There’s been a lot of hype around the growth potential, and job creation possibilities, of Qatar’s financial sector over the last couple of years, which has never really come into fruition. In 2011, however, things could be different.

The optimism around Qatar’s banking system has been slowly simmering since the peninsula’s successful bid for the 2022 World Cup and now it shows signs of bubbling over.

The Qatari government is expected to spend around $54bn on infrastructure upgrades and stadium builds in preparation for 2022, but analysts at Global Investment House are predicting that total state spending over the next ten years could amount to $100bn.

And who’s going to benefit from all this spending? Qatari banks, primarily. Qatar National Bank in particular, with its close government ties, is tipped by Global Investment House analysts to be a key beneficiary, but Qatar National Bank, Doha Bank, Qatar Islamic Bank and Masraf Al-Rayan are all likely to see more business.

And domestic banks are already looking to build their teams, suggest recruiters.

“We’re currently recruiting for seven head of division functions for Qatari banks, and there’s no doubt that the teams will also be built lower down the ranks,” says Peter Jones, director of Middle East-focused headhunters MRK Consulting. “The indications we’re getting is that recruitment activity in Qatar’s financial sector will be far busier in 2011.”

But it’s not just domestic banks that will benefit from the World Cup infrastructure investment. Global Investment House analysts say: “As per our understanding and communication we had with the management, it seems foreign banks will also participate in funding these projects.”

It also seems likely, therefore, that international banks will look to hire more coverage bankers in Qatar to develop relationships with the government before this infrastructure investment takes off.

“The regional banks have started building their corporate banking functions, not just as a result of the World Cup, and it seems likely that international banks will boost their teams in Qatar this year,” says Ally Ho, head of financial services at headhunters Pedersen & Partners.

Jones believes that the appeal of Qatari banks to Western expats is increasing, despite the fact that salaries are generally lower than international institutions, and that moving out to the region is no longer perceived as such a risky option.

There’s always the chance, however, the that ordeal of David Proctor – the former chief executive of Al-Khaliji Bank, who was detained in Qatar for 14 months after a bust-up with his employer – could have put many expats off taking a role in a local bank.

Still, the Qatar Financial Centre has been making efforts to increase its international credentials in recent months, particularly as it looks to attract more multinational insurance and asset management firms this year.