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Overview
Despite being one of the smallest Gulf Countries, Qatar is in the unique position of possessing one of the world’s largest gas reserves, an abundance of natural resources, and a rapidly expanding, incredibly diverse economy. This combination has led to a healthy flow of investment incentives, attracting foreign companies to jump on board the investment train, particularly in the LNG and infrastructure sectors. The shift from manual to electronic trading by the Doha Securities Market has helped to provide increased transparency and disclosure principles, a move that foreign investors greatly appreciate.
At a time when many countries are struggling with the global financial crisis, Qatar remains somewhat sheltered. LNG projects typically utilise long-term, fixed contracts, and presently, nothing appears to have been placed on hold as a result of the downturn in the global economy. The Qatari government has made clear its commitment to projects and infrastructure work, and the country is starting to see a refreshing amount of onshore investment activity.
Qatar’s robust economy, coupled with the growth of the QIA, is good news for both foreign and local firms, which explains the apparent eagerness of many firms to enter the market. Over the past six months DLA Piper Qatar and Latham & Watkins LLP have opened offices, with several others rumoured to be opening in 2009. Those firms operating within the QFC remain very active in the project finance and energy arenas.
Though most local firms still house more or less generalist practitioners, the growth of interaction with international clients has created further demand for specialisation, particularly in the areas of employment, IP and finance. It is not uncommon for foreign-qualified lawyers to take on cross-border work for domestic firms lacking expertise in this area.
Though the global market is indeed very volatile, Qatar appears to have emerged stronger than ever, inspiring confidence in both investors and law firms eager to reap the rewards of its promising future.