The continued rapid economic growth in Qatar, despite the
suspension of new hydrocarbon-based projects until 2015, has led analysts to
suggest that Qatar—and in particular Qatari banks—will be significant sources
of new issuance during 2013. The IMF recently
concluded an Article IV consultation with the Qatari government and one
area of focus was the development of a domestic yield curve, which was a
government priority in the wake of the global financial crisis.
The shift away from the hydrocarbon sector in the economy
represents a drag on the country’s extremely rapid growth rate in recent years,
but continued growth in the non-hydrocarbon segment of the economy as well as
investments in advance of the 2022 World Cup—primarily from public enterprises
and the private sector—could represent a growing source of sukuk issuance
either directly or indirectly. However,
the total issuance is unlikely to spike as dramatically as optimists predict,
which may lead to disappointment even if there are many positive developments
for sukuk in 2013.
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