Qatar is in a process of transformation and diversification. As one of the world’s most successful economies, it is now preparing for its next phase of partnership with, and encouragement of, private business and foreign investment.
Please note that due to Covid-19,
some circumstances in this country may be inaccurate.
Already a major transport hub, particularly in aviation, Qatar is on its way to becoming a centre of business, innovation, enterprise and entrepreneurship. Its sophisticated blend of modern luxury and traditional culture, all in a low-tax, high-tech and business-friendly environment, attracts smart businesses from around the globe.
HSBC has a proud history of more than 120 years in the MENAT region and is the leading international bank in Qatar, providing a full product offering across all sectors.
With an unrivalled global network and a rich heritage, HSBC is well positioned to play a leading role in the local economy and continue its commitment to the country’s development. We have an experienced team on the ground in Doha, and partners in different HSBC balance sheets across the globe.
Our dedicated team of professionals is well equipped to support your trading needs in this opportunity-rich market.
I look forward to offering my personal service as we discuss how we can support your business growth in Qatar.
Al Matar Street, Street No. 950, Building No. 150, Umm Ghuwallina, Area Code No. 27, Doha, Qatar
1 CIA, 2022
2 Trading Economics, 2021
3 Trading Economics, 2022
4 PwC, 2022
Qatar is the fourth richest nation in the world in terms of GDP per capita. The nation’s two largest exports are petroleum gas and crude oil, which comprised 81.1% of total exports in 2020.
The State of Qatar is located on a peninsula on the northeast coast of Saudi Arabia. Surrounded by the waters of the Persian Gulf, the nation shares only one land border with Saudi Arabia.
Qatar’s political system is a constitutional monarchy. The Emir holds executive power and appoints the Prime Minister. The nation has been ruled by the Al-Thani family since 1868. H.E. Sheikh Tamim bin Hamad Al-Thani became Emir in 2013.
In 2022, Qatar became the first Arab nation to host the FIFA World Cup. It is estimated that hosting the football tournament cost the nation $200 billion, including direct costs associated with the competition and wider infrastructure. The games are predicted to create 1.5 million new jobs in the country.
The success of state-owned Qatar Airways has seen Qatar become a major aviation centre. The airline flies to over 150 destinations in more than 200 aircraft. In 2021 Hamad International Airport in Doha was voted the best airport in the world by Skytrax.
for ease of doing business (in a survey of 190 measured economies by The World Bank)
Emerging from modest beginnings, Qatar has used revenue from the oil and gas sector to fund its regional and global ambitions, including winning a bid to host the 2022 FIFA World Cup.
Qatar is an Arab emirate located on a peninsula on the southern coast of the Persian Gulf. Its capital, Doha, is located on the country’s east coast. The state religion is Islam and the official language is Arabic. Qatar shares maritime borders with Bahrain, Iran and the United Arab Emirates.
Qatar is a member of the Gulf Cooperation Council (GCC), the Arab League and the Organisation of Islamic Cooperation. It joined the United Nations in 1971 and the World Trade Organisation (WTO) in 1996. It withdrew from OPEC in January 2019.
The world treated Qatar as part of Bahrain until the British Government recognised Qatar’s autonomy in 1868.
In 1916, Britain signed a treaty with Qatar. The emirate became a British protectorate with the United Kingdom overseeing the nation’s trade and foreign policy.
Oil was first struck in Qatar in 1939. Before this time, Qatar’s economy relied on pearling. Large-scale oil production and the exploitation of natural gas reserves in the 1950s transformed Qatar into one of the wealthiest nations in the world. Qatar was granted independence from Britain on 3 September 1971.
Today, Qatar offers a strong economic foundation, world-class infrastructure, and excellent connectivity. While it is in the process of transforming itself into a modern business hub, the culture in Qatar is still underpinned by centuries-old traditions and classic hospitality. It is a country bursting with opportunity for innovative businesses with an eye toward long-term goals and success.
Qatar is planning to showcase the first carbon-neutral World Cup in the event’s 92-year history.
Although the government has instituted laws in 2019 that allow foreigners to own 100% of a company in many sectors, the red tape involved in starting a business remains a challenge.
Qatar ranks well in Transparency International’s 2020 Corruption Perceptions Index, placing 30th in the world. However, when it comes to business contracts and jobs, preference is often given by Qatari companies to the small population of nationals.
A lack of clarity is evident in the conditions and criteria of government tenders.
Due to the lack of clarity around policies and regulations, foreign companies must be ever mindful that correct import duties are paid. In general, no import quotas apply; however, there are exceptions that companies must be wary of.
As is the case in many parts of the world, cyber crime can be an issue in Qatar. It is not unheard of for foreign firms in Qatar to be contacted by potential investors requesting private information or payments. Many of these are fraudsters posing as Qatar-based investors or entities.