Qatar emerging as a ‘focal point for global financials’

Qatar is emerging as a focal point for multinational financial institutions, especially for those operating in the UAE, a release has said.

The rising profile of Qatar’s financial sector is drawing particular attention from financial houses that use the UAE as a base of operations to serve the wider GCC (Gulf Co-operation Council) region. The Euromoney Qatar Conference, to be held on December 10 and 11, has seen a record number of registrations from the UAE this year.

Qatar is expected to post 6.8% year-on-year real GDP growth into 2014, thanks to large infrastructure projects, population growth, and economic diversification, according to a recent report from QNB Group.

The most competitive economy in Middle East and North Africa, Qatar is also the 11th-most competitive in the world, according to the World Economic Forum’s Global Competitiveness Index 2012-2013.

The country’s financial dynamism is drawing international and regional attention. Qatar was recently upgraded to “emerging market” status by S&P Dow Jones Indices and Morgan Stanley Capital International, set to take effect in 2014, increasing its importance for an international investment portfolio.

At the same time, the evolving regulatory environment – coupled with significant changes at governmental and institutional levels – is leading more investors to seek to understand the internal dynamics of the country, and looking to financial analysts for their predictions on the direction of the economy.

In particular, the on-going discussion about changes to regulations that would limit the exposure of local banks to state-owned GREs (government-related entities) has potentially significant implications for banks in the UAE and for future capital market issuance.

The Euromoney conference director Richard Banks (

) said, “Thanks to its combination of strong economic growth and stable financial environment, Qatar has become an important country for institutional investors and debt markets to follow. However, the recent changes within the country’s investment strategy and regulatory framework have increased the pressure to get closer to the realities on the ground.”

“Given the historic links between Qatar and the UAE, it is unsurprising that there has been such strong interest in this year’s Euromoney Qatar Conference from banking professionals in the UAE, and we are expecting to welcome a diverse delegation in December.”

From the UAE, Michael Grifferty, president, Gulf Bond and Sukuk Association, will address a panel discussion on “Developing Debt Markets: The Issuers Perspective”, which will also include representatives from some of Qatar’s leading companies.

A wide variety of international financial organisations will also be attending the conference, including the US Federal Reserve System, United Kingdom Debt Management Office, International Islamic Liquidity Management Corp, International Monetary Fund, International Capital Market Association, International Finance Facility for Immunisation, McKinsey & Company, BCA Research, and Pacific Alternative Asset Management Company.