AGP Executive Report

Fiscal Pressure: Qatar’s government revenue plunged 42% in the first half of 2026 as Iran-war disruptions hit gas exports. France Investment Links: A Qatar Chamber-led delegation met business and regional officials in southern France to explore partnerships and joint ventures. Competition Policy: Qatar secured the co-chair of the Arab Competition Network’s mergers and acquisitions working group. Regional Energy: Doha and Beirut advanced plans to modernise Lebanon’s power sector, with Qatar-backed financing under a build-operate-transfer model. Investment and Industry: Qatar Investment Authority added Activate Capital to its $3 billion fund-of-funds, while Qatar Development Bank expanded grants for local manufacturers.

Energy Shock: Qatar’s government revenue fell 42% in the first half of 2026 as conflict-related damage and shipping disruption curtailed gas exports. The deficit reached about QR31.5bn, while South Korean imports of Qatari LNG dropped 68.6% in January–September. Investment: Qatar’s Damaan retirement authority grew managed assets 3.4% to QR133.5bn in 2025. QIA also added Activate Capital to its $3bn fund-of-funds programme. Regional Projects: Doha agreed to finance, build and operate a major electricity upgrade in Lebanon, with a solar plant developed with TotalEnergies among the initial projects. Digital Economy: Meeza partnered with Microsoft on a sovereign private cloud service, while Ooredoo launched Qatar’s first 5G+ mobile network.

Lebanon Investment: Qatar’s prime minister said Doha will fund and operate a plan to improve Lebanon’s electricity supply, with QatarEnergy and TotalEnergies developing a solar plant. Qatar also pledged support for southern reconstruction. Digital Economy: Meeza and Microsoft are bringing sovereign private cloud services to Qatar, while Ooredoo launched the country’s first 5G+ network. Investment & Finance: Qatar’s sovereign wealth fund added US firm Activate Capital to its Fund-of-Funds programme. At IMF and World Bank meetings, Qatar also backed regional reconstruction financing and stronger investment in digital skills. Economic Outlook: Qatar’s non-hydrocarbon sectors account for about 80% of real GDP, but the Amir said government revenue fell 42% in the first half amid conflict-related disruption. The IMF warned Gulf economies face a sharp contraction this year.

Investment: Qatar registered 5,000 foreign companies in the past three months, while US venture firm Activate Capital joined the Qatar Investment Authority’s Fund of Funds programme. Markets and Banking: Qatar’s banking assets topped QR2.19 trillion; QIB reported QR3.53 billion in nine-month profit, Doha Bank QR681 million, and WOQOD QR852 million. Analysts expect investors to take a selective approach on the Qatar Stock Exchange. Digital Growth: Ooredoo launched the country’s first 5G+ network, and Meeza and Microsoft introduced a sovereign private cloud for Qatar-based enterprises. Energy and Trade: The IMF warns Gulf economies face a sharp hit from Hormuz disruption, with Qatar among countries less able to bypass the strait. Qatar Airways, meanwhile, secured its first Japanese aircraft financing deal for three Boeing 787-9s.

Markets: Qatar’s benchmark fell 2.17% this week to 8,810 points, its fifth straight weekly loss, as regional tensions and global market weakness weighed on investors. Energy: First-half government revenues reportedly dropped 42% as conflict disrupted gas exports, underscoring the economic stakes of restoring shipments through the Strait of Hormuz. Investment: US growth-equity firm Activate Capital joined QIA’s $3 billion Fund of Funds programme and plans to open its first international office in Doha. Digital Economy: Ooredoo launched Qatar’s first 5G+ mobile network, designed to support faster connectivity and business uses such as real-time monitoring and automation. Banking: Qatar’s banking assets topped QR2.19 trillion; QIB reported QR3.53 billion in nine-month net profit, while Doha Bank posted QR681 million. Technology: Meeza and Microsoft launched a sovereign private cloud for enterprises in Qatar.

Banking and Markets: QIB reported QR3.53bn in nine-month net profit and assets of QR235.5bn; Doha Bank posted QR681mn in profit, while Woqod’s profit rose 13% to QR852mn. Energy and Public Finances: Qatar’s first-half revenues fell 42% as gas exports were disrupted, even as the country resumed LNG shipments through the Strait of Hormuz using older vessels and US guarantees. Growth Strategy: The Amir said non-hydrocarbon sectors contribute about 80% of real GDP and outlined QR221bn in projects and investment opportunities over five years. Investment and Technology: Qatar Airways secured its first Japanese JOLCO financing for three Boeing 787-9s, while Meeza and Microsoft launched a locally operated sovereign cloud for regulated workloads. Qatar and China also extended their local-currency swap agreement.

Energy and Resilience: Qatar’s government revenue fell 42% in the first half as the Iran war disrupted gas exports. The Amir said non-hydrocarbon sectors account for about 80% of real GDP, with QAR221bn in projects planned over five years; QatarEnergy says expansion will continue. Manufacturing Support: Qatar Development Bank has expanded its Logistics Support Fund to QR400m, offering grants to cover up to 80% of higher shipping costs; 436 applications have been approved. Digital Infrastructure: Google Cloud has joined the Qatar Internet Exchange, promising faster, more reliable local access to its services. Finance and Aviation: Qatar Airways signed its first Japanese aircraft lease-financing deal, covering three Boeing 787-9s, as part of a programme for seven aircraft. Qatar’s central bank and the People’s Bank of China also agreed to extend their local-currency swap. Investment Links: Lesha Bank and ChinaAMC plan a Sharia-compliant China equities fund for Qatar investors.

Fiscal Impact: Qatar’s government revenue fell 42% in the first half of 2026 as the Iran war disrupted gas exports, the Amir told the Shura Council. Diversification: Non-hydrocarbon sectors now contribute about 80% of real GDP, while Qatar has identified QAR221bn in projects and investment opportunities over the next five years. QatarEnergy plans to continue expanding investment and international partnerships despite regional disruption. Economic Outlook: The IMF warns Qatar could face a double-digit contraction this year as energy production, exports and transport are hit, with a sharp rebound forecast in 2027 if conditions normalise. Trade and Industry: Qatar Chamber explored stronger trade and investment links with Portugal, while QMED 2026 opened in Doha with 55 firms from 12 countries seeking healthcare-sector partnerships.

Economic Outlook: At the Shura Council opening, the Amir said non-hydrocarbon sectors account for about 80% of real GDP and highlighted QAR221bn in projects and investment opportunities over five years. He also said regional conflict and the Strait of Hormuz closure disrupted energy exports, while government revenue fell 42% in the first half. Energy: Qatar will press ahead with LNG expansion despite the disruptions, with North Field work on schedule. A new Qatar-Saudi agreement also sets out cooperation spanning oil and gas, electricity, renewables, hydrogen and energy storage. Business: QNB Financial Services was named Qatar’s best equity broker for 2025, recognising its market research and trading services. At Hospitality Qatar, industry representatives pointed to high-tech farming, food processing and packaging as ways local firms are strengthening supply to hotels and restaurants.

Economic Outlook: The IMF raised its 2026 global growth forecast to 3.1%, but warned the Middle East faces a sharp reversal as conflict disrupts energy and shipping. Qatar is among four Gulf economies the Fund expects to suffer steep contractions this year. Hospitality Investment: Hospitality Qatar 2026 opened in Doha with 120 exhibitors, including 90 local businesses, showcasing products and services for the country’s tourism and hospitality sectors. Banking: QNB closed a $2.5bn syndicated loan facility and won seven Global Finance digital banking awards, including four for its Qatar operations. Digital Economy: Qatar told the UN that AI and digital transformation are central to economic diversification, productivity and better public services. Trade and Energy: Qatar Chamber reviewed trade and investment ties with Portugal, while Qatar and Saudi Arabia signed an energy cooperation MoU.

Trade & Investment: Qatar Chamber is exploring joint ventures with Portuguese companies in hospitality, fintech and retail, with a Qatar-Portugal business council under discussion. The Lord Mayor of London also called the UK-Qatar partnership strong and long-term, highlighting opportunities in finance, technology and infrastructure. Energy: Qatar’s Saad Al-Kaabi joined the WPC Energy Congress in Riyadh as regional attacks and shipping disruption weigh on supply. Qatar LNG exports remain severely disrupted, adding pressure to global gas markets. Banking: QNB reported nine-month net profit of QR13.3bn, up 4%, and closed a $2.5bn syndicated loan facility. Energy Expansion: QatarEnergy won seven offshore exploration blocks in Brazil, extending its international footprint. Transport: Qatar Rail was named Worldwide Operator of the Year for its Doha Metro and Lusail Tram operations.

Investment Links: Qatar-based Rasmal Ventures signed an MoU with Saudi consultancy Strategic Gears to connect Saudi companies with Asian markets and help Rasmal’s portfolio firms enter the Kingdom. Business Climate: Qatar’s new Official Gazette and Al Meezan legal portals bring legislation, court rulings and legal opinions into one digital system, with officials saying better access can support investment. Energy Security: At a Riyadh forum, QatarEnergy chief Saad al-Kaabi urged keeping energy above politics, warning conflict has disrupted around 20% of global hydrocarbon supplies. Energy Expansion: QatarEnergy and Petrobras won seven offshore exploration blocks in Brazil, while Qatar’s LNG expansion is targeting early 2027 production. Banking: QNB’s nine-month net profit rose 4% to QR13.3bn.

Banking: QNB Group reported a 4% rise in nine-month net profit to QR13.3bn, extending growth at Qatar’s largest lender. GCC Integration: Qatar joined a ministerial-level committee meeting in Bahrain to advance economic cooperation and follow up on regional development plans. Business Access: Qatar’s Business Map platform is giving entrepreneurs and investors market, demographic and location data to help assess opportunities across the country. Digital Services: The Justice Ministry launched upgraded online access to the Official Gazette and Al Meezan legal portal, adding AI tools to improve searches and legal research. SMEs: Qatar Chamber says smaller firms are becoming more involved in industrial, infrastructure and energy supply chains, supporting local content and resilience. Regional Risk: Fresh attacks on Riyadh’s airport injured people and disrupted operations, underscoring the security risks facing Gulf travel and business links.

Banking: QNB Group reported nine-month net profit of QR13.3bn, up 4% year on year. Excluding Turkey’s hyperinflation impact, profit rose 8% to QR16.4bn. Trade Risks: A tanker was struck off Qatar amid tensions around the Strait of Hormuz, highlighting risks to shipping and regional supply chains. Industrial Resilience: Disruptions and rising freight and insurance costs are strengthening calls for Qatar to build domestic capacity in essentials such as food, pharmaceuticals and building materials. Qatari Fintech: Homegrown payments firm Dibsy made Forbes Middle East’s 2026 Fintech 50, recognition of its push to build local payment infrastructure for businesses. Aviation: Qatar Airways is refreshing premium menus on Australian routes with dishes by chef Ross Lusted, alongside new cocktails and Starlink Wi-Fi.

Banking: QNB Group reported a 4% rise in nine-month net profit to QR13.3bn, with assets up 5% to QR1.46tn and loans growing 6%. Fintech: Qatari payments company Dibsy made Forbes Middle East’s 2026 Fintech 50, highlighting the country’s growing digital finance sector. Industrial Services: Qatar Free Zones Authority and Honeywell plan a Sundyne pump service hub in Qatar, serving energy and process-industry customers across the Middle East and Africa. Regional Logistics: GWC expanded in the UAE with two subsidiaries and a Meydan Free Zone partnership, strengthening trade links between Qatar and GCC markets. Energy: QatarEnergy’s LNG expansion is targeting early 2027 production, while a separate deal will supply Bangladesh with one LNG cargo. Trade Links: Qatar and India reviewed opportunities in trade, investment and energy, while Qatar Chamber trained Saudi officials on electronic customs carnets to streamline cross-border movements.

Circular Economy: Qatar’s recycling sector is set to grow, with 61 facilities under construction or development targeting e-waste, plastics, metals and construction waste. Fintech: Qatari payments firm Dibsy is the country’s only entry in Forbes Middle East’s 2026 Fintech 50; it processed nearly 11 million transactions in 2025. Energy: QatarEnergy will supply Bangladesh with an LNG cargo at about $13 per MMBtu, while extending force majeure on regular deliveries into November. Its major LNG expansion is targeting production in early 2027. Markets: QNB Group’s net profit rose 4% in the first nine months of 2026, and Qatar’s foreign reserves increased 0.46% last month; local shares are trading cautiously ahead of earnings. Regional Outlook: A tanker attack off Qatar and widening threats to Gulf shipping heighten risks for trade and energy flows. The World Bank forecasts the Middle East economy will contract 2.1% and Gulf economies 4.3% in 2026.