Face-to-face: Qatar, a force to be reckoned with?

Sean Magee, Clyde & Co Associate
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Is Qatar an area of focus for your company and why?

Sean Magee, Clyde & Co Associate, answers very much so. Clyde & Co are committed to Qatar and have a team of 12 lawyers based in Doha. The firm established an office in Qatar in 2007, in response to the speed of growth of the Qatar economy and the needs of clients already based here.

Yahya Jan, Norr Group vice president and design director, answers Yes, we believe that Qatar is a long-term growth opportunity for our group. We are currently in the process of registering our company with the relevant professional association in Qatar and plan to set up a full time office in Doha shortly.

What work (clients) do you have in Qatar at the moment?

Magee answers Our team of 12 lawyers provides the full range of legal services to our clients from set up through the life cycle of their business in Qatar. Our clients are representative of the full range of commercial activity in Qatar, including energy and infrastructure; and construction and real estate.

Jan answers we have been involved in projects in Doha for the past five years. Our office and residential development for Al Hitmi, located on the corniche, is nearing completion.

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Why does Qatar seem to be less affected by the financial crisis?

Magee answers Qatar’s abundant natural resources provide a solid foundation for its economy. This has enabled the country to continue to grow its economy through the current economic downturn, albeit the pace of growth has slowed slightly as an inevitable consequence of turmoil in the world economy.

Jan answers I believe that Qatar’s financial institutions were less exposed to and therefore less affected by the global devaluation of assets. Qatar continues to benefit from a sustained and long-term revenue stream resulting from the export of energy.

Do you think projects have begun to pick up in Qatar now?

Magee answers in our experience the majority of projects in Qatar have continued throughout the downturn, although fewer new projects have been announced in this time. We consider that this has partly been due to restrictions on the availability of financing, and a desire in Qatar to take stock of current development projects.

Jan answers I believe the markets for institutional, recreational and infrastructure projects are strong in Qatar. The demand for commercial and residential projects has, of course, been affected by the global liquidity crunch.