Arabian Countries with recent economic Activity:

Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | Other Arab Countries

Qatar
 
Qatar is emerging as one of the fast growing nations in this part of the world. All the industries in the month of February experienced success, the mining and petroleum as expected led the way.
 
Qatar Petrochemicals Company's newly launched Barzan gas project with start-up anticipated in 2012 will produce some 1.5b cubic feet per day of sales gas dedicated for Qatar's growing domestic gas consumption, while, the company along with Exxon and Mobil cancelled Gas To Liquid plans for Group III Basestock refiners; Maersk Oil Qatar company awarded Larsen & Toubro Limited (L&T) of India, a contract valued in the order of a quarter of billion dollars for its Block 5 development in Qatar; and Nakilat (Qatar Gas Transportation Co) awarded a combined USD2.1b worth of orders to South Korean shipbuilders to build eight liquefied natural gas ships to transport its gas to Europe and the US; Qatar Gas Transport Company Ltd. signed contracts for eight 25-year time charters with Qatar Petroleum.
 
At the finance front there was plenty of activities; Qatar Development Bank raised its capital from QR200m to QR5bn for the year 2006; Dlala Brokerage and Investment Holding will debut at the Bahrain Stock Exchange by signing an initial contract with four local brokerage firms; Masraf Al Rayan-e Bank announced that it will be the first bank in Qatar to offer a Shariah compliant Profit Rate; Doha Bank Ltd. opened a representative office in Japan as part of the bank’s globalization plan.
 
An investment that came under spotlight was from the Qatar Investment Authority which is set to buy up to 10% of Airbus parent EADS through its USD40b investment fund. Another talk of the town bid was that Qatar Telecom and India's Hinduja Group may jointly bid as much as USD16b for a 67% stake in Indian mobile operator Hutchinson Essar.
 
The companies that came out with their financial results this month were satisfied; Ahli Bank reported 45% increase in net profit to QR205.74m for the year 2006, Qatar National Bank recorded a net profit of QR2b for the year 2006, National Leasing Co. reported 34% rise in net profit to QR31.99m for the year 2006, United Development Company announced net profits of QR258.16m, a 40% increase for the year 2006.
 
As the Qatar Airways was being named the Best airline in the Middle East, Gulf Helicopters and US-based Sikorsky Aircraft Corp. were planning to establish an Aviation Centre of Excellence in the Middle East.
 
The leisure industry bagged few significant deals. Al Diar Hotels and Resorts signed an agreement with Syria's tourism ministry to develop a USD224m holiday complex on the Syrian coast and Alfardan Group signed an agreement with Starwood Hotels & Resorts to open a new QR1.5b luxury hotel in Doha marking the debut of the St. Regis brand in the Middle East.
 
Summarily, Qatar is gearing itself to meet competition from neighboring countries. Apart from progressing with the necessary projects for the country, it is also attempting to excel and invest away from Qatar. The month of February witnessed a steady growth in all industries in the country.