Diversification key to growth Ibrahim by mmcsx

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                                                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                         FRIDAY       Vol. XXXII No. 8224

                                                                                                                                                                                                                                         April 8, 2011
                                                                                                                                                                                                                                         Jumada-I 4, 1432 AH

                                                                                                                                                                                                                                         www. gulf-times.com 2 Riyals




 In brief
                                                                                                                                                                                                                                              Barwa
                                                                                                                                                                                                                                              lays off 90
BANKING | Crime
                                                                                                                                                                                                                                              employees
US to pursue
Indian tax evaders
                                                                                                                                                                                                                                              as part of
US tax authorities are probing
Indian expatriates who may have
hidden money offshore in HSBC
                                                                                                                                                                                                                                              revamp
Bank to evade US taxes, the Justice                                                                                                                                                                                                           Agencies
Department said yesterday. In an                                                                                                                                                                                                              Doha
expansion of its mounting offensive
against overseas tax evasion, the
Internal Revenue Service is seeking
data on clients of two HSBC India
offices in the United States. The
offices allegedly encouraged Indian
                                                                                                                                                                                                                                              Q        atari property developer Barwa
                                                                                                                                                                                                                                                       Real Estate Company has laid
                                                                                                                                                                                                                                                       off nearly 90 employees amid
                                                                                                                                                                                                                                              a restructuring move being pushed
nationals to open accounts back                                                                                                                                                                                                               through by its new chief executive, two
in their native land, telling them              HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor al-Thani pulls a lever to officially inaugurate the Golden Pass LNG Terminal, a joint venture                    sources said yesterday.
that they could hide the accounts               between Qatar Petroleum, ExxonMobil and ConocoPhillips. The terminal is located 3km northwest of Sabine Pass in Texas. This is the most important investment project in                          “The finance teams and legal teams
and not pay US taxes on earnings                the energy sector for Qatar in the United States.                                                                                                                                             have been decimated. An awful lot of
from them, the department said in                                                                                                                                                                                                             these are expats,” a high-level source in
a statement. The government has                                                                                                                                                                                                               Doha who is close to the company said,
now asked a federal court in San                                                                                                                                                                                                              adding that the cuts were a direct re-




                                                Diversification key
Francisco for authorisation to ask                                                                                                                                                                                                            sult of the appointment of a new group
HSBC Bank USA for information                                                                                                                                                                                                                 Chief Executive Officer Mohammed
about those clients.                                                                                                                                                                                                                          Asad al-Emadi last month.
                                                                                                                                                                                                                                                 “There is a restructuring underway,
                                                                                                                                                                                                                                              and this is part of it,” another source
BUSINESS | Revenue                                                                                                                                                                                                                            who is familiar with the company said,
Oil windfall for                                                                                                                                                                                                                              declining to be named.




                                                to growth: Ibrahim
                                                                                                                                                                                                                                                 The property developer did not issue
GCC states                                                                                                                                                                                                                                    a dividend when it reported earnings in
Every $1 increase in oil prices                                                                                                                                                                                                               February, despite posting an 84% in-
yields additional budget revenues                                                                                                                                                                                                             crease in profit for 2010.
of $4.52bn for the GCC as a whole                                                                                                                                                                                                                “There was no dividend issued when
and Qatar could earn as much                                                                                                                                                                                                                  the 2010 results came out. That tells
as $224mn to provide extra                                                                                                                                                                                                                    you something about the company.
spending power, according to the                Qatar is entering a new era of             Investment in Qatar Forum held at New        search into new solar energy technol-        Maini said. There is also a joint project                They’re looking very carefully at their
International Bank of Qatar (IBQ).              diversification, says the economic         York’s historic Waldorf Astoria Hotel.       ogy - a significant diversification from       with Conoco Philips and General Electric                 books,” the first source said.
More than half of $4.52bn is due to             adviser in the Emiri Diwan                    This included improved fiscal co-          oil and gas.                                 on water purification systems and with                       The source said al-Emadi was keen
Saudi Arabia, which exports more                                                           ordination in Qatar’s monetary policy           “We are focusing on solar power as a      the US Department of Energy on devel-                    to stamp his authority over the com-
than 7mn barrels per day (mbpd) of              QNA                                        to make sufficient funds available to                     ”
                                                                                                                                        main thrust, Maini said. “There’s lots       oping carbon capturing technologies an                   pany in his new position and wanted to
crude oil and products, IBQ said in             New York                                   maintain economic stability, Ibrahim         of sunshine in Qatar. The science park       important advance in clean energy.                       streamline operations across Barwa’s
a report. The expected GCC budget                                                          said.                                        is building a 500 kilowatt demonstra-           In the health sector, the Qatar Sci-                  various subsidiaries, many of which
revenues are estimated to be 0.4%                                                             “The strategy also will attempt to        tor to test 18 different alternative en-     ence and Technology Park, is develop-                    are separate companies that oversee its


                                                A
of the region’s gross domestic                          slowdown in oil and gas pro-       nurture entrepreneurship and enter-          ergy technologies. Among these are           ing robots for image surgery and protein                 portfolio of projects such as Barwa City
product this year and 1.2% of the                       duction in Qatar has forced the          ”
                                                                                           prise, he said.                              photovoltaic and thermal heating.”           markers to detect cancer and diabetes.                   and Barwa Village.
budgeted spending. Page 17                              government and business to            “We are trying to encourage Qataris          The park is working on what would            Conceding that Qatar cannot com-                         The cuts come at a time when many
                                                continue diversifying the economy to       and non-Qataris to establish business-       be breakthrough research to solve the        pete with India and China in software                    would expect the firm to be adding
                                                maintain the country’s stable growth,      es through facilitating capital, incuba-     problems of high temperatures, dust          development, he said the science park                    staff as Qatar launches a massive infra-
CRISIS | Aid                                    Dr Ibrahim al-Ibrahim, economic ad-        tion and guaranteed loans. ”                 and condensation associated with             is concentrating on advances in wire-                    structure build in preparation to host
Rescue package                                  viser in the Emiri Diwan and secretary                                                  these new technologies, Maini said.          less technology, including new sensors                   the 2022 World Cup.
                                                general for the development planning                                                       There is also work on building a fac-     to measure vital functions in humans.                       Barwa, like other Gulf developers,
for Portugal                                    in Qatar said.                                                                          tory in Qatar that would create as much         Maini appealed for partnerships                       was hit hard by the region-wide real es-
Portugal will formalise its request for            “We are entering into a new era of                                                   as 400,000 tonnes of poly-silicon used       with his American audience for their                     tate slump. Qatar helped key property
a European Union rescue package                 diversification and non-hydrocarbon                                                      in making solar panels.                      “experience in commercialising tech-                     firms weather the global crisis by push-
that could reach €85bn ($122bn) and a           sector,” Ibrahim said at a business and                                                    The science park is partnering with       nology” and using their distribution                     ing through defensive mergers and us-
deal could be reached before a June 5           investment conference in New York on                                                    Qatar Holding and VW Porsche to de-          networks.                                                ing its sovereign fund to invest in them.
election, officials said. After a renewed       Wednesday.                                                                              velop cheaper composite material for            “We are not just funding for the sake                    One analyst said Barwa was keen
battering from financial markets                   “This is another page of our devel-                                                  using in the future automobile bodies,                   ”
                                                                                                                                                                                     of funding, Maini said, but participat-                  to slim down some of its overseas op-
sparked by a political crisis, Lisbon’s         opment, he said.
                                                         ”                                                                              Maini said. Currently composites are         ing in these breakthrough technologies.                  erations in Egypt and the United Arab
caretaker government decided on                    The slowdown in oil and gas pro-                                                     used in building aircraft but is still too      The conference was earlier ad-                        Emirates due to the lackluster real
Wednesday to seek foreign aid,                  duction will last until a technical         “We are trying to encourage                 expensive for car manufacturers, and         dressed by HE the Prime Minister and                     estate markets there. Barwa’s inter-
becoming the third euro zone country            study about the future production is        Qataris and non-Qataris to                  must be dropped to $5 a kilo before it       Foreign Minister Sheikh Hamad bin                        national operations include an 80%
to do so after Greece and Ireland.              completed, Ibrahim said. “It will slow      establish businesses through                can be adapted for cars, he said.            Jassim bin Jabor al-Thani.                               holding in the Barwa Egypt Real Estate
                                                down but to maintain growth we have         facilitating capital, incubation               Other projects are the development of        The prime minister later inaugurated                  Development Company.
                                                to maintain an expansion of non-hy-         and guaranteed loans”                       synthetic aviation fuel in a project with    the multi-billion dollar Golden Pass                        “There is a slowdown in the real
ECONOMY | Finance                                                   ”
                                                drocarbon projects, he said.                                                            Qatar Airlways, Shell Oil and Rolls Royce,   LNG Terminal.                                            estate markets in Egypt and the UAE
Dubai plans to                                     To encourage foreign investment in        The strategy also includes reducing                                                                                                              and they want to reduce the risk,” said
                                                14 non-energy sectors, the government      the cost of foreign investment. This                                                                                                               Thamer Jadallah, head of investments
raise $800mn                                    has launched a five-year development        had been done in the oil and gas sector        Investments cross $30bn                                                                             at the Almana Group in Doha. “If they
Dubai said yesterday it has launched            strategy. The first aspect is to cut red    and needed to be extended to other ar-                                                                                                             are going to restructure they have to
a plan to raise $800mn through the              tape and make regulations friendlier to    eas of the economy, Ibrahim said.              Dr Hussein Ali Abdullah, an executive      and 7% of Barclay’s Bank, Abdullah                       save some money.”
securitisation of receipts from road            foreign companies to enter the coun-         One example of a growing sector in           board member of the Qatar Investment       said. The QIA is aggressively looking for                   Barwa City, a 2.7mn sq m residen-
tolls, as the government struggles              try, Ibrahim said. Foreign companies       the Qatari economic landscape is the           Authority, said Qatar’s investments        new opportunities within a six-month                     tial development in Doha, has a project
to recover from a debt crisis. The              can already own 100% of their firms in      research being conducted at the Qatari         in foreign holdings had increased to       time frame, given the difficulties in the                value of $1.36bn billion, according to
emirate’s department of finance                 Qatar. Regulations on land use for elec-   Science and Technology Park.                   over $30bn last year in both industry      world economy, he said at the Business                   Zawya.com. Qatari Diar, the property
said the plan was “based on the                 tric and water companies in particular       The park’s executive chairman Dr             and in private equity, fixed income        and Investment in Qatar Forum held                       arm of Qatar Investment Authority, the
monetisation of receipts from the               need to be relaxed to make land acqui-     Tidu Maini told the conference that            and hedge funds. These include 20%         at New York’s Waldorf Astoria Hotel on                   country’s sovereign wealth fund, owns
Salik road toll collection system”              sition cheaper, he said.                   within three years of its inception, 43        ownership of VW, 7% of Credit Suisse       Wednesday.                                               a 45% stake in Barwa.
and is aimed to support transport                  The government also had to cre-         international companies, involving                                                                                                                    Barwa declined to comment on the
infrastructure projects. It hired               ate a forward-looking national budget      800 engineers and scientists, have in-                                                                                                             job cuts. This week Hitmi bin Ali a-
Citibank and three local lenders as             “based on the strategy and not on ad-      vested in the facility’s research and de-      Five-year Qatar strategy ............................ Page 16                                       Hitmi was appointed the new chair-
the mandated lead arrangers and                 hoc needs,” he told a largely American     velopment.                                                                                                                                         man of the group, replacing Ghanim
book-runners for the transaction.               business audience at the Business and        Among the park’s projects is re-             Shell has invested $21bn ............................. Page 16                                      bin Saad al-Saad.




Gulf states work on plan for Yemen leader to go
Agencies                                        tests against his 32-year rule has tried    posal would give Saleh and his family,      family would not face prosecution.            prepare a new constitution... and                      movement, Houthis (Shia rebels), the
Sanaa                                           the patience of the United States and       whose control over key posts has long          Saleh has been trying for several          parliament elections,” the opposition                  exiled opposition, and the Southern
                                                Saudi Arabia, both of which have been       angered many Yemenis, immunity              weeks to involve Saudi Arabia, his most       source said.                                           Movement (separatists) be part of any
                                                the target of attempted attacks by Al       from prosecution. Youth activists           important foreign backer, sending his            “The Gulf vision is also based on                   negotiations,” the source said.


A
        Gulf Arab plan for Yemen’s pres-        Qaeda’s Yemen-based branch.                 said in a statement that was unac-          foreign minister to Riyadh two weeks          Saleh’s proposal that both he and Gen-                    A source in the ruling party said it
        ident to step down would guar-             The Gulf proposal for talks in Riyadh    ceptable.                                   ago.                                          eral Ali Mohsen... leave Yemen, and the                might demand that other former allies
        antee the veteran leader and his        was presented to Saleh and a coalition         “We affirm that this is a people’s          The Gulf states’ proposal envisages        Gulf countries have committed to guar-                 of Saleh leave the country too, not just
family immunity from prosecution, an            of opposition parties this week. Saleh      revolution demanding the fall and the       Saleh handing over power to a vice-           antees that Saleh and his family will not              Mohsen - a move that would compli-
opposition source said yesterday, but           welcomed it, while the opposition has       trial of a regime ... to build a new ci-    president, the opposition source said.        face prosecution after they leave,” the                cate the mediation efforts.
youth activists said that should be re-         withheld its response, but set condi-       vilian state according to the will of the   Current incumbent Abd-Rabbu Man-              source added.                                             Mohsen was among the gener-
jected.                                         tions that may derail any talks, accord-    people, not international parties or po-    sour Hadi has said he does not want              A senior opposition source said the                 als, diplomats and tribal leaders who
   The US and Gulf countries appear             ing to a source.                            litical parties that do not represent us,
                                                                                                                                    ”   such a role, which suggests Saleh would       coalition had told Gulf ambassadors                    turned against Saleh after snipers killed
ready to push aside a long-time ally               Gulf sources said the plan envisaged     said a statement in the name of protest     appoint a new figure.                          that Saleh’s immediate resignation was                 52 protesters on March 18.
against Al Qaeda’s Yemen-based wing             handing power to an interim council of      groups in Sanaa.                               “They informed the opposition              a non-negotiable condition, and he                        Though Mohsen’s army wing is pro-
to avoid a chaotic collapse of the poor-        tribal and political leaders who would         Talks in recent weeks, which includ-     that their vision is based on Saleh           should not get immunity from lawsuits                  tecting protesters camped out in Sanaa,
est Arab state.                                 help appoint a national unity govern-       ed the US ambassador in Sanaa, became       leaving power after handing author-           by families of those killed and wounded                he is widely mistrusted as a kinsman of
   Ali Abdullah Saleh’s sometimes vio-          ment ahead of elections.                    bogged down over Saleh’s demand for         ity to his deputy and then forming a          in the protests.                                       Saleh who was for years a loyal pillar of
lent response to two months of pro-                An opposition source said the pro-       assurances that he and members of his       national unity government that will              “A third condition is that the youth                his rule.
         Gulf Times
16       Friday, April 8, 2011



                       QATAR




                                                                                                                                                   Some Qatari dignitaries who have attended the two-day ‘Business & Investment in Qatar Forum’ at the
                                                                                                                                                   Waldorf Astoria Hotel in New York, which concluded yesterday. Seen here are Qatar Chamber of
                                                                                                                                                   Commerce & Industry chairman Sheikh Khalifa bin Jassim bin Mohamed al-Thani (second right), Qatari
                                                                                                                                                   Businessmen Association first deputy chairman Hussain Alfardan (third right), Qatari Businessmen
Qatar Prime Minister and Foreign Minister HE Sheikh Hamad bin Jassim bin Jabor al-Thani with some of the participants of the ‘Business &           Association second deputy chairman Sheikh Dr Khalid bin Thani al-Thani (right), Sheikh Mohamed bin
Investment in Qatar Forum’ at the Waldorf Astoria Hotel in New York, on Wednesday.                                                                 Abdulaziz al-Thani, Sheikh Ahmed bin Ali al-Thani and Sheikh Turki bin Khalid al-Thani.




                                                                                                                                                                                        Shell has invested
5-year Qatar strategy                                                                                                                                                                   $21bn in past six
                                                                                                                                                                                        years, says official
boosts Vision 2030                                                                                                                                                                      S
                                                                                                                                                                                               hell has invested close to
                                                                                                                                                                                               $21bn in Qatar in the last
                                                                                                                                                                                               six years, executive vice-
                                                                                                                                                                                        president Andy Brown has said.


T
       he Qatar National Devel-        “Aggregate GDP growth in                                       ”
                                                                         in tourism and other areas, the      surplus of QR22bn and focuses        when compared to the emerging           In Qatar, Shell is set to start
       opment Strategy 2011-        2012-2016 is expected to aver-       banker said.                         on education, health care and        economies. Abu Dhabi and Qatar       up the Pearl GTL project, its
       2016 will help the country   age 6.9%, of which hydrocarbon          “The World Cup will create        infrastructure projects.”            banks provide good investment        joint venture with QP, which
meet the challenges of Qatar Na-    GDP growth will be 4.4% and          opportunities to form strategic         Seetharaman also spoke about      opportunities.                       will chemically convert Qatar’s
tional Vision 2030, Doha Bank       non-hydrocarbon GDP 9.1%, he   ”     alliances externally and to con-     the recent banking trends in Gulf       “Petrochemicals are also a        abundant gas resources into high
Group chief executive R Seethar-    added.                               nect to global value chains.”        Co-operative Council (GCC).          good segment to consider for         quality liquid fuels and products.
aman has said.                         Highlighting the industrial          He said during 2011-2016, the        In Qatar, lending and funding     investment apart from banking           Brown was speaking at the
   Addressing a panel session       trends in Qatar, Seetharaman         total gross domestic investment      in foreign currency has increased    due to higher capacity utilisation   “Business & Investment in Qatar
on “Finance & Banking” at the       said: “The services sector is go-    might be about QR820bn, of           in recent times.                     in the industry. The insurance       Forum” on Wednesday.
Business & Investment in Qatar      ing to be the major driver. By       which private non-hydrocarbon           Private sector has shown a re-    industry also should be watched         Shell is investing between
Forum in New York on Wednes-        2016, the sector could account       sector is expected to account for    vival in recent times. In the near   in Qatar, Kuwait and Saudi Ara-      $18bn and $19bn in the Pearl
day, he said that Qatar’s econo-    for 40% of the total output, up      QR389bn.                             future, improvement in net in-       bia”.                                GTL project at Ras Laffan, he
my is expected to have “robust      from 36% in 2009.                       “During the period, Qatar’s       terest income and decline in pro-       The panel session was also        said.
growth” in 2011, with the out-         “The transport and commu-         population is expected to be         visioning is expected in the GCC     attended by QNB Group chief             A fortnight ago, Shell opened
look broadly favourable in the      nications and financial services      steady and grow at an average of     banking industry.                    executive Ali Shareef al-Emadi,      its first wells offshore and is now
next five years.                     sectors could grow vigorously.       2.1%.                                   On investment opportunities       Qatar International Islamic Bank     making “excellent progress” in
   “Beyond 2011 the real GDP           “Potential is also seen in con-      “The rapid population growth      in the GCC region, Seethara-         chief executive Abdulbasit A         progressively starting up the
(gross domestic product) growth     struction and manufacturing.         of the recent past is not expected   man said: “The price earnings        al-Shaibei and Qatar Stock Ex-       process units.                        Brown: the investment journey
can drop as current investments     The conduct of FIFA World Cup                     ”
                                                                         to continue, Seetharaman said.       and price book multiples of Qa-      change chief executive Andre            “We already produce conden-        continues
in hydrocarbon get completed.       2022 may provide opportunities       “Qatar’s budget 2011-12 has a        tar exchange are still attractive    Went.                                sate and LPG and later this year
                                                                                                                                                                                        we will produce GTL products at          The company also signed a
                                                                                                                                                                                        the Pearl GTL plant. At peak, we      memorandum of understanding
                                                                                                                                                                                        will manufacture 140,000 bar-         with QP to develop a world scale
                                                                                                                                                                                        rels per day (bpd) of high quality    chemicals plant at Ras Laffan
                                                                                                                                                                                        GTL fuels, chemical feedstock         featuring the largest mono-eth-
                                                                                                                                                                                        and lubricant base oils as well       ylene glycol (MEG) plant ever to
                                                                                                                                                                                        as 120,000 barrels per day (oil       have been built.
                                                                                                                                                                                        equivalent) of conventional con-         Under the MoU, the two com-
                                                                                                                                                                                        densate, LPG and ethane. This         panies would build a mono-eth-
                                                                                                                                                                                        project will deliver value to Shell   ylene glycol plant of up to 1.5mn
                                                                                                                                                                                        and the state of Qatar for many       tonnes per year (tpy) capacity
                                                                                                                                                                                                           ”
                                                                                                                                                                                        decades to come, Brown said.          using Shell’s proprietary OME-
                                                                                                                                                                                           He said Shell was “delighted”      GA (Only MEG Advantaged)
                                                                                                                                                                                        to be invited for investments         technology.
                                                                                                                                                                                        in Qatar’s liquefied natural gas          The plant will also be able to
                                                                                                                                                                                        portfolio.                            produce other olefin deriva-
                                                                                                                                                                                           “A fortnight ago we celebrat-      tives, which will boost capacity
                                                                                                                                                                                        ed reaching 100% output from          to more than 2mn tonnes of fin-
                                                                                                                                                                                        Qatargas 4, where we are a 30%        ished products.
                                                                                                                                                                                        shareholder in the 7.8mn tonnes          “So the investment journey
                                                                                                                                                                                        per year (tpy) LNG train.             continues ... but we also now
                                                                                                                                                                                           “Currently, we have Shell staff    look overseas, where together
                                                                                                                                                                                        helping with the operation of         with PetroChina and QP inter-
                                                                                                                                                                                        Qatargas. About 1,200 Shell of-       national we are planning a world
                                                                                                                                                                                        ficers and crew provide opera-         scale petrochemical and refinery
                                                                                                                                                                                        tions and maintenance services        project in Zhejiang province,
                                                                                                                                                                                        in running the Nakilat fleet of        China.
                                                                                                                                                                                        25 LNG tankers, one of the most          “Today we enjoy a rich array of
                                                                                                                                                                                        impressive marine fleets any-          joint investments with QP in Qa-
                                                                                                                                                                                        where in the world,” Brown said.      tar and overseas. QP is a model of
                                                                                                                                                                                           He said that Shell wants to in-    an effective NOC, establishing
                                                                                                                                                                                        vest more in Qatar.                   the investment climate, stimu-
                                                                                                                                                                                           In line with this, Shell signed    lating innovation, encouraging
                                                                                                                                                                                        an exploration licence agree-         investors to break new ground,
                                                                                                                                                                                        ment to explore the deep pre-         to push the boundaries and set
Seetharaman, al-Shaibei and al-Emadi with other panellists at the session on ‘Finance & Banking’ at the forum on Wednesday.                                                             Khuff horizons.                       new records,” Brown added.




                                                                                                              Qatar is now one of the easiest places
                                                                                                              in the Middle East for business: QFC
                                                                                                              QNA                                     “In doing that, it created a      crease in the number of foreign          Qatar has also opened up for
                                                                                                              New York                             parallel legal system alongside      companies setting up in Qatar.        foreign banks to come, he said.
                                                                                                                                                   the existing state laws, which          “We have seen 130 or more             Today there are six commer-
                                                                                                                                                   were out of date, restrictive and    new companies established             cial, four Islamic and seven in-


                                                                                                              S
                                                                                                                    ince “far-reaching chang-      inhibitive in terms of entry,” he    in Qatar in the last five years,”      ternational banks in the country,
                                                                                                                    es” made by the govern-        said.                                Thorpe said.                          al-Emadi said.
                                                                                                                    ment five years ago, Qatar         “The QFC legal system is             The big changes in Qatar’s            Qatar Stock Exchange chief
                                                                                                              has become one of the easiest        based on English common law          economy work both ways. Not           executive Andre Went con-
                                                                                                              places in the Middle East for a      with a separate court and sepa-      only are more foreign companies       curred: “Likewise the Qatar
                                                                                                              foreign company or entrepre-         rate regulator,” he explained,       coming to do business in Qatar,       Stock Exchange has seen phe-
                                                                                                              neur to set up and grow his busi-    meaning that Qatar now has           but many more Qatar-based             nomenal growth in the just past
                                                                                                              ness, the Qatar Business and         business standards “you would        businesses are operating abroad.      few years.”
                                                                                                              Investment Forum was told on         expect to find anywhere in de-           For his part, QNB chief execu-        “Such success at home is not
                                                                                                              Wednesday.                           veloped markets”  .                  tive Ali Sharif al-Emadi said that    enough for the exchange, how-
                                                                                                                 Qatar Financial Centre (QFC)         The new system has dramati-       eight years ago the bank was only     ever,” he added. “The exchange
                                                                                                              – Regulatory Authority chair-        cally thrown open the doors for      operating in two foreign coun-        wants to develop from a domes-
                                                                                                              man and chief executive Philip       foreign companies to set up in       tries.                                tic player to a more diversified
                                                                                                              Thorpe told the forum partici-       Qatar.                                  QNB has since expanded to          and more international regional
                                                                                                              pants at the Waldorf Astoria Ho-        “There are no more restric-       30 countries in four continents       player. We want to make it eas-
                                                                                                              tel in New York that “access to      tions, which you used to see in      around the globe.                     ier for international investors to
                                                                                                              markets” in the Middle East “can     the region and in Doha,” Thorpe         “Qatar banks are not expand-       take part.”
Qatar Science & Technology Park (QSTP) executive chairman Dr Tidu Maini (right) and US Deputy                 be very problematic” for foreign     said. “There are no restrictions     ing just for the sake of expand-         Established by a handful of
Secretary of Energy Daniel Poneman sign a Memorandum of Understanding in New York on Wednesday                companies.                           on ownership, repatriation of        ing,” al-Emadi said. “We go           companies in 1995, today the
to promote collaboration on the development and deployment of cost-effective and sustainable energy              But that changed in Qatar in      capital, or on who you can em-       where the Qatar economy is go-        Qatar Stock Exchange has 40
technologies. With them are Qatar Energy Minister HE Dr Mohamed Saleh al-Sada (standing, right) and US        2006 when the government es-         ploy.”                               ing, with our domestic clients        companies listed with more than
Ambassador to Qatar Joseph LeBaron.                                                                           tablished the QFC, Thorpe said.         The result has been a huge in-    and foreign partnerships.”            $110bn in market capitalisation.

								
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