Qatar

Qatar is officially known as one of the emirates in the Middle East. It occupies the small Qatari Peninsula on the north-eastern coast of the much larger Arabian Peninsula. Besides its border to Saudi Arabia to the south, the rest of Qatar is surrounded by the Persian Gulf.

In recent years, Qatar has had excessive economic growth due to the high oil prices. In 2008 the state announced its eighth successive budget surplus. Qatar’s economic policy is focused on developing the country’s unused natural gas supplies and increasing private as well as foreign investments in the non-energy sectors. However, oil and gas still comprise more than 50% of the Qatari GDP, approximately 85% of the export income, and 70% of government revenues.

Thanks to the oil and gas earnings, Qatar qualifies as the second highest income per-capita state – after Liechtenstein. It is also one of the world’s fastest growing ones. In the future, confirmed oil reserves of 15 billion barrels should allow ongoing production at the present levels for the upcoming 37 years.

Apart from revenues in the oil sector, the government has implemented several programs to uplift the economy in order to attract foreign investments. Some of the more developed industrial sectors of Qatar include: production of cement, fertilizers, stainless steel and oil. The country’s key export partners are: Japan, South Korea and Singapore. Imports are made mostly from the USA, Italy, Japan, France and Germany.

The goal of Qatar is to become an example for social and economic transformation in the region. The idea is that the large scale investments in all economic and social sectors will further lead to the improvement of a strong financial market.

Tips for Doing Business in Qatar

• To do business in Qatar as a foreigner, you must have a local sponsor who is willing to carry out the entry procedures with the embassy and vouch to be your guarantor, should anything go wrong during your stay in the country. Check with your consulate or embassy ahead of time and make sure these procedures have been carried out correctly.
• Status is very important in Qatar, as in much of the rest of the region. You should address people using their correct titles and always check for these before you are to start your business correspondence.
• The spoken word is quite valuable in Qatar, as in other countries in the Middle East. Do not make empty promises or say you will do something you are not sure about. Be prepared to carry out everything you say you can or will do.
• Trust is important and necessary for effective business relationships with Qataris. Do not try to rush into business and overlook this factor. Allow for longer and more meetings if you see that your Qatari partners require it.
• Do not feel you are being disrespected if Qataris interrupt meetings to answer calls or talk to colleagues who come into the room. This happens often and is standard business practice.
• Remain calm and do not raise your voice when negotiating with businessmen from Qatar.
• If women are to attend a business meeting, this should be communicated with your Qatari partners.
• Foreign women can leave their hair uncovered, as Qatar is increasingly liberal in its rules toward women. Unless you are to visit a mosque, you can leave your hair uncovered.

Cost of Living

The following table compares the costs of some basic products in Doha, Qatar and Sofia, Bulgaria.

Official Holidays in Qatar

31 August – Eid al-Fitr (End of Ramadan) (4 days)
3 September – Independence Day
6 November – Eid al-Adha (Feast of the Sacrifice)
18 December – National Day