Qatar’s Growth to Accelerate in 2010

Qatar’s economic growth should accelerate strongly in the next fiscal year, the Gulf country’s emir said on Tuesday, while consumer prices continue to decline this year.
The world’s top natural gas exporter, has been enjoying strong growth rates, unlike the rest of the region, keeping its oil and gas output intact despite a fall in oil prices.
“Despite forecasts of global financial institutions (that) the growth rates in most developed and developing countries will decline, the growth rate of Qatar’s economy in the current fiscal year will reach about 9 percent and a forecast for the coming fiscal year is 16 percent,” emir Sheikh Hamad bin Khalifa Al-Thani said in a speech, according to Qatari state agency QNA. The Qatari fiscal year starts in April.

The cash-rich state is expected to keep outperforming key players in the world’s top oil-producing region — Saudi Arabia and the United Arab Emirates — in the coming years thanks to massive expansion of its gas facilities.

“The growth is mainly coming from expansion in the hydrocarbon sector and gas production,” said Giyas Gokkent, head of research at National Bank of Abu Dhabi.
“Qatar has been probably equally affected as (the UAE’s emirate of) Abu Dhabi by the global contagion but because Qatar has special circumstances … we will continue to see a resilient economy and one of the fastest-growing economies in the next few years,” he said.

Qatar’s four new liquefied natural gas (LNG) plants will double the capacity of the country, which is the world’s richest nation in per capita income, by the end of this year.
The International Monetary Fund is forecasting the OPEC member economy will expand by 11.5 percent in the calendar year of 2009 and by 18.5 percent next year.
Qatar’s gross domestic product rose well over 15 percent on average in 2006-2008, while Saudi Arabia, the top Arab economy, only managed to grow by around 3.6 percent on average in the years of oil and property-fueled boom.

Pearl GTL installs last of giant synthesis reactors

cranes-qatarThe last of 24 giant heavy paraffin synthesis reactors has been installed at the Pearl GTL project at Ras Laffan.

The lifting into place of the final 1,200 tonne reactor was another step towards the completion of construction on the Pearl gas-to-liquids project, jointly developed by Qatar Petroleum and Shell.

Construction is expected to be complete around end-2010 with project ramp-up then taking about 12 months.

Huge potential for Property Developers in the Qatar

qatar-buildingsThe cascading impact of global meltdown has been felt in many countries but there are a very few countries like Qatar where it is business as usual. Qatar, with proven gas reserves of over 900 trillion standard cubic feet in its north field, and oil reserves of over 15.2 billion barrels, has one of the fastest growing economies and highest per capita incomes in the world. No wonder the rulers are laying much thrust on improving infrastructure for allround development.

Qatar is a peninsula of 11,437 sqkm located halfway down the west coast of the Arabian Gulf. The territory includes several islands, including Haloul, Sheraouh, Al Beshairiya, Al Safliya and Al Aaliya. Gifted with natural resources and yet to catch up with the fast developing emirates like Dubai, Qatar is yet to keep pace with the development.

Local investment laws allow for upto 100% in foreign investment in projects related to agriculture, industry , leisure, tourism, health, education and the exploration of natural resources, energy or mining – subject to dispensation from the Ministry of Economy and Commerce.

Together with Qatari partners, who hold a 51% interest, foreigners can invest in all sectors except banking, insurance, commercial agencies and real estate.

Downsizing Dubai: Will the Middle East’s golden child ever be the same again?

dubai-cranesThe UAE is waking up … but it has one hell of a hangover, and it’s going to take more than a couple of fizzy tablets to make it all better. Relax and enjoy games at! So what sort of market is emerging? Well, the chances are it’s going to be good news for shed builders.