar, underscoring the government’s commitment to the country’s smaller players, which will be vital in developing a more diversified economy. However, according to IMF estimates, SMEs receive just 2% of total credit in Qatar, suggesting there is further headway to be made in improving inclusion and encouraging entrepreneurial activity in the country. Development Bank

Pham Hong Hai-CEO-HSBC Vietnam

Ahead of the curve: Government institutions are supporting local financial technology firms to improve the banking experience for customers

Posted OBG AdminPosted in Uncategorized

  While technological change may not be new in financial services, financial technology (fintech) offers a broad range of alternative methods to pay, save, borrow, manage risk and offer advisory services that draw on innovations in artificial intelligence (AI), blockchain, big data, cloud computing, crypto-assets and mobile telephony. Digitalisation has been a major focus for Qatar’s banks as they look to implement fintech solutions and deliver more efficient services. Doha has emerged as a centre for fintech, offering incubator facilities and accelerator funds aimed at

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Consolidating assets: The completion of the country’s first bank merger comes alongside wider changes in the financial services sector

Posted OBG AdminPosted in Uncategorized

  Mirroring a trend seen across the Gulf, two Qatari lenders announced the country’s first bank merger in 2019. In April of that year Barwa Bank and International Bank of Qatar (IBQ) announced the finalisation of negotiations and clearance of regulatory requirements necessary to consolidate operations. The merged entity, which operates as Barwa Bank, has total assets worth approximately QR80bn ($22bn) and a shareholder equity base of over QR12bn ($3.3bn). Notably, the merger resulted in the consolidation of an Islamic bank – Barwa Bank –

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

New standards: The central bank is looking to consolidate sharia supervision and create standardised Islamic banking regulations

Posted OBG AdminPosted in Uncategorized

  In 2019 the Qatar Central Bank (QCB) announced its plans to introduce standardised criteria for sharia compliance. The bank revealed that it was working with a consultancy firm to “prepare principles and standards that govern the various Islamic banking products and transactions, and the legal supervision thereof”. Qatar’s four local Islamic banks currently employ their own sharia supervisory boards, which ensure that their financial transactions conform to Islamic principles. However, the central bank hopes that the creation of standardised regulations will help the sector

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Promising partnerships: Competition remains strong as companies vie for roles in the North Field expansion project

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  Qatar’s North Field expansion (NFE) project has continued to grow in scope since it was first mooted in 2017; however, in February 2020 the project was temporarily postponed. This decision comes in the wake of declining gas prices and the increasing supply from the US and other countries. As of March 2020 the delay was expected to push the project back until 2021, and a number of deadlines related to the project have been pushed back accordingly. Once plans are back under way, the

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Conservation drive: Government programmes aimed at reducing the consumption of water and electricity by citizens and businesses are paying off

Posted OBG AdminPosted in Uncategorized

  As the National Programme for Conservation and Energy Efficiency (Tarsheed) moves into its eighth year, the Qatari government continues to pursue a variety of initiatives to support its drive towards more sustainable and environmentally friendly rates of water and electricity consumption. With earth-conscious technologies drawing increased global investment and coming down in price as a result, Tarsheed is creating opportunities for private sector players that offer products and services that support the government’s vision, particularly in the areas of electric car-charging infrastructure and district

George Richani-CEO-Al Ahli Bank of Kuwait

Headed to market: Companies are looking to value-added products such as polyethylene to boost industrial exports

Posted OBG AdminPosted in Uncategorized

  In July 2019 Qatargas announced it delivered its 3000th liquefied natural gas (LNG) shipment to Japan since Qatar’s first delivery of the resource in early 1997. In the interim years, Qatar has become the world’s largest LNG producer in the world, producing 77m tonnes a year. According to BP’s “Statistical Review of World Energy 2019”, Qatar was the largest exporter of LNG in 2018, exporting 104.8bn cu metres. All the same, the Gulf country is looking to diversify its exports to include a broader

Pham Hong Hai-CEO-HSBC Vietnam

Efficiency boost: New urban mobility services are set to improve public transport

Posted OBG AdminPosted in Uncategorized

  Citizens, residents and visitors to Qatar have seen the impact of the recent investment made in public transport, with the full operation of the Doha Metro offering convenient travel options. In 2019 driverless trains also commenced operations, providing a cheap alternative way of moving around the capital. The Lusail Tram, meanwhile, is expected to open in two phases in 2020, further expanding car-free options. Looking ahead, new initiatives are under way to make travelling around the country safer, cleaner and more cost effective. Bus Networks Although the Doha Metro’s new trains may be the most obvious symbol of Qatar’s new public transport era, free

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Forging partnerships: Significant port expansion is facilitating new trade routes and setting the stage for higher cruise numbers

Posted OBG AdminPosted in Uncategorized

  In 2017 the newly established Hamad Port found itself centre stage in the country’s response to the economic blockade imposed by some neighbouring countries. Existing maritime trade routes to the blockading countries were closed and quickly replaced with new partnerships in Oman, Kuwait and further afield. “The blockade set the pace for rapid development in Qatar,” Mohammed Khalifa Al Sada, chairman and managing director of domestic dry bulk company S’hail Shipping and Maritime Services, told OBG. “A lot of focus was put into the