Qatar’s Movers and Shakers Stand in the Spotlight
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Qatar’s powerful movers and shakers have emerged fully into the spotlight following the release of Construction Week Qatar (CWQ) magazine’s ‘Power 50’ list. Not only does the list make fascinating reading in its own right, but it also confirms the incredible wealth generated by a country which only a few decades ago stood on the edge of ruin. Little wonder companies right across the globe look in awe at Qatar, with some of them no doubt wrestling with the problem of how to claim even a tiny piece of the action.
Qatar’s powerful movers and shakers have emerged fully into the spotlight following the release of Construction Week Qatar (CWQ) magazine’s ‘Power 50’ list. Not only does the list make fascinating reading in its own right, but it also confirms the incredible wealth generated by a country which only a few decades ago stood on the edge of ruin. Little wonder companies right across the globe look in awe at Qatar, with some of them no doubt wrestling with the problem of how to claim even a tiny piece of the action.
There are no such problems, however, for the country’s banking institutions, which include the world’s third largest bank, HSBC, which operates out of Doha, Qatar’s capital city. The banks are already gearing up for action as they aim to profit from a string of billion-dollar projects which are set to transform the country’s infrastructure.
These include Doha’s new deep-sea port, costing an estimated $5.5bn, a new $17.5bn airport for the capital, scheduled to open in 2013, and various road projects worth some $20bn. A total of $36bn is also up for grabs as work begins next year on the Doha Metro system which will link stadiums taking part in the 2022 World Cup.
In recent years, Qatar’s GDP growth has been nothing less than stunning, borne out by figures from the International Monetary Fund (IMF). According to the figures, GDP growth tripled from 2005 onwards, rising by almost 19 percent in 2011 alone. This year, Qatar’s economy is expected to grow yet again, by 6 percent, which is a more than respectable level given the worldwide downturn.
Related: Qatar Economic Structure
Related: Qatar Economic Forecast
As well as supporting massive infrastructure projects, the banks in Qatar have been instrumental in pushing forward the development of personal and online banking services. The population of the country, which numbers just under two million, while sophisticated in its outlook has still a long way to go in terms of modern-day finance.
But it’s getting there if increased debit and credit card usage and the number of ATMs springing up everywhere are anything to go by. The country’s financial institutions, and in particular the Doha bank fraternity, are doing much to change the cash-only mindset which once dominated daily life.
Revenue generated through oil was once the primary source of wealth in Qatar. But with the growing recognition that the oil would certainly run out at some point in the future, momentum has gradually shifted towards diversification of the economy. CWQ magazine’s Power 50 list certainly reflects this shift.
So who is top of the list? The honour goes to Sheikh Faisal Bin Qassim Al Thani, recognised for many decades as one of the most important figures in Qatar’s economy. Incredibly, Sheikh Faisal started his business dealing in spare parts for automobiles in the mid-1960s. Today, he is not only chairman of Al Faisal Holding and Aamal Company Q.S.C, but also chairman of the Qatari Business Association.
Through some far-sighted strategic investment decisions, Sheikh Faisal has integrated his businesses into a broad range of sectors ranging from hospitality and leisure to construction and transportation.
Related News: Qatar Seeks $5bn Investment in China
Find out more about the rest of CWQ magazine’s Power 50 list here: http://bit.ly/TpBCRl
