If there is such a thing as a "good" crisis, Qatar has had one. The gas-rich emirate - long in the shadow of its more high-profile neighbours to the east, Abu Dhabi and Dubai, as well as the regional behemoth, Saudi Arabia to the west - has emerged from the global financial hurricane with kudos, self-confidence and most of its expansion ambitions intact.
Certainly, that was the impression I got last week on a three-day trip to Doha. It had been about 18 months since I last visited the country, and where I had previously detected a sleepy, small-town atmosphere - certainly in comparison to the boldness of Dubai or the solid affluence of Abu Dhabi - there is now a sense of maturity and progress.
From the vantage point of the stunning Museum of Islamic Art, built offshore but linked to the mainland via a short causeway, you see a distinct Manhattan-style skyline emerging from what was before a forest of cranes and scaffolding. The road system is no longer a jumble of construction works and diversions. The malls have lost that "just built" feel and the hotels and conference halls seem lived-in and well attended.
There is still plenty of development and work on some of the smaller private initiatives on the gigantic West Bay site may have slowed a little during the credit crunch. But the big prestige projects with government backing like the Pearl, Doha's version of the Palm Jumeirah, appear to be on schedule.
Earlier this year, the IMF said the economy of the emirate was one of the least affected in the world by the global crisis and forecast that growth would remain in double figures this year, in contrast to other Gulf states, which will see declines in GDP growth or even contractions. The crisis could even be said to have had one beneficial effect: cutting inflation from a galloping 15 per cent to low single figures.
How has Qatar managed to negotiate the financial storm so successfully? It went into it in a strong position, with huge reserves of natural gas, which at 26 trillion cubic metres account for some 15 per cent of total global reserves. Revenues from these have helped Qataris gain the highest per capita income in the world and endowed their government with a US$62 billion (Dh227.72bn) sovereign wealth fund - small in comparison to Saudi Arabia or Abu Dhabi, perhaps, but an ample reserve for the 1.4 million who live and work there. Debt came to a modest 6 per cent of GDP.
Nonetheless, the crisis sent the Qatari government, led by the prime minister, Sheikh Hamad bin Jassim Al Thani, into accelerated economic interventionism. Late last year, the government spent some $5.3bn taking equity stakes in the country's big banks. That was followed by another multibillion-dollar move when Sheikh Hamad bought out virtually all the domestic equity investments of the banking sector, followed in June by the decision to buy $4.1bn worth of real estate investments owned by the banks.
In the face of a crisis that originated in the property and financial sectors, it was medicine of the most specific and immediate kind. It had the effect of stabilising Qatari markets and putting a floor under falling domestic property values.
Some analysts have warned such massive intervention ran the risk of "moral hazard", especially if Qatar were to experience the "W-shaped" recession some predict. The Qataris obviously believe that risk is far outweighed by the benefits of a virtually debt-free economy, and more robust financial and real estate sectors.
Qatar has also proved itself to be a good citizen of the financial world by coming to the aid of Barclays when the British bank needed capital at the height of the crisis.
The world crisis has not slowed Qatar's involvement in other international corporate situations. It has taken a 10 per cent stake in Porsche, the German car manufacturer, and is one of the financial backers of the rescue of the Canary Wharf development in London. Qatar's relationship with the British capital is long-standing and complex. It originally took a 14 per cent stake in the London Stock Exchange (LSE) in 2007, at around the same time as Borse Dubai also made a less welcome move on the exchange. Since then, Qatar has signed a definitive deal with America's New York Stock Exchange, which appears to make the London stake superfluous, while Dubai has also opted for a US alliance in the shape of NASDAQ Dubai.
In the long run, Qatar will probably unwind its LSE position. But it will do so in the same way it responded to the global crisis: responsibly, decisively and with its own long-term interests to the fore.
fkane@thenational.ae
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY%20PROFILE
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More on Palestine-Israeli relations
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
UAE SQUAD
Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More from Rashmee Roshan Lall
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
More from Aya Iskandarani
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
