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Chapter | Industry from The Report: Qatar 2020

Qatar’s industrial sector has the potential to play a pivotal role in economic diversification, with both heavy and light manufacturing in a position to benefit from major milestones ahead. Industry, along with the domestic economy overall, has developed resilience and a level of self-sufficiency since the June 2017 blockade imposed by several Arab countries. An abundance of natural gas reserves has allowed the country to develop value-added and energy-intensive segments, especially as the country shifts towards cleaner and renewable sources of energy. This chapter contains an interview with Ramez Al Khayyat, Vice-Chairman and Group CEO, Power International Holding.

Chapter | Utilities from The Report: Qatar 2020

With GDP growth expected to stay around the 2% mark for 2020 and 2021, the utilities sector is likely to see sustained demand growth and a stable pace for planned infrastructure development. The Al Karshaah solar project should remain the most closely watched project in the power sector, and coupled with potential photovoltaic developments at the QEERI facility, Qatar may transform into a world leader in solar technology. Government bodies are working hard to ensure there is sufficient generation capacity and transmission infrastructure to support the smooth running of the 2022 FIFA World Cup, and the expansion and diversification of the country’s industrial sector. This chapter contains an interview with Essa bin Hilal Al Kuwari, President, Qatar General Electricity and Water Corporation.

Chapter | Energy from The Report: Qatar 2020

As of early 2020 Qatar’s energy sector was on the threshold of major expansion plans that will allow it to benefit from growing global demand for cleaner sources of power generation. Although operations surrounding the North Field Expansion have been postponed until at least 2021, upon commencement of the project the country’s total output of liquified natural gas and polyethylene is predicted to increase by approximately 64% and 82%, respectively, over a period of around seven years. This is likely to provide a major boost for international oil companies, as well as engineering firms, shipbuilders and local Qatari businesses. This chapter contains an interview with Khalid bin Khalifa Al Thani, CEO, Qatargas.

Chapter | Insurance from The Report: Qatar 2020

It was the domestic oil boom that first gave impetus to the Qatari insurance sector in the 1950s, when protection against risk in such operations became essential. Foreign insurers dominated the landscape in the early years, but the arrival of the first domestic insurer in 1964 heralded a change in direction that saw local providers begin to take control of the market. The future of the sector seems bright, with Alpen Capital estimating that Qatar’s insurance market will expand by a compound annual gross rate (CAGR) of 2.4% from 2019 to 2024. Insurance density, meanwhile, is expected to grow at a CAGR of 2.2% to $1280. Economic advancement, population growth and infrastructure development are all set to drive this expansion.

Chapter | Islamic Financial Services from The Report: Qatar 2020

Sharia-compliant banks are the dominant players in Qatar’s IFS sector, and the merger between Barwa Bank and International Bank of Qatar is a crucial step in increasing the sector’s share of the country’s overall banking market, which has experienced a decline in recent years. Although conventional players still dominate both the banking and insurance sectors, recent growth figures indicate that there is an increasing appetite for sharia-compliant banking and takaful (Islamic insurance), particularly in the domestic market. Looking ahead, the QCB’s decision to standardise and centralise sharia regulations looks set to boost confidence and encourage growth. This chapter contains interviews with Bassel Gamal, Group CEO, Qatar Islamic Bank; and Abdulbasit Ahmed Al Shaibei, CEO, Qatar International Islamic Bank.

Chapter | Capital Markets from The Report: Qatar 2020

Qatari capital markets continue to play a major role in the national economy despite a gradual slowdown brought about by the slowing pace of infrastructure investment in the run-up to the 2022 FIFA World Cup. Nonetheless, the Qatar Stock Exchange enjoyed a strong year in 2019, following on from the previous year, in which it was the best-performing market in the GCC, with returns of around 20%. The global geopolitical context remains an important determinant of Qatari capital markets activity, both in terms of China-US trade tensions, the exit of the UK from the EU and the ongoing spread of the Covid-19 virus. This chapter contains an interview with Rashid bin Ali Al Mansoori, CEO, Qatar Stock Exchange.

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