According to the OBG, Qatar’s sizable oil and natural gas reserves have underpinned its rapid economic growth over the past two decades. Qatar hosts the world’s largest non-associated gas field, is the world’s fourth-largest producer of dry natural gas and the largest producer of liquefied natural gas, with hydrocarbons revenues forming the bulk of national income as a result, OBG notes.
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| Source: OBG infographic. Qatar has strengthened its tourism infrastructure. |
Economic diversification drives in recent years have paid dividends as energy prices have fallen. In 2015 OBG said non-hydrocarbons growth reached 7.7%, compared to a 0.1% contraction for hydrocarbons growth during the same period. "The country’s financial sector has continued to evolve; Islamic banking in particular has witnessed significant progress. Meanwhile, as the country gears up to host several important sporting events in the coming years, most notably the 2022 FIFA World Cup, numerous big-ticket infrastructure builds continue to expand the construction sector," states the OBG online.
The report includes a chapter on Islamic financial services. According to the OBG, Qatar’s Islamic financial services sector has expanded rapidly on the back of government support and growing interest from domestic corporations and individuals. The OBG notes that tightening liquidity has the potential to result in slightly curtailed growth across the banking sector as a whole in 2016 to 2017, but that shari'ah-compliant lenders are widely considered to be in a better position than their conventional counterparts to continue to grow during this period.
The chapter contains interviews with Khalid Yousef Al Subeai, Acting Group CEO, Barwa Bank; Abdulbasit Ahmed Al Shaibei, CEO, Qatar International Islamic Bank; and Basel Gamal, Group CEO, Qatar Islamic Bank.
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