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Qatar: Non-Hydrocarbon Sectors Eyeing Significant Gains

Thursday, 20 January 2011 01:05

Qatar (Doha) - Qatar's non-hydrocarbon sector led by construction will see significant gains in the first quarter of 2011, according to Qatar Business Optimism Index (BOI) figures announced by a private agency at a media conference held here on Wednesday.

Improved demand forecasts have propelled the composite index for the non-hydrocarbon sector to 61 points for Q1 while the hydrocarbon sector has dipped to 30 from 40 due to a fall in the score for selling prices, said an official representing Dun & Bradstreet South Asia Middle East which released the BOI for Qatar in association with the Qatar Financial Centre (QFC) Authority.

Speaking to Qatar News Agency (QNA) today, Dun & Bradstreet's Phil Strange, said, "The BOI surveyed 500 respondents comprising business community members who gave their opinions when the oil price of the OPEC basket averaged US$ 88.50, currently the prices are around US $ 92. The upward trend augurs well for all oil and gas economies."

The survey was conducted last December amidst an environment where "many analysts were of the view the global economy would post strong growth close to 4% this year, at a slower pace compared to 2010". "The survey was coincidentally done during a three-week period around the same time when the FIFA (the world governing body for football) awarded Qatar the rights to host the 2022 edition of the World Cup which added the feel good factor to the business community," said Strange.

Acting CEO of QFC Authority Shashank Srivastava said, "The optimism levels among Qatar's non-hydrocarbon community are as high as it has been in the last nine quarters. 48% of the respondents in Qatar''s finance, real estate and business services sectors say they will invest in expansions during Q1 this year."

The survey marks and increase of 22 points in the composite index for non-hydrocarbon sector propelling it to 61, the highest level since Q4 2008 when global recession set in. Qatar's overall business sentiments for Q1 2011 endorse the speedy growth of the economy. The BOI for the Volume of Sales parameter has gone up by 16 to 76 points in Q1 while for Net Profits has gone up by 18 to 76 points, for New Orders it has jumped from 18 to 72 and for Number of Employees it has increased to 59 from 39 in the last quarter of 2010.

The Level of Stocks remains almost unchanged 48 from previous 49. However the Level of Selling Prices marked a drop of two points from 22 in Q4 in 2010. The composite index is at an all time high for the following sectors - manufacturing (61), construction (62), trade & hospitality (56), transport and communications (62), finance, real estate & business services (62). QFC Authority's Asset Management & Banking Strategic Development Director Yousuf Mohamad Al Jaida, who was present at the media conference, said, "Overall the business community is optimistic of Qatar's prospects in the first quarter of 2011."
(QNA)

Global Arab Network

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