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New Focus for BusinessThe six Arab states of the Gulf that joined up

20 years ago to form the Gulf Co-operationCouncil (GCC) – Saudi Arabia, the United ArabEmirates (UAE), Qatar, Kuwait, Bahrain andOman – share the advantages of a commonIslamic heritage and oil wealth. They have beentested by international political and militarycrises, including the invasion of Kuwait but it isas centers for business and leisure that their for-tune will be made in the 21st century.

Two countries – Qatar and the UAE – are set-ting the pace for liberalization and pro-businesspolicies. With its vast gas reserves Qatar, oncea sleepy backwater, is a land of opportunity forits own citizens and foreign investors alike. Thepresent Emir HH Shaikh Hamad Ibn Khalifa AlThani’s accession started a transition that hasseen women get the vote and the economymoving ahead. Work-in-progress in the capitalDoha includes not just infrastructure projectsbut huge new public and private sector invest-ments in world-class tourist hotels, themeparks, shopping and sporting attractions.

The Gulf states exhibit a new willingness towork together. The Dolphin project is an ambi-tious scheme to link Qatar, the UAE and Omanwith a gas pipeline. While cities like Dubai, AbuDhabi and Doha compete in tourism, they alsoshare experiences. "Qatar is a very progressiveand fast-paced country," says Sheikha LubnaAl-Qasimi, managing director of Tejari.com,Dubai’s leading B2B marketplace. "Knowingwhat has taken place in Qatar so far, I do believethey are quite advanced in the way they plantheir future."

Both Qatar and the UAE are ideal locationsfor access to emerging markets. Their principalregional markets represent 1.5 billion con-sumers from the Gulf, the Indian Sub-Continentand East Africa. Indeed Sheikha Labna hasfound that the largest number of hits onTejari.com are Saudis. While she values her Gulftraditions she points out that the UAE has theadvantage of a "world" culture. "This is quite anelement in the UAE," she says. "You can have120 nationalities working here in harmony withno crime compared to other countries. This isquite a phenomenon."

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UAE Leads in Middle EastBusiness

The United Arab Emirates, still a major exporter of oil andgas, is leading the whole Middle East into the 21st century asthe dominant center for business, investment and tourism."Our unwavering aim is to make this the best place to do busi-ness, the top tourist destination and transport hub of the regionand the undisputed commercial and communications capitalof the Middle East," said HH General Sheikh Mohammed BinRashid Al Maktoum, Crown Prince of Dubai and UAE DefenceMinister, at the recent DubaiInternational Air Show.

Indeed such is the UAE’s con-fidence in the future that theDubai-based Emirates airline hassince the September attacks onNew York and Washingtonannounced its largest ever air-craft order, valued at a massive$15 billion for advanced Boeingand Airbus jetliners. Emirateschairman HH Sheikh Ahmed BinSaeed Al Maktoum said:" We aredetermined not to allow presentdifficulties to deflect our resolve."

Dubai often sets the pace incommerce within the federationof the seven emirates that com-prise the UAE, a country the sizethe State of Maine. Yet the capi-tal Abu Dhabi, and the other fivestates – Sharjah, Ras AlKhaimah, Fujairah, Ajman andUmm al Qaiwain – all contributeto the character of a country thatgained independence exactly 30years ago. UAE President HHSheikh Zayed Bin Sultan Al Nahyan, also the Ruler of AbuDhabi, has provided continuity and stability ever since the cre-ation of the union. He is ably supported by the Vice Presidentand Ruler of Dubai HH Sheikh Maktoum Bin Rashid AlMaktoum.

The UAE’s leaders have a clear vision of where they areheading faced by challenges from global economic slowdownand international terrorism. "Our country today stands four-square at the world’s crossroads, and has transformed itselfinto a major player on the global stage," said SheikhMohammed, the architect of Dubai’s economic resurgenceover the past 15 years. "Our goal now is to expand its dynam-

ic growth into every area of commerce, tourism and transport."Sheikh Mohammed then referred to Dubai’s latest projects."Massive housing developments are rising from the sand. Twohuge offshore islands visible from space will double our coast-line. Dubai airport will grow to handle five times the 14 millionpassengers a year it sees today. We are not content simply towait for the future – we are building it."

The Palm development, described as Dubai’s new crownjewel, is aimed at enhancing Dubai’s appeal to upmarkettourists. Both islands will be created in the shape of palm treesand consist of 17 fronds surrounded by protective barrier reefsextending five kilometers offshore. "The islands are yet anoth-

er icon of Dubai’s great vision ofthe future and will serve as anexample of the UAE’s commit-ment to a diversifying economyand broadening property owner-

ship within the community," says Sultan Bin Sulayem, chair-man of Dubai Palm Developers and executive chairman of thePorts, Customs and Free Zone Corporation.

In an era when ‘joined up’ government is still an aspirationin the west, Dubai leads the way. Under Sulayem’s leadership,Dubai offers investors a world of opportunity through the JebelAli Free Zone. The rules allow for 100% ownership rights andfull management control, a 50-year guarantee of no corporateor personal taxes, no customs duties or trade barriers and fulland free repatriation of capital and profits. Since 1991, theDubai Ports Authority (DPA) and its twin terminals of PortRashid in Dubai City and Jebel Ali, 35 kilometers from the

UNITED ARAB EMIRATES

“Our unwaveringaim is to make thisthe best place todo business, thetop tourist destina-tion and transporthub of the regionand the undisputedcommercial andcommunicationscapital of theMiddle East”Richard Brandson opening Megastores in Dubai

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downtown, can boast one of the world’shighest cargo handling capabilities.They are firmly established as one of thefastest growing distribution hubs. Over100 shipping lines serve Dubai throughthe DPA ports, making Dubai one of thegreat world transshipment centers.

Responding to a government initia-tive, the Free Zone is complemented byDubai Internet City and Dubai Media Cityand an innovative digital marketplaceproject ‘Tejari.com’ - Oracle is providingthe marketplace software technologyand hosting platform. Headed by man-aging director Sheikha Lubna Al Qasimi,recently named IT Woman of the Year bythe Aberdeen Group’s Middle East affili-ate Datamatix, the online marketplaceenables buyers and sellers to transact

and share information on goods andservices through the Internet. However,Sheikha Lubna is also mandated to rev-olutionize public services. "To me the e-government in Dubai is a big picture,"she says. "It’s a very strong culture with-in the core of government that we areDubai Inc. We don’t have unions, wedon’t have any taxation, and we don’thave complications. So it is very easyand simple. Who wants it? How are wegoing to do it? Does it work? No, we’llchange it."

Emirates airline chairman SheikhAhmed is the linch pin of another Dubaigovernment strategy – boosting tourismto 10 million visitors a year by 2010.Diversification is vital since oil sales arenow only 7% of Dubai’s GDP. Last yearDubai International Airport had 12.3 mil-lion passengers and 3.5 million peoplestayed in the city’s 250-260 hotels. "Bythe year 2006, as one of the fastestgrowing and most successful airlines,Emirates expects to fly more than twiceas many customers as it does now,"says Sheikh Ahmed. " We are orderingthe aircraft of tomorrow – whose timehas come today." The Emirates airlinededicated terminal at Dubai InternationalAirport, to be completed in 2005, togeth-er with a new cargo terminal, has acapacity of just over 20 million passen-

gers a year "bringing our total capacityto around 45 million passengers a year,"says Sheikh Ahmed. By the end of 2001,cargo will match the passenger growthwith an annual air cargo throughput of850,000 tonnes.

A measure of this success is DubaiDuty Free that last year had revenue of$220 million – the world’s seventhbiggest airport group by revenue – and ison course to increase that figure thisyear. "We handle about 18,000 transac-tions a day in the Duty Free," says man-aging director Colm McLoughlin. "Wemove 24 million units of merchandiseevery year." With 29 nationalities at theDuty Free, speaking 37 languages, this isa microcosm of Dubai’s commercial suc-cess. Dubai Duty Free is bullish aboutpublicity and marketing. Its programincludes sponsorship of horse racing inDubai and overseas as well as owner-ship of a men’s tennis tournament on theAssociation of Tennis Professionals tour.

“We are determinednot to allow presentdifficulties to deflectour resolvet”

left: Minister of Petroleum – H.E. Obaid Bin Saif Al Nasriright: Chairman of Dubai Duty Free Zones & EmiratesAirlines – HH Sheikh Ahmed Bin Saeed Al Maktoum

The world’s most luxurious all-suite hotel, re-defines everything you have ever expected of a hotel.

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Backed by more than 2,000 national and multinational companiesfrom some 97 countries, Jebel Ali Free Zone, 35 km from the heartof Dubai city is a testimony to Dubai’s business acumen and abil-ity to adapt to changes in the international trade scenario. Asleading trading hub between east and west, Dubai has main-tained its "business as usual" principle, providing a boost toinvestor confidence throughout the region.

Dubai is the ideal warehousing, distribution and industrial pivot,providing access to over 1.5 billion consumers in the AGCC, Iran,Indian SubContinent in addition to growing markets in Russia and

the former Soviet states and Africa.With its outstanding tax and busi-ness incentives and voraciousappetite for new technology, JebelAli Free Zone Authority (JAFZA)more than lives up to its mission toprovide a first class infrastructureand modern facilities supported byquality value-added services. AsPart of the international divisionDubai Global, Jebel Ali Free ZoneInternational is taking the FreeZone expertise offshore through-

out the Middle East and Africa in addition to Dubai PortsInternational which has secured the container terminal manage-ment of Jeddah and Djibouti.

Over 100 of the world’s major container shipping lines call atDubai’s container terminals of Jebel Ali and Port Rashid. DubaiInternational Airport, only 30 minutes by road from Jebel Ali FreeZone and Port, enjoys one of the fastest sea-air transfer times forcargo in the world. Consumers, investors and visitors convergein Dubai, and this renowned "the City of Merchants" is expectedto attract over 10 million tourists each year by 2010.

The day-to-day management of JAFZA is in the capable hands ofSultan Bin Sulayem, executive chairman of the Dubai Ports,Customs and Free Zone Corporation, a merger of three authori-

ties joined together to offer the business community strategicleadership and streamlined, high quality services. One of hisgreatest concerns is to convey the message that Islam is apeaceful religion and that Dubai in particular incorporates into itspragmatism, safety and keenness to progress new projects anddevelopment, especially in tourism and technology.

"If people are hesitant to do business, if people stop living, thenthe terrorists will have won," says Sulayem. "Everybody is suffer-ing from the attacks in the US but this insecurity will not have anylong-term effect. There is global fear but we have to live with it."Earlier this year Bin Sulayem unveiled plans for the world’s largestman-made islands off the Jebel Ali coastline. The Palm, twoislands in the shape of palm trees, will incorporate 2,000 luxuryvillas, 40 leading hotels, shopping arcades, world class sportingfacilities and a marine park. The islands will be visible to the nakedeye from outer space and will add a further 120km of sandybeach to Dubai’s already spectacular coastline.

Sulayem’s confidence in Dubai is echoed by Hewlett-Packard,whose spokesman in Dubai says, "if you are a global player thenyou really have to be here. This is an emerging market with stronggrowth potential that can only be realized by having a secure localpresence as HP has found." Since setting up in Dubai in 1998, HPhas doubled its Middle East business and being located in theFree Zone HP says, "we can run our business as we wish withoutany outside interference."

DaimlerChrysler Middle East has housed its entire regional man-agement in custom-built offices at Jebel Ali Free Zone and oper-ates a training and regional logistics center from Dubai. "Thecombined organization today totals 63 employees working in ourown extensive facilities. We are serving 12 markets from Dubaiand are responsible for close to $1 billion of revenue," says Per V.Rasmussen, president and CEO.

Despite its rapid progress and prosperity, Dubai has never sacri-ficed quality for growth, a principle supported and appreciated byinternational investors from around the world.

Business As Usualin Dubai

PORTS, CUSTOMS AND FREE ZONE CORPORATION

“”

if you are a global player youhave to be here. This is anemerging market with stronggrowth potential

Sultan Ahmed Bin Sulayen –Executive Chairman, Dubai Ports,

Customs and Free Zone Corporation

Ports, Customs and Free Zone CorporationP.O. Box 17000, Dubai, United Arab Emerates

Tel: 971-4-815000, Fax: 971-4-816093, Tlx: 47398 DPA EM

“ ”We are serving 12 markets fromDubai and are responsible forclose to $1 billion of revenue

“”

we can run our business aswe wish without any outsideinterference

“ ”Since setting up in Dubai in1998, HP has doubled itsMiddle East business

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"Last year we had the first ever WorldTennis Association sanctioned women’stennis tournament here and the world

number one Martina Hingis won," saysMcLoughlin, a veteran of 18 years inDubai.

The UAE has an outstanding offer forvisitors seeking to enjoy the sunshine,beaches, leisure and sport at world-class hotels, such as the Burj Al Arab,Jumeirah Beach Hotel and EmiratesTowers, all part of Jumeirah Internationalof Dubai. Jumeirah International, whichis totally committed to the exponentialgrowth of Dubai as a business andleisure destination, has established itselfas global pacesetters in the higheststandards of service. The Burj Al Arab,already a Dubai landmark, with its billow-

ing sail-shaped architecture, is the ulti-mate in luxury, combining the latest intechnology with longstanding traditionsof Arab hospitality. Emirates Towers,both the hotel and offices, weredesigned to meet the needs of the busi-ness traveller – a fast growing segmentof the hospitality industry in Dubai.

The 2003 annual IMF meeting isscheduled for Dubai – the first time everin the Middle East. "That will launchDubai onto another level of conventionvenue. The commitment to meetings

and conventions is fantastic, " saysGerald Lawless, managing director ofJumeirah International. "TheGovernment of Dubai also had a visionof what was going to happen in terms oftourism, and we came on board to actu-ally run it. We’ve expanded rapidly andwe’ll see what we do in the future. Ifsomething interesting comes up, we’llhave a look at it."

The extensive Jumeirah Beach Club,one of Jumeirah International’s luxuryproperties, offers water sports, gymnasi-um, tennis and swimming in one of theUAE’s most exclusive locations. It com-prises 48 junior suites and two beach-front ‘Paradise’ suites all fully equippedwith high-tech gadgets and services.The neighbouring Jumeirah BeachHotel’s close proximity to Dubai’s busi-ness districts, world-class internationalgolf course and shopping malls make itthe perfect base for business and leisuretravellers.

Lawless says Dubai is already show-ing strong signs of recovery from thetragic events in the US. "All the cancel-lations were short-term immediately afterthe attacks," he says. "For the New Yearholiday period we have normal book-ings. I believe there is plenty of room forexpansion in terms of the tourism and

leisure industry. We have announcedplans for a new Medinat Jumeirah resortof 900 bedrooms – 300 rooms will beready in 2003 before the IMF meeting.

Jumeirah International is investing inDubai’s future through establishing theEmirates Academy of HospitalityManagement, accepting students fordegree courses from the UAE and over-seas. "There is a huge demand for train-ing in this part of the world." saysLawless. "The purpose of setting up thisacademy is to have a company focussedon tourism here. I hope we will havemany UAE citizens interested in this

business." Lawless also praises theUAE leadership’s business acumen andsocial responsibility. "No product, nocity, no country thrives or expands at thepace of Dubai or the UAE without twomajor ingredients," he says. "One isleadership – the other is energy. Therespect people have here for the rulers of

“ Our Mission is to become the premier universal

Islamic financial institution, operating in accordance

with Shari’a principles, by sharply focusing on cus-

tomer needs, offering innovative products and servic-

es, motivating and rewarding our employees, and

using state-of-the-art service delivery systems, while

maximizing investors and shareholders’ returns”.

For more information, please contact:Ahmed M. Elshall

SVP Strategic Planning & Financial ControlAbu Dhabi Islamic Bank

Tel: (971-2) 6343000Fax: (971-2) 6342222

Email: elshall@adib.co.ae

“Our goal now is toexpand its dynamicgrowth into everyarea of commerce,tourism and trans-port”

“We are not contentsimply to wait forthe future – we arebuilding it”

left: Dubai Duty Free, Managing Director – Colm McLoughlinright: Tejari, Managing Director – Sheikha Lubna Al Qasimi

“The islands are yetanother icon ofDubai’s great visionof the future”

this country is amazing because theyhave the country’s needs at heart andthe vision, energy and leadership tomake it happen."

Quality of service is an aspirationwithin the whole UAE. The 236-roomCrowne Plaza Hotel in Abu Dhabi offers

11 state of the art meeting and confer-ence rooms, ideally situated in the heartof the capital’s commercial and businessdistrict and is described by general man-ager Jihad Hazzan as "the perfect placefor business and pleasure".

The UAE also derives its strengthfrom its respect for traditional Arab andIslamic values. The UAE Central Bankpresides over a soundly based financialinfrastructure where its 47 banks areprofitable and well managed. "We have

no inflation, because our borders areopen," says the central bank’s governorSultan Bin Nasir Al Suwaidi. "We haveadopted the World Trade Organizationprinciples a long time ago. We are fol-lowing the developments in Basle andthe new capital Basle accord, which wehave studied. We are going to adjust oursystems in the near future for it. Theother issue is to put in systems to con-duct anti-money laundering policieswithin the banking sector and the finan-cial sector as a whole."

Al Suwaidi is a passionate advocatefor the strengths and freedoms implicit inthe liberal and pro-business UAE econo-my. "We are very competitive with goodfacilities, infrastructure, telecommunica-tions, roads, ports, airports and stor-age," he says. "We have open policiestowards foreign labor. The entry of for-eign labor has been free so there is norestriction on expertise that can beimported from outside. This puts theUAE in an important position versus therest of the world because other countriesimpose restrictions."

Perhaps the most innovative UAEbanks is Abu Dhabi Islamic Bank (ADIB),established in 1998 and now the 12thlargest in the country in assets anddeposits. Islamic banking’s distinguish

feature is its being asset backed asopposed to being based on interest andthat financing must comply with Islamicethics, ruling out tobacco, gambling andliquor. However, this has not preventedADIB, whose mission is to become a uni-versal Islamic bank with a reputation for

service delivery, from taking part in largescale project finance, such as the syndi-cated deal for the regional ThurayaSatellite Company, in which ADIB under-wrote the Islamic tranche of $100 million.Recently, ADIB made two strategicinvestments involving an Islamic ratingsagency in neighboring Bahrain and anIslamic bank in Bosnia, both of which aresponsored by the Jeddah-based IslamicDevelopment Bank.

Energy exports, however, principally

from sales of 2.1-2.15 million barrels ofcrude oil a day, underpin the UAE’sdiversification strategy with up to 90% ofthe federal government’s budget derivedeither directly or indirectly from the oilsector. The Minister of Petroleum andMineral Resources HE Obeid Bin Saif AlNasri is clear about the government’scommitment to reduce dependence onhydrocarbons and to concentrate onmaximizing the potential for sales ofenvironmentally-friendly products suchas liquefied natural gas. While the minis-ter is adamant that OPEC should avoidincreasing production because of theslowdown in the global economy heconsiders that the "inherited" policy ofkeeping oil prices as low as possible isnot fair and has to be corrected. "Thecorrection should be gradual rather thansudden, so that oil-producing countriesget a fair price for their product," hesays. "Otherwise it will have an adverse

“By the year 2006, asone of the fastestgrowing and mostsuccessful airlines,Emirates expects tofly more than twiceas many customersas it does now”

“we are Dubai Inc.We don’t haveunions, we don’thave any taxation,and we don’t havecomplications”

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“We are ordering theaircraft of tomorrow– whose time hascome today”

success. Dubai Duty Free is bullishabout publicity and marketing. Its pro-gramme includes sponsorship of horseracing in Dubai and overseas as well asownership of a men’s tennis tournament

on the Association of TennisProfessionals tour. "Last year we hadthe first ever World Tennis Associationsanctioned women’s tennis tournamenthere and the world number one MartinaHingis won," says McLoughlin, a veter-an of 18 years in Dubai.

The UAE has an outstanding offer forvisitors seeking to enjoy the sunshine,beaches, leisure and sport at world-class hotels, such as the Burj Al Arab,Jumeriah Beach Hotel, Emirates Towersand World Trade Centre Hotel, all part ofJumeriah International (JI) of Dubai. JI,which is totally committed to the expo-nential growth of Dubai as a businessand leisure destination, has establisheditself as global pacesetters in the highest

standards of service. The Burj Al Arab,already a landmark symbol of Dubai,with its billowing sail-shaped architec-ture, is the ultimate in luxury, combiningthe latest in technology with longstand-ing traditions of Arabian hospitality.

The 2003 annual IMF meeting isscheduled for Dubai – the first time everin the Middle East. "That will launchDubai onto another level of conventionvenue," says Gerald Lawless, managingdirector of JI, whose luxury properties inDubai include the Jumeirah Beach Club.

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“ Our Mission is to become the premier universal

Islamic financial institution, operating in accordance

with Shari’a principles, by sharply focusing on cus-

tomer needs, offering innovative products and servic-

es, motivating and rewarding our employees, and

using state-of-the-art service delivery systems, while

maximizing investors and shareholders’ returns”.

For more information, please contact:Ahmed M. Elshall

SVP Strategic Planning & Financial ControlAbu Dhabi Islamic Bank

Tel: (971-2) 6343000Fax: (971-2) 6342222

Email: elshall@adib.co.ae

“We are not contentsimply to wait forthe future – we arebuilding it”

“The islands are yetanother icon ofDubai’s great visionof the future”

left: Dubai Duty Free, Managing Director – Colm McLoughlinright: Tejari.com, Managing Director – Sheikha Lubna

ambitious projects, Qatar can rely on anew generation educated since oilwealth began who are returning indroves from higher education in the USand Europe.

The architect of its conspicuoussuccess in global banking circles isMinister of Finance, Economy &Commerce HE Yousef Hussain Kamal,born in 1948 and known as the Gulf’s‘Iron Chancellor’ for his rigid fiscal pru-dence. "The government has bor-rowed more than $10 billion and goingforward we are going to invest over $11billion," says Kamal, "We have reachedour peak and the level of our debt –

rated BBB+ by ratings agencyStandard & Poor’s - will start to fall."The balance of payments is now in sur-plus and borrowing is targeted atworld-class projects that will bring infuture revenue, especially from gassince only Iran and Russia exceedQatar’s reserves of at least 300 trillioncubic feet. Added to this the govern-ment is committed to support the pri-vate sector and has completed the pri-vatization of the state-owned QatarTelecommunications (Q-Tel), of which

10% was sold to foreign investorsincluding some from the US.

With the twin pillars of earnings fromsales of 10 million tons a year ofLiquefied Natural Gas (LNG) and720,000 barrels a day of crude oil,Qatar has a well developed wholesaleand retail banking community withQatar National Bank (QNB) at its apex.Established in 1964, and with totalassets exceeding $6.7 billion, QNB wasrecently rated Best Bank in Qatar forthe fifth consecutive year by the leadingcapital markets magazine Euromoney.The government is committed tospending the equivalent of QR70 billionover the next five years, of which 80%will go on industry and the rest on infra-structure.

QNB’s chief executive and generalmanager Saeed Al Misnad says someof the major petrochemical units andthe proposed causeway between Qatarand neighboring Bahrain require hugefunding. His bank has participated inmajor syndicated facilities for Qataricorporates, including the QatarFertilizer – 4 expansion project, theRasGas II LNG plant, the financing ofnew fleet of six Airbus jetliners for QatarAirways and a term-loan for Qatar’s firstprivate sector healthcare project – theAl Ahli Hospital Company.

Corporate and investment bankingis only part QNB’s offer to its customersas a full service domestic and regionalbank and the largest broker on theDoha Securities Market (bourse). With30 branches supported by 50 ATMs, itsnetwork is the largest in Qatar as wellas the most innovative with the inaugu-ration of Qatar’s first fully-automatedself-service e.branch, open 24/7. Thebank’s new strategy will focus onexpanding its involvement in syndicat-ed loans and will examine cross-borderopportunities. QNB is fully aware of thenew challenges resulting from global-ization, information technology and thecommitments inherent in WTO mem-bership and believes these develop-ments will be positive for the wholeQatari banking sector. QNB positionsitself as the "partner of choice" for allaspects of banking requirements aris-ing from trade and investment flows toand from Qatar.

Another major player is QatarIndustrial Development Bank (QIDB),established in 1997, and now sched-uled to have its capital tripled to QR700million as part of a major revamp for thecountry’s first specialized bank. QIDBis slated to become the principal facili-tator of industrial growth in Qatar and

the Finance Ministry is engaged in arestructuring exercise to transform thebank into a public corporation. Its cur-rent role is not only to provide long andmedium term soft loans to industrialprojects but also to stimulate newindustries by accessing sources ofcapital and new technologies and byassessing sound industrial investmentopportunities. Its new role will enableQIDB to open channels for more for-eign investment in Qatar including jointventures in sectors such as agricultureand fisheries that will improve soil andwater usage. It will also supportexport-oriented projects to make tex-tiles and medical equipment. ■

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“challenges resultingfrom globalization,information technolo-gy and the commit-ments inherent inWTO membership”

left: Qatar National Bank, General Manager –Saeed Al Misnad (photographer, John Lawrence)

right: Qatar Industrial Development Bank, General Manager – Sheikh Hamad Hasser Al Thani

“model hydrocarbons-based economy, witha sound diversifica-tion strategy”

Qatar Steel Company - the Gulf's first integrated steel mill -puts Qatar at the forefront of technological development

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