QATAR – SWITZERLAND ECONOMIC BOOK

Qatar Switzerland Economic Book

Bolstering and Developing Businesses and TradesBetween Two Friendly Nations

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Qatar Switzerland Economic Book

Bolstering and Developing Businesses and TradesBetween Two Friendly Nations

His Highness Sheikh Hamad Bin Khalifa Al ThaniThe Father Emir

His Highness Sheikh Tamim Bin Hamad Bin Khalifa Al ThaniEmir of the State of Qatar

Lyrics Sheikh Mubarak bin Saf al-ThaniMusic Abdulaziz NasserAdopted 1996

National Anthem of Qatar

... ... ... ... ... ...

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I Swear, I SwearSwearing by the one who spread the light...Swearing by the one who raised the skyBy the spirit of the loyal...Qatar will always be freeTravel by the guiding light of the Prophets...Travel the high roadThat respects the achievements of our forefathers...Qatar In my heart is a wayWho protect us in time of distress...Qatar is land of the foremost menWarriors they are at times of sacrifice...Doves they can be at times of peace,

I Swear, I SwearSwearing by the one who spread the light...Swearing by the one who raised the skyBy the spirit of the loyal...Qatar will always be free

Qatar Switzerland Economicw

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HOTEL SCHWEIZERHOF BERNE OPEN SINCE 2011The Swiss capital is home again to the legendary Hotel Schweizerhof Berne. www.buergenstock-selection.ch

HOTEL ROYAL SAVOY LAUSANNEOPENING IN 2015International class and distinctive style since 1906, and state-of-the-art five-star luxury opening June 2015.

BRGENSTOCK RESORT LAKE LUCERNEOPENING IN 2017Two luxury hotels, a Healthy Living Center, Residence Suites, business facilities and the unprecedented exclusive 10.000 m2 Brgenstock Alpine Spa.

The Qatar Swiss Economic Book 2015 is published by the Qatar Embassy to Switzerland in cooperation with the Al Safeer Company Qatar & GEOC Group International. AL Safeer Company, P.O.Box 37977, Doha State of Qatar , Tel. +974 55 01 30 22 email:[email protected] views expressed in these articles are not necessarily those of the publishers who accept no responsibility for the accuracy of information therein, including errors, omissions or statements made in the publication. The publishers reject any claims arising out of any action which a company or individual may take on the basis of the information contained herein. Main Publisher: Al Safeer Qatar - Adverstising services : GEOC Group International, ATS Global, 3 Charlton Lodge, Temple Fortune Lane, London NWII 7 TY, UK - email: [email protected] & Conception by: Abdulrahman Tamari / Credit photos : Qatar News Agency (QNA) / Redaction: Mohammed Ammar, Doha / Translation & Editing : Aldiwan Translations, JordanPrinting in Jordan by: National Press

Contents Editorial H.E. Dr. Mubarak Kleefiekh Al-Hajri/ Ambassador of the State of Qatar to the Swiss Confederation 7 / .

Interview: H.E. Mr. Martin Aeschbacher/Ambassador of Switzerland to theState of Qatar 9 / :Interview: Mr. Bader Al-Darwish / Chairman of Darwish Holding 15 / :

Qatar Switzerland, Four Decades of Diplomatic Relations 17 Qatar-Switzerland: Champions of Peace in the World 19 :

Qatars Economy: A Quantum Leap in the Last Decade 35 : Interview: Mr. Ali Ahmed Al-Kuwari-QNB AGCEO 43 QNB / :

Qatar Foreign Investments: Future Generations Security 47 : Interview: Mr. Hamad Abdulla Al Mulla /Katara Hospitality CEO 57 / :

Interview: H.E. Sheikh Faisal Bin Qassim Al Thani/ Chairman of Qatari Businessmen Association 61 / :Interview: Mr. Hussain Alfardan-Chairman of Alfardan Group 65 - :

Economic Relations between Qatar and Switzerland:Facts and Figures 71 Interview: Mr Markus Bucher/CEO of Pilatus Aircraft Ltd 73 / :

Qatar and Switzerland:Global Centers for Conferences 77 : Interview: H.E. Sheikh Khalifa Bin Jassim Bin Mohd. Al Thani/Chairman of the Qatar Chamber 87 / :

Interview: Mr. Gaby El Chaar/ General Manager Sika Qatar and Northern Gulf 93 / :Discover Qatar, Why Invest in Qatar? 95

Qatar, 2011-2016 Strategy 101 2016-2011 Sports Infrastructure:World-Class Stadiums 103 :

Interview : H.E Sheikh Saoud Bin Abdulrahman Al-Thani/ Secretary General of Qatar Olympic Committee 111 / :Doha, a Global Financial Hub 117

Qatars Interest in Switzerland: Various Investments in Switzerland 129 : Switzerland...Fulfills the needs of the Qatari Market 133 ...

Switzerland through the eyes of Qatar: Culture, Education and Medical Treatment Culture 149 : Interview: Dr. Khalid bin Ibrahim Al Sulaiti/ Director General of the Cultural Village Foundation Katara 158 / :

Conclusion 171 ACKNOWLEDGEMENTS 172


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I am very pleased to have the opportunity to share with you in this editorial some information and facts about the excellent and multifaceted relations between Qatar and Switzerland.For decades (since 1973), Qatar and Switzerland have maintained strong diplomatic relation culminated over the years in signing a number of Bilateral Agreements between the two countries, not only in the diplomatic area but also in other areas such as trade, services and expertise exchange: to cite only few examples , in July 1995, Qatar and Switzerland signed a bilateral Investments Protection Agreement; an Agreement on Air Transportation was also signed in the same year, and in 2009 a convention was signed to avoid Double Taxation. Furthermore, the two countries are actively engaged to establish and further develop dialogue between the specialized bodies in them. Consequently, Qatar is becoming one of the relevant economic partners of Switzerland in the Middle East In recent years, the volume of trade exchange between Qatar and Switzerland grew steadily which required opening direct diplomatic representations, therefore Qatar opened its embassy in Berne in 2012 and Switzerland opened its own in Doha in 2013 which invigorated the relations between the two countries. Hence, I share with many the conviction that the Swiss know-how and experience in various fields, compounded with the Qatari resources and capabilities will surely boost the economy in the two countries.This bilateral exchange is also reflected in tourism. Available statistics shows that The number of Qatari tourists choosing to travel to Switzerland is increasing, and the same can be said about the Swiss tourists. This has been reinforced by linking the two countries with direct flights on a daily basis.

On the International scene, despite the small size of the two countries in term of territory, they are very active members in the international framework especially in the economic and diplomatic levels through hosting international and regional conferences and forums to promote political dialogue, expand economic exchange and safeguard world peace and security .Concerning the future development of this partnership, we are confident that the economic cooperation between Qatar and Switzerland and the complementarity of their economic potentials will inevitably allow this bilateral relations to grow even stronger. For this purpose, a good ground is prepared for more presence of Swiss businesses in Qatar and for Qatari investments in Switzerland.Finally, I invite you to enjoy reading this publication and I hope the invaluable information it contains could provide an overview on the bilateral relations between Qatar and Switzerland as well as on the opportunities of investment in both countries.

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H.E. Dr. Mubarak Kleefiekh Al-HajriAmbassador of the State of Qatar to the Swiss Confederation

Editor ia l

With the Qatar Emiri Air Force, Pilatus has added yet another new customer to the fold and

we are delighted to welcome them to the growing ranks of world class Air Forces operating

our platforms. We look forward to successfully developing the partnership and strive to deliver

and support the best training aircraft in the world - the Pilatus PC-21.

Pilatus Aircraft Ltd Switzerland Phone +41 41 619 61 11 www.pilatus-aircraft.com

THE WORLDS LEADING AIR FORCES FLY PILATUS

PC-21_Qatar_A4 Ad_Final_230914.indd 1 23/09/14 14:37


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Interview with HE. Mr. Martin AeschbacherAmbassador of Switzerland to the State of Qatar

Qatar plays a key role in peacemaking Watches and jewelry represent more than 50% of Switzerlands exports to QatarQatari investments are welcome in all sectors in Switzerland and there are no sensitivities whatsoever

His Excellency Mr. Martin Aeschbacher, Swiss Ambassador to Qatar, stated that Qatar has become a key mediator in the peacemaking process by sponsoring several major interna-tional conferences and mediating between conflicting parties. It is establishing the concept of negotiations and dialogues, and laying the foundations of global peace and security.HE the Ambassador said that Qatars role is significant in terms of dealing with global issues in the region. This Gulf country is very active in the area of conflict resolu-tion He added that Qatars pioneering role in the areas of politics, economics, sports and media etc. was behind Switzerlands decision to open an embassy in Doha.HE the Ambassador mentioned the increasing number of Qatari nationals and residents visiting Switzerland. In fact, Qataris particularly enjoy several reputable Swiss products such as watches and jewelry, representing more than 50% of Switzerlands exports to Qatar today.Mr. Aeschbacher reiterated that Switzerland welcomes Qatari investments. He said: We highly appreciate Qatari investments in Switzerland. There are several promising areas of mutual cooperation between the two countries for the best of their people

Interview

With the Qatar Emiri Air Force, Pilatus has added yet another new customer to the fold and

we are delighted to welcome them to the growing ranks of world class Air Forces operating

our platforms. We look forward to successfully developing the partnership and strive to deliver

and support the best training aircraft in the world - the Pilatus PC-21.

Pilatus Aircraft Ltd Switzerland Phone +41 41 619 61 11 www.pilatus-aircraft.com

THE WORLDS LEADING AIR FORCES FLY PILATUS

PC-21_Qatar_A4 Ad_Final_230914.indd 1 23/09/14 14:37

Qatar Switzerland Economic

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A Swiss embassy was inaugurated in Qatar recently, in addition to Qatars embassy in Bern. Why did it take that long despite the longstanding relations between the two countries?What is important now is that the two embassies exist. It is true that there was some delay, but the general context should be taken into account. Switzerland is a small coun-try that does not have embassies in all countries regardless of longstanding relations. Nevertheless, Swiss authorities agreed that a Swiss embassy in Qatar has become a neces-sity in light of Qatars prominent position politically and economically and its hosting of international conferences. The idea needed some time to become reality, but since April 2013 we have now here in Doha a fully staffed and operational Swiss Embassy-

How do you describe the development of bilateral relations between Switzerland and Qatar? Whats new in terms of this relationship?We are on very good terms with Qatar. We have a friendly, developed and encouraging relationship in several fields, and it will grow even stronger in terms of visits. In fact, Switzer-lands official visits to foreign nations are generally few com-pared to other states due to several factors. As an example of the intensifiying bilateral relation between the two countries, HE the Ambassador mentioned the free trade agreement be-tween GCC countries and EFTA states which was signed in 2009 and came officially into force in 2014. (Some delay with the implementing mechanism in the GCC-countries will hopefully soon be overcome). Another example would be the bilateral agreement on visa exemption for diplomatic and special passport holders that the Ambassador signed with HE the Undersecretary of State Mr. Mohammed Bin Abdullah Al-Rumaihi. This bilateral agreement will come into force on December 14th, 2014. Furthermore, the Swiss Agency for Development and Cooperation (SDC), part of the Federal Department of Foreign Affairs, has recently signed a memo-randum of understanding to strengthen cooperation with the Qatari National Human Rights Committee (NHRC).

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How about development in the fields of economics and tourism?HE the Ambassador said: We are witnessing an encour-aging increase in the numbers of Qatari nationals and residents visiting various parts of Switzerland. Recently, I was walking on the corniche in the south of Lugano City in Ticino Canton, and I was positively surprised to see that most of the tourists were GCC nationals, particularly Qataris.As to business and commerce, one can easily notice the great interest of Swiss industrial and services corporations in Qatar. Most of these are SMEs, which is in line with the general pattern of Swiss economy. There are so far no re-ally big deals in infrastructure between the two countries but the focus of most businesses is in high added value opportunities, which reflects the distinguished diversity and specialization of Swiss economy. Moreover, Swiss watches and jewelry are undoubtedly highly appreciated by Qataris.In this regard, I would like to mention Switzerland Global Enterprise (formerly OSEC), which is the official Trade Promotion Office in Switzerland. It will play a major role in supporting SMEs willing to export and in linking com-panies with the 21 Swiss business hubs around the globe. In fact, since the inauguration of the Swiss business hub in Qatar (as part of the Swiss Embassy) in 2013, we noticed that the interest of Swiss and Qatari companies increased and they were eager to do business together.

Switzerland has an experience in mediation simi-lar to that of Qatar. How do you see Qatars dip-lomatic role in dealing with international issues in the region?

Both countries are globalized in terms of foreign trade and expats living and working in the countries. Yet at the same time, the two countries have done extremely well when it comes to preserving national heritage in parallel with de-velopment. In this sense, there is a big similarity between the two countries. Furthermore, Qatar plays a key role as a mediator in the middle east and even outside of this region. Just like Switzerland in Europe (and elsewhere), Qatar is an active mediator in this part of the world, host-ing a series of international conferences and meetings to achieve peace and wellbeing all over the world.

What investment opportunities you think Switzerland can have in Qatar?

Contrarily to Qatar, Switzerland is not an oil and gas producer, hence it has no sovereign wealth fund like the Qatar Investment Authority. Swiss private companies in-vest abroad according to their own needs and preferences. Therefore, Swiss investments in Qatar are not limited to one or two sectors. It is a series of SME investment in a variety of areas.

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In addition to that, big Swiss multinational- companies are present in Qatar and other countries similarly to in-surance companies, banks, pharmaceutical companies and Swiss SMEs. There are some big companies in Qatar giving Swiss economy the opportunity to benefit, but the main focus is on Swiss products as part of bigger ongo-ing projects in Qatar. Small Swiss companies have large exports to countries abroad without having a presence in them, but their products do. Around 20 Swiss companies have offices in Qatar while other companies export to Qa-tar through agents in Doha.

What was the volume of trade between the two countries in the past two years? How about future prospects?

The volume of trade reached 710 million SFr in 2013 (about 2.5 billion QAR), out of which 560 million Sfr-were Swiss exports to Qatar. I expect that the trade vol-ume will continue to grow exponentially in the years to come, just like previous years. Our exports focus on pre-mium quality and added value and we cannot compete in areas like big agriculture and heavy industry. I think that Qatars development is the fastest in the world. The State of Qatar currently focuses on services, and we can meet its demand.

Qatar is quickly moving towards services and FIFA World Cup related projects. How do you see the Swiss presence in the future?

We have around three active banks and at least one in-surance company operating in Qatar. The shift towards services is key to Swiss economy as long as quality re-mains the determining factor to attract investments and products. As to World Cup related projects, some Swiss companies have submitted very interesting proposals for the re-use of stadiums after the World Championship and were bidding for other infrastructural projects. Of course we hope that Swiss companies will have their share in Worldcup related projects, but our focus is also on the longer term in line with Qatar National Vision 2030. Our country is apioneeralso in other areas like environment, education, research and health and we will seek to do projects in these areas in the future.

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How about investment opportunities in Switzerland from which Qatari investors can benefit?

Switzerland is a highly globalized country: we have a lot of investments all over the world and we benefit greatly from foreign investments in our country. So far, Qatars investments in Switzerland focused on the banking sector (Qatar Holdings shares in Credit Suisse) and hotels. In this regard, Katara Hospitality has bought a main hotel in Bern, Swiss Capital City, the Schweizerhof Hotel, Savoy Hotel in Lausanne and the famous historically renowned Brgenstock Resort in the middle of Switzerland. We highly appreciate these Qatari investments in Switzerland and we have no sensitivities vis--vis Qatari investments. They are all welcome at any time. In general, Switzerland has a lot to offer to foreign in-vestors: political stability, state-of-the-art infrastructure, educated and skilled labor force, very friendly business investment environment, central geographical location in Europe, low taxes, efficient administration and low level of bureaucracy, in addition to the fact that Switzerland is a very attractive place to live.

How do the Swiss perceive the State of Qatar?

I have noticed that twenty years ago, many Swiss had not even heard about the State of Qatar or its location. But re-cently, the Swiss interest in this exceptional country has been increasing in light of its small area yet huge interna-tional reputation. Some 200 Swiss nationals currently live in Qatar and work in various sectors like sports, energy and universities. What is worth noting is that the Swiss usually work for Swiss companies abroad, but in Qatar they are often working for Qatari institutions and compa-nies because Qatari salaries compete with Swiss salaries.

What can you say about Qatari tourists in Switzerland? How many visas have you recently issued for Qataris to visit Switzerland?

We have issued 1465 visas in 2013 and we expect to is-sue more than 3000 in 2014. During the high season in summertime, we issued around 500 visas per month and the visa department was operating at full capacity. Thus, there is more than 100% growth between 2013 and 2014. Qatari tourists visits to Switzerland have increased by an average of 10% per year. They are attracted by the natural landscape, notably mountains, rivers, lakes, skiying and the good reputation of Swiss cities. Qatari families are very important to Swiss tourism, for Qataris like to ex-plore new regions; they rent cars and get to know all of Switzerland which is key to tourism.

Welcome to Lagoona Mall, a new retail experience thats waiting to captivate you. Feel the verve and vibrancy of Dohas newest shopping mall. Come alive to it all.

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Interview with Mr. Bader Al-DarwishChairman of Darwish Holding

What brands does Darwish Holding represent in Qatar?Since the 1920s, the Al-Darwish family business has been expanding and prospering. Today, it includes a variety of commercial activities such as distribution, investment, retail business, real estate, commercial services and technology. Darwish Holdings most distinguishing portfolio feature is the fact that it represents the worlds most prominent brands through Fifty One East. It was founded in the late 1940s and is today Qatars oldest and most luxurious department store. Our portfolio includes brands like : Rolex, Tudor, H. Moser & Cie, Bally of Switzerland, Chanel, Boucheron, Brioni, Lanvin, Oscar De La Renta, Carolina Herrera, Givenchy, Fendi, Sony, Bang & Olufsen, Bose, Yamaha, Bosch, Bsendorfer, Gibson, Fnac and other brands.We are proud to be the eldest Rolex agent in the region, since 1951. We have a strong and unique relationship of mutual trust with the owners and CEO of Rolex. In fact, Rolex is a leading brand in Qatar: its share of the luxury watch market in this country is currently more than 65%.Furthermore, Darwish Holding represents other Swiss brands like Bally of Switzerland (agent since 1948), H. Moser & Cie and other brands.

Switzerland is interested in establishing factories in the Gulf, particularly chocolate factories. Is Darwish Holding interested in such projects?We are interested in any lucrative business opportunity, be it in the field of chocolate or in other areas. Nevertheless, we do not take any steps before carrying out a detailed feasibility study on the project. In this regard, we all know that Swiss chocolate has a unique and exceptional taste and Swiss chocolate makers are considered the best in the world, especially if they continue to apply their special touch and develop this great industry.

Interview


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Qatar seeks to diversify its economy and rely on the private sector. What can your Group offer in this area, particularly through your foreign partners?As businessmen, we are an integral part of this nation and we have a key national role in supporting our economy and following in the wise steps of His Highness the Father Emir Sheikh Hamad Bin Khalifa Al Thani who was renowned for his meticulous planning. In addition to that, we are completely confident in the policy of His Highness the Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani who is following his fathers path and deploying relentless efforts for the best of Qatar and its citizens. Qatar takes economic development very seriously. As to our role, we have carried out necessary steps and well-studied expansion at the service of Qatari consumers. Despite the risks that came with this expansion, our studies and expertise in the Qatari market allowed us to achieve outstanding results so far. In fact, I can proudly announce that all foreign companies that we represent achieved the highest sales rates on the Qatari market compared with other markets in the Middle East. Furthermore, Darwish Holding has a strong insight on the domestic situation paralleled with an exceptional global vision that allowed the group to become the ideal partner of several foreign brands seeking to have a strong presence in this region.

How do you see Qatars retail industry and the inauguration of new malls? Do you consider the Lagoona Mall experience a success?Qatars market is promising and has all the elements for success. In fact, reports and studies have revealed the remarkable growth of Qatars retail industry recently. However, the key ingredient for success is to have good studies and plans and I encourage all parties to carry out feasibility studies before executing any business project. Based on our experience in the Qatari market, we have built a strong relationship with our esteemed customers who trust the brands we represent and appreciate our unique sales points and our excellent after-sales services. This is how we have been achieving an important growth rate every year and our annual sales jumped more than 35% throughout the last decade. As to the Lagoona Mall experience, it has been a success at all levels. It was based on our deeply-rooted expertise in retail business. In brief, we always take into account Qatars requirements and needs, and this is how the Lagoona Mall project was crowned with success

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Four Decades of Diplomatic Relations

IntroductionSwitzerland and Qatar enjoy remarkable diplomatic relations since 1973. The Swiss Federal Council took the initiative to establish this relationship shortly after the State of Qatar attained its independence.Diplomatic relations between the two countries have been bolstered over the years, whether in terms of trade, provision of Swiss services and expertise in advanced technology field, research, or education. In this context, a close relationship was forged between Qatar Foundation and the various Swiss educational institutions.Switzerland is primarily concerned with the State of Qatar in view of the diplomatic activities undertaken by Qatar at the global level in promoting peace and hosting many international conferences and summits.Recent figures show that about 210 Swiss citizens reside in Qatar on permanent basis. Most Swiss expatriates hold important positions in various fields. The Swiss Embassy provides services to foreign citizens to facilitate their travel to Switzerland by issuing visas and providing the necessary consultation in this regard.The Swiss-Qatari relations are improving at the economic and political levels. The two countries have signed several agreements, including the Bilateral Air Transport Agreement, which was signed in 1995; Investment Protection Agreement, which came into force in 2004; and a Memorandum of Understanding for Scientific and Educational Cooperation. These agreements have enhanced trade relations between the two countries.


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The bilateral relations between Qatar and Switzerland are not confined to a specific area; they extend to cooperation in a wide range of areas, such as trade, investment, tourism, education, various industries, and other vital sectors. This makes Switzerland a strategic partner to Qatar and an important market for the Qatari exporters or investors alike.In fact, the Swiss-Qatari rapport dates back to more than 40 years. In order to promote the relationship between the people and governments of the two countries, the Swiss Embassy was set up in Doha in 2013. Switzerlands diplomatic relationship with Qatar started when Qatar gained its independence in 1973. In light of Qatar increasing role in the Arab region and the world, there was an urgent need for Switzerland to open a Swiss Embassy in Doha. Switzerland and Qatar share very good ties. Fundamentally, the Swiss Embassy was inaugurated in Doha in order to move this relationship forward. Similarly, Qatar had opened an embassy in Switzerland Capital, Bern, in late 2012.The Swiss governments decision to inaugurate an embassy in Doha was taken in summer 2011 based on the growing geopolitical and economic importance of the State of Qatar.


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Qatar-Switzerland: Champions of Peace in the WorldQatar plays a remarkable political and economic role in the region and the world. In fact, Doha has become a hub for political and socio-economic conferences, bilateral meetings, sport and culture activities and other fields. Qatar also plays a vital role in conflict resolution by mediating between contending countries. Experts agree that Qatar and Switzerland have similar nature: both are small countries in terms of area but they both have major responsibilities at the economic and diplomatic levels. In this regard, Qatar adopts a remarkable strategy for international relations based on the concept of soft power. Qatar is active in hosting international and regional conferences and has a prominent role in the media, namely through Al-Jazeera Channel, in addition to its active roles in sports, culture, arts and other fields.

Qatar has developed a unique relationship with the international community. Throughout the last 40 years, this country accomplished several achievements at the level of international peace and security. Qatar also plays a leading role in achieving international development and global partnership. In brief, the most important achievements of Qatar in the area of international cooperation include:I. Contributing to armed conflict resolution and international peace and security reinforcement efforts. The most important achievements of Qatar in this field are as follows:

Participating in United Nations peacekeeping forces in several regions all over the world (Lebanon, Eritrea, and Bosnia).

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Settlement of disputes and conflicts within some Arab countries (Darfur, Yemen, Lebanon, and Palestine).

Adopting Hope For initiative aiming at improving the effectiveness and coordination of military and civil defense assets in response to natural disasters by creating an international center for the Middle East and Southwest Asia in Doha. The aim of this center is coordinating efforts and optimizing the use of military and civil assets for relief.

II. Actively contributing in achieving global partnership for development and promoting international development aid to help developing countries achieve the Millennium Development Goals (MDGs). The most notable achievements of Qatar in this field are:

Offering development aid and assistance to more than 100 countries in the world, most of which are focused in the areas of health, education, water and sanitation, in addition to humanitarian aid in exceptional circumstances such as natural disasters and armed conflicts.

Creating Silatech with a capital of USD 100 million to address the growing youth unemployment crisis in the world through creating employment opportunities for young people, especially women and the disadvantaged. This organization has carried out several initiatives and projects in some Arab countries like Yemen, Morocco and Syria to address the widespread problem of Arab youth unemployment.

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Creating Education Above All Foundation in 2008 to protect and promote the right to education in regions at the center of crises, conflicts and wars or the regions threatened by those circumstances. The Foundation has undertaken several projects in Palestine, Iraq and other countries.

III. Signing numerous bilateral agreements with various countries to encourage and protect investments, prevent double taxation and promote commercial, economic, cultural, political, and scientific and development bilateral relations, in addition to technical cooperation and exchange of expertise.

IV. Hosting several international conferences and forums on trade, development, new democracies and financing for development in collaboration with the United Nations and other international organizations and bodies. Below is a list of some of the most important international events and achievements:

The World Trade Organization Ministerial Conference of 2001

The Group of 77 and China Summit in 2005

The 6th International Conference of New or Restored Democracies in 2006

The Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus in 2008

The 4th United Nations Alliance of Civilizations Forum in 2011

The 13th session of the United Nations Conference on Trade and Development (UNCTAD XIII) in 2012

COP 18: UN Conference on Climate Change in 2013, and financing and taking part in the prepara-tion of COP 19 in Poland in early 2014

Moreover, more than 100 countries all over the world have recently benefited from Qatari aid. The outreach of this humanitarian and development assistance was not limited to the Arab and Islamic regions, but it also included distant regions in different continents. The State of Qatar has indeed intervened during many humanitarian crises like the tsunami disaster in Indonesia, floods in Pakistan, and earthquakes in Pakistan, China and Haiti


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to provide emergency aid. In addition, Qatar offered assistance to flood victims in Pakistan and to several affected communities around the globe.Most aid efforts target low income and least developed countries and countries hit by natural disasters and conflicts. Qatar is particularly interested in supporting least developed countries to achieve the MDGs by 2015. Furthermore, it endeavors to deliver aid to distressed people and victims through bilateral and multilateral channels in accordance with international best practices with a high degree of professionalism. The nature and quality of aid extends to various fields such as emergency relief, reconstruction programs, supporting sustainable development projects such as health and education projects, overcoming food security issues arising from climate change and mobilizing efforts to provide radical scientific and practical solutions.

The Swiss Peace PolicyAccording to the Swiss Federal Department of Foreign Affairs (FDFA), good offices continue to play a significant role in the Swiss peace policy. Nevertheless, the number of protecting power mandates is dwindling.Whether it is acting as a messenger between two estranged states that no longer have diplomatic relations or actively acting as mediator for conflict resolution, Switzerlands good offices have a long tradition.

The golden period for the so-called protecting power mandates looking after another countrys interests in a third state was during the Second World War: by 1943-1944, Switzerland was managing 219 mandates for 35 states.


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/ - - 219 1944 -1943

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Switzerland used good offices to offset its neutrality, which had a bit of a bad reputation after the Second World War. The Cold War also increased demand for Swiss services, with 24 mandates held in 1973. Since then, however, the number of mandates has dropped to six.

Good Offices

The term good offices is used to refer to a third party mediating between two conflicting parties or facilitating communication between them.

In general, good offices refers to every initiative or con-tribution to establishing peace and international coop-eration.

Being a neutral country, Switzerland has always used good offices as a main pillar of its foreign policy.

Good offices can have different forms such as organizing international conferences, representing foreign interests and hosting international organizations etc.

Switzerland has looked after United States interests since 1980. In 2011, the Swiss ambassador to Iran played a sig-nificant role in the release of two US citizens being held in Tehran.

In the same year, Swiss mediation during the stand-off between Russia and Georgia helped eliminate the re-maining stumbling blocks to Russia accession to the World trade Organization (WTO).

Switzerlands mandates as a protecting power

A protecting power mandate is required if two states break off diplomatic and/or consular relations in conflict situations. It covers some of the duties carried out by the former official diplomatic representation.

Subject to the approval of all parties involved, the pro-tecting power represents the interests of one state (the sending state) in a third state (the receiving state) and provides protection for the citizens of the sending state who are living in the receiving state. Through these ser-vices, a channel of communication is also kept open be-tween the states involved in the conflict.

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Currently, Switzerland is exercising the following six dip-lomatic mandates in representing the interests of:

The United States of America in Cuba (since the 6th of January, 1961)

Cuba in the United States of America (since the 1st of April, 1991)

Iran in Egypt (since the 9th of May, 1979) The United States of America in Iran (since the

24th of April, 1980) Russia in Georgia (since the 13th of December,

2008) Georgia in Russia (since the 12th of January,

2009)(Source: Swiss Federal Department of Foreign Affairs (FDFA)

Swiss Mediation in the Arab WorldSwitzerland has been offering good offices in the Arab World since the 1940s for the benefit of Egypt, Iraq, Sudan, Lebanon and Palestine. The peak of the Swiss mediation was during the Evian negotiations that led to the Algerian independence from the French in 1962.Today, Swiss officials reiterate that the Confederation is evermore ready to offer additional contributions to conflict resolution in the region in the right circumstances and upon the request of the concerned parties. Switzerland is famous for its mediation attempts to resolve conflicts and discords between countries, also known as the good office policy.

These endeavors range from simply protecting diplomatic interests of a country that broke off relations with another because of disagreement or conflict, to hosting disputing parties and creating the suitable negotiation and conflict resolution environment. Over the past decades, Switzerland had several experiences in these areas in the Arab World.

Diplomatic Interests and Peace Negotiations In a historical flashback, Switzerland has established diplomatic relations with independent Arab states in the 1930s and implemented good office policy as a main pillar of its foreign policy ever since.In this regard, Switzerland represented the interests of the following states in Egypt: Italy in 1940, France and the United Kingdom in 1979 (in the wake of the

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between different religious communities, establishing the principle of referendum and avoiding sectarian quotas. In 1988, Geneva was at the heart of the worldwide media attention by hosting the Taba talks between Israel and Egypt. A Swiss team was chosen to arbitrate the dispute that was on the verge of thwarting the implementation of the 1979 peace treaty between the two countries. As a result of this arbitration, Egypt regained sovereignty over the territories that Israel intended to keep in the Sinai Peninsula after its withdrawal therefrom. In spring 2002, Switzerland sponsored negotiations between the government of Sudan and the Sudanese Peoples Liberation Army that led to a ceasefire in the Nuba Mountains region. These negotiations -backed by the United States -resulted in the Brgenstock Agreement, which was a temporary solution in preparation for a permanent settlement of the conflict in Sudan. Moreover, Swiss military experts took part in the joint military committee that monitored the implementation of the truce.


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Qatars Economy: A Quantum Leap in the Last DecadeRecently, Qatar witnessed an unprecedented event: the Heir Apparent Sheikh Tamim Bin Hamad Bin Khalifa Al Thani became Emir of the State of Qatar following the voluntary abdication of his father Emir Sheikh Hamad Bin Khalifa Al Thani. The Father Emir reiterated in his abdication speech that he did not assume power in 1995 for the sake of power, nor endeavored to rule for personal motives, but it has always been the nations interest. The outgoing Emir stepped down after 18 years of rule that advanced the country at all levels, notably the economic level, transforming Qatar into a modern State.

Two decades ago, Qatar, located on the outskirts of the Arab Gulf, was a small emirate rich in oil and gas. The small nation was monitoring the trade and construction boom in neighboring countries. With Sheikh Hamad accession to power in 1995, new measured economic policies were adopted to invest in the available resources of the country. Since then, Doha witnessed a radical change, especially at the economic level: the size of Qatars economy doubled from USD 8 to 16 billion in 2000, and then increased to USD 52 billion by the end of 2006, before reaching nearly USD 192 billion today.

This rapid growth was clearly reflected at the level of Qatars human development: average per capita income jumped from USD 16000 per year in 1995 to more than USD 100 thousand. In the past, the main pillar of Qatars economic policy was the value-added raw wealth.

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These main factors set the foundations for progress which Qatar experienced in recent years. They are in line with the vision of His Highness the Emir Sheikh Tamim Bin Hamad Al Thani and the Father Emir Sheikh Hamad Bin Khalifa Al Thani: Qatars economy is gradually to move to a knowledge-based and diversified economy with emphasis on the private sector. The latter is seen as the catalyst of economic growth, creating valuable and sustainable employment opportunities, technological innovation and regional economic integration in the years to come.

The 2008 world financial crisis did not prevent Qatar from attracting foreign capitals looking for significant investment opportunities. The circumstances favored the Gulf State that will host the 24th Mens Handball World Championship in 2015 and the 2022 FIFA World Cup. Consequently, investors have become increasingly interested in the local market to take part in this economic boom.Following the success of Qatar bid to host the World Cup in 2022, the infrastructure, building and construction sector boomed in the past few years. Qatari authorities sanctioned projects worth more than USD 150 billion of spending in the field of infrastructure, including roads, stadiums, railways, a new airport and two seaports.

According to the latest UN Human Development Index (HDI), economic policies have placed Qatar in a leading position among Arab countries over the recent years


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2012 32

and in the 36th position worldwide. HDI is a composite index measuring countries achievements based on several factors including healthcare and education. In this regard, World Banks figures show that Qatar is the wealthiest country in the world with a per capita income of approximately USD 86440.

Qatari authorities have adopted a comprehensive strategy Qatar National Vision (QNV) 2030 as a roadmap to increase economic, human, social and environmental gains of the country. Economic development is one of QNVs main pillars. It is achieved through sound economic management, responsible utilization of oil and gas resources and appropriate economic diversification.

According to QNV 2030, public spending will amount to USD 200 billion till 2022 on the following major projects: Qatar railways (USD 36 billion), new Doha seaport (USD 4.7 billion), Urjuan City (USD 9.6 billion), Hamad International Airport (USD 17.5 billion), Lusail City (USD 45 billion), football stadiums (USD 4 billion), highways (USD 8.1 billion), roads and sewerage (USD 14.6 billion), Msheireb Downtown Doha (USD 14.6 billion), Al Waab City (USD 2 billion) and Doha Festival City (USD 1.6 billion).

The rule of His Highness the Emir Sheikh Tamim Bin Hamad Al Thani will face several challenges, namely political challenges. Nevertheless, the general trend of Qatars economic policy is undoubtedly steady and cannot be changed easily. QNV 2030 represents the guidelines of development in Qatar led by His Highness the Emir. It follows a specific and clear development program, and Qatar has already spent billions of dollars to achieve its objectives.

The International Monetary Fund (IMF) expected Qatars Gross Domestic Product (GDP) to increase by 6% in light of the big investment projects that are about to be launched in Doha soon. In a report on Qatars economy, the IMF expected a 6 to 7% growth in Qatars general investment projects in the medium term and a growth of the non-oil sector up to about 10%, while inflation rates were expected to range from 3 to 4%. The IMF had stressed that Qatars macroeconomics would remain strong as ever, despite the decline in GDP growth from 13% in 2011 to 6.2% in 2012. The IMF stated that the 10% increase in non-oil sectors, mainly construction, transportation, communications and financing has sustained growth at around 6% in 2013.

The IMF stated that Qatar had a current account surplus up to 32% of GDP in 2012, reflecting continuous rise in LNG and crude oil prices and constant increase of


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the countrys condensate exports. IMF studies revealed that LNG prices in Qatars main exporting markets in Asia were not influenced by the fast growth in the US production of unconventional oil and gas. According to the IMF, the policy and financial reserves of the State of Qatar makes it immune to the short-term global financial market fluctuations. The country enjoys huge natural resources, and its spending is unlikely to be influenced by the decline in hydrocarbon prices or market volatility on the short run.


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QNB

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QNB .

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Interview with Mr. Ali Ahmed Al-KuwariQNB AGCEO

QNBs brand is now in the Top 500 most valuable brands in the World. How do you see this and what would be the next steps to progress more in the ranking?

Currently, QNB is ranked as the most valuable bank-ing brand (USD1.81 billion) in the MENA region according to the Brand Finance Global Survey and the current world ranking of 101. This reflects the Groups continuous strong performance, expanding international presence and growing brand recogni-tion. QNB will continue to invest in its brand buy further expanding internationally and strive to serve the needs of its growing and diverse customer base across the markets it operates in.

How do you see the investment of QNB Group in Europe?

QNB aspires to become a Middle East and Africa (MEA) Icon by 2017. On its journey to realize this vision, QNB intends to facilitate trade and invest-ment flows into and across this region. Europe is key financial center in the world. QNBs presence in Eu-rope is to support the rest of the international network by capturing a share of the flows originating from or destined to Europe

Is there any intentions for more acquisitions or more partnership in the other continents?

QNBs corporate strategy comprises of three pillars: Maintain dominant position in Qatar, develop and grow ongoing high RoE businesses and continue international expansion. Our focus is clearly on expanding our presence in the Middle East Africa region.

Interview


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QNB

QNB

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QNB

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Why QNB has chosen to open a branch in Switzerland?

QNB established a presence in Switzerland, which is one of the global hubs for Private Banking. Through this, QNB has increased its capabilities to offer tai-lored investment solutions and bespoke wealth man-agement services to high and ultra-high net worth individuals.

Does QNB Group finance the investments of Qatari companies that would like to invest in Switzerland? (and any other investments?

QNB serves multinational companies across the mar-kets it operates in and has always been committed to support its customers in their local and international expansion. This include companies from Qatar.

Interv

iew


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QNB-Private-Eagle 240X330mm EN HR.pdf 1 11/24/14 5:11 PM


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QNB-Corporate 240X330mm HR.pdf 1 11/24/14 5:13 PM


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2020 . 2005

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Qatar Foreign Investments: Future Generations SecurityThe IMF expects Qatar to finance its entire budget from the revenues of Qatar Investment Authority by 2020. These estimates are in line with the vision of His Highness the Emir Sheikh Tamim Bin Hamad Al Thani, head of Qatar Investment Authority (QIA) since its foundation in 2005. Surpluses of oil and gas revenues are directed to QIA fund to be invested and developed in investment opportunities throughout the world to guarantee the future of the generations to come. Qatar future planning is a sign of great wisdom, notably through using big investments revenues in the oil and gas sector. Thus, the coming generations will not rely solely on the depleting oil and gas resources and current revenues will not be entirely used in a way that jeopardizes future generations welfare, should the resources become fully depleted. Instead, the State of Qatar uses these resources to provide a stable and secure source to finance budgetary revenue and maintain a strong economic growth. In this regard, the latest figures reveal that Qatar sovereign fund assets across the world are worth more than USD 150 billion.QIA seeks to strengthen the countrys economy by diversification into new asset classes. Building on the heritage of Qatar investments in the last decade specifically, its growing portfolio of long-term strategic investments helps complement the states huge wealth in natural resources.


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QIA Growing Assets

Since its foundation in 2005, Qatar Investment Authority established new standards for sovereign funds in the region. Though it was neither the largest nor the oldest fund in the Middle East, yet in a few years it has proven to be the most daring in its investments and the most capable of hunting investment opportunities, especially in the wake of the global financial and economic crisis in 2008-2009. QIA has drawn on Qatari management competencies, especially among the youth, along with a team of leading international experts comprising 110 experts in various investment areas. However, what distinguishes QIA from other sovereign funds in the region is the vision and objectives set forth by the head of the Authority upon its foundation. QIA objective is not limited to developing Qatar wealth. In fact, its ultimate goal is to provide a steady and sustainable income from investments in strong and highly profitable global assets for future generations. It is a very daring undertaking, yet it is based on meticulous studies of the best available investment opportunities. Furthermore, QIA global asset investments are strategic investments, hence in line with the Emirs instructions to invest in good long-term assets. These investments are also diversified, thus preventing QIA investment portfolio from fluctuations hitting investment sectors every now and then. These investments are divided between many sectors including: commodities, industry, tourism, financial services, retail business, real estate, technology, agriculture, etc.

In a quite short time, QIA has gained a worthy reputation in global markets and its assets have risen in value to nearly four times since its inception. Current estimates show that these assets amount to USD 100 billion, distributed across five continents with emphasis on European markets which provide good investment opportunities.


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QIA was among the most important investment funds that have seized the opportunities provided by the global economic and financial crisis, notably in most affected countries, such as Greece and Spain. The Qatari government signed agreements with these countries allowing QIA to own shares in their most prestigious companies. The Authority also benefited from the volatility in the world financial and banking sector by increasing its stakes by 6.5% in Barclays capital, the largest British bank, and by about 10% in Credit Suisses capital.

Moreover, QIA acquired a 10% shareholding in German Porsche Automobile Holding SE and about 17% stake in Volkswagen Group in 2009. Thus, the Authority was paradoxically expanding through renowned international brands while the world was suffering from the worst financial and economic crisis since the Great Depression at the beginning of the 1930s.

Indeed, figures reveal the bold yet prudent moves of QIA to acquire and invest in renowned global banks and companies assets during the global crisis. QIA investment totaled USD 30 billion approximately in 2009; more than USD 20 billion in 2010; around USD 30 to 35 billion in 2011; and about USD 30 billion in 2012 and 2013 respectively.

The role of Qatar Investment Authority is not limited to international investments; it contributes to boosting local economy by representing the government in several critical economic sectors. It played a crucial role in strengthening the resilience of the local financial sector and protecting it from the repercussions of the global financial crisis. Through QIA, Qatars government injected huge liquidity, which highly contributed in preserving the financial stability of local banks. The Authority also acquired a 20% shareholding in all Qatari banks in addition to buying real estate and distressed equity portfolios of the banks.

QIA operates through specialized and well-structured subsidiaries. In April 2006, QIA founded Qatar Holding to act as its upper arm in global financial markets and to represent it in acquisitions of major stakes in major international companies. Qatar Holding possesses several investment subsidiaries to manage its assets and execute its investment operations, including Qatar Holding Luxembourg and Qatar Holding Netherlands. Delta Two Fund is one of QIAs investment arms in the global financial markets. Moreover, Qatari Diar Real Estate Investment Company is the investment body of QIA in the real estate sector, similarly to Hassad Food Company in the agricultural sector.

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investment company that enjoys the highest degree of credibility and prestige not only in Qatar, but in the whole region too. This goal is achieved through a clear vision with emphasis on exceptional and well-planned real estate and construction projects. In the next few months, Qatari Diar will launch investment opportunities for local and international real estate developers in several projects in Qatar and other countries.

Qatari Diar has enormous investments in several European countries, including investments worth GBP 6 billion in England and EUR 1.2 billion in France, along with other investments in Germany and Switzerland. In addition, Qatari Diar plans to break into the Eastern European countries, particularly Croatia, Albania, Serbia, Montenegro, Bulgaria and Russia.

Since 2009, Qatari Diar has become the second-largest shareholder in Vinci after the Groups Employee Savings Fund. It has also partnered with many of the worlds leading companies. Qatari Diar supervises and executes several major projects in Qatars development plan, including Lusail City project, Qatari railways and metro network project through its subsidiary, Qatar Railways Development Company (Qatar Rail), as well as the Qatar-Bahrain Friendship Causeway project linking Qatar and Bahrain across the sea for 40 km in length.

Administrative ChangesIn September 2013, Qatars Sovereign Wealth Fund (SWF), one of the worlds stoutest investors, hired senior bankers and industry executives to diversify its investment portfolio and curtail the Fund reliance on Europe.


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Qatar Swiss Economic Book 24x33.indd 1 11/17/14 6:47 PM


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The sovereign fund, with assets of more than $100 billion, is looking for opportunities in Asia and the United States under its new management. These appointments has a long-term goal, which is to distribute investments in a geographically balanced manner; approximately 80% of which are concentrated in Europe.

Since the new management took over, the sovereign fund launched an expansive campaign; appointing experienced bankers and executive directors in various areas, carrying out mergers and acquisitions in Asia, and investing in retail and luxury goods sectors in Europe.

Qatar Holding, SWF investment arm, has hired Ugo Arzani, former managing director at Bank of America, Merrill Lynch, in London, as its new head of consumer and retail investments division.

Furthermore, SWF new head of Asia real estate became Jason Chew, previously the head of Greater China operations at Pramerica Real Estate Investors. Both executives started with SWF in September and were based in Doha.

The two hiring decisions followed the appointment of Hong Kong-based banker Michael Cho as the head of mergers and acquisitions, the veteran Merrill Lynch banker, filling a post vacant since 2011. Deven Karnik, another Asia-based banker who was previously with Morgan Stanley, joined SWF in April to run a newly formed infrastructure investments team.

In recent years, SWF has been actively deploying Qatars natural gas resources in a string of high-profile assets ranging from German sports carmaker Porsche to British bank Barclays and Swiss lender Credit Suisse.

The Authority also owns minority stakes in several companies like Glencore and Royal Dutch Shell, but its investments in Asia and the United States are limited compared to the large investments it has made in Europe.

Widely known as an opportunistic investor, Qatar also prefers to invest through bilateral deals in which it can demand additional perks like downside protection contracts, which ensure that investments are safeguarded in the event of a sharp downturn in asset prices. However, an overall improvement in economic conditions in places like Europe means that such deals are harder to find. In fact, improved liquidity has brought competition from large direct investment firms and pension funds.

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QATAR – SWITZERLAND ECONOMIC BOOK

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Transcript of QATAR – SWITZERLAND ECONOMIC BOOK