AU
Qatar’s banking sector has been branded among the most stable in the GCC and its financial centre has been busily handing out new licences since the beginning of this year, including some large international players who have been waxing lyrical about its growth potential. So, is it the place to be in 2009?
The most recent investment bank to open an office in Doha is Nomura, following hot on the heels of Japanese rival Bank of Tokyo Mitsubishi, which gained a licence in February. State Street has also entered the fray, and local player Mashreq has expanded into the emirate.
Philip Lynch, CEO, Middle East and Africa at Nomura, said: “Qatar is among the fastest growing economies in the world, with attractive long-term fundamentals, vast hydrocarbon reserves and major government initiatives.”
The likes of Barclays, HSBC and Deutsche Bank have all been making senior appointments in Qatar this year and Credit Suisse says it’s going to offer investment banking and asset management in the peninsula.
In fact, the Qatar Financial Centre says 16 new firms have established offices since the beginning of this year, and that there’s been a 30% rise in enquiries from companies wishing to do the same.
Peter Jones, director of Middle East focused recruiter MRK Consulting, says: “While we haven’t seen a massive upswing in roles coming out of Qatar, the number has remained in line with previous years, which in itself is a big achievement considering the shrinking opportunities in other GCC countries.”
However, Josephine Collins, a consultant focusing on investment banking and asset management at Sterling Executive Search, says that Qatari employment law – which requires an expat to remain at a firm for two years before being able to transfer employer sponsorship – still proves a stumbling block for attracting top foreign banking talent, who prefer the more liberal environment of Dubai and Abu Dhabi.
A recent report by Fitch suggested that governmental support has made the Qatari banking system among the most stable in the region.
We would be grateful if you could point out to Josephine Collins of Sterling Executive Search who is quoted towards the end of your article that a firm licensed by the QFC is governed by QFC employment and immigration laws and therefore as such the 2 year rule she is talking about does not apply to those companies.
Yes but if you sign a contract for 2 years you are there for 2 years and this is standard terms of contract.
good to work in Qatar
Just secured a position there, looking forward to it