MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Qatar
The non-oil sector will act as the main engine of output growth in the medium
term. General Secretariat for Development and Planning (GSDP) forecast real GDP
growth rate at 6.2% in 2012 citing slower hydrocarbon sector growth than in previous
years. GSDP forecasts output growth of 4.5% in 2013 pointing to an expected decline in
output from maturing oil fields.
Industry Overview
There are 11 local banks (1 specialised, 7 traditional and 4 Islamic) and 7 foreign banks
that are regulated by Qatar Central Bank (QCB). There are also 3 investment companies
and 3 finance companies registered with QCB. There are 11 funds registered with Qatar
Central Bank under the 2002 investment funds law 25. This figure excludes third party
or foreign funds that may be marketed by financial institutions. Qatar Financial Centre is
also the base for numerous financial institutions – a listing of which is provided in the
directory at the end of the chapter.
There has been a pick up in fund launches in recent months. The First Investor
launched its first equity fund which is open to Qatari nationals - The First Investor GCC
Equity Opportunities Fund (Q) – and raised US$ 24.7 million in October 2012. The First
Investor – a Barwa bank subsidiary – is seeking approval for the following funds
according to its website: Qatar equity, emerging markets equity, international equity, real
estate equity, commodity-related equity, insurance funds. In December, Qatar National
Bank announced the launch of the country’s first fixed income fund. QNB Debt Fund will
invest in debt securities issued by GCC based sovereign and corporate entities. Al
Rayan Investment’s website indicates plans for a range of funds including sharia
compliant real estate funds with a focus on Qatar, GCC, Asia. Meanwhile, Qatar
Exchange officials have indicated that they are working with a firm which may sponsor a
sharia compliant exchange traded fund.
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