Doha Business

There are many transnational companies based in Doha and the number is ever increasing. American chain stores are all over the city, and you won’t have to look far to come across a McDonald’s or KFC.

Other transnational companies that have offices in Doha include: American Express, Travelex Global and National Services, Zurich Life Insurance, Adecco, and Pricewaterhouse Coopers.

Doing business in Doha, as in many Arab countries, is very different to in Western countries. In some ways it is much less formal, and business decisions can be a lot slower than what many people are used to.

In Doha, as in the rest of Qatar, there is a six day working week running from Sunday through to Friday, although many large companies adopt a 5-day week.

There are many markets and souqs in Doha, and it is very normal to have to bargain with the vendors for the best price. Bargaining is not practiced in the large shopping malls, where items have a fixed price - although it is sometimes possible to barter for a lower price on some expensive jewelry.

The main industries in Qatar are oil and gas, and the three largest companies are based in Doha - Qatar Petroleum, Qatargas, and RasGas. The huge profits that have arisen from these industries has meant that Doha is a very modern and well-kept city with all the facilities that you would expect from a developed country.

Doha is currently trying to diversify it’s economy to avoid a dependency on oil and gas that will eventually run out. Real estate is a booming industry at the moment, with house prices peaking above those in the nearby city of Dubai. The rapid growth of the city and the influx of expatriates to the city has meant there are lots of jobs available in building and construction as well as real estate.

The Lusail City project is a large housing development being constructed in north Doha that will eventually accommodate up to 200,000 people. As well as this, there are dozens of hotels being erected around the city to keep up with the rapid increase in tourism.

The economy in Doha is very strong, and has lead to Doha being one of the richest city’s in the world. Oil and gas account for approximately 70% of the country’s export earnings - most of which comes out of Doha.

Doha is home to The Qatar Financial Centre (QFC), which was built to help encourage foreign investors and multinational companies to set up in Qatar. The centre provides information and a legal infrastructure for those wishing to start a business in Qatar.

The currency in Qatar is the Qatari Riyal, and each riyal is divided into 100 dirham. The bank note denominations are 1, 5, 10, 50, 100, and 500 riyals, and there are two coins: 25 and 50 dirhams. The currency is at a fixed rate with the US dollar of USD$1 = 3.65 Qatari Riyals.

Qatar Airways headquarters is situated in Qatar Airways Tower in Doha. This world-renowned airline links Doha to over 80 international destinations, and provides many jobs for Qatari’s. The company also has a cargo division - Qatar Airways Cargo.

The New Doha International Airport is currently being constructed and is expected to be completed in 2012. It is set to be one of the largest airports in the world. 38 airlines currently have services to Doha airport.

There are 14 major banks that have branches in Doha. All of the large banks have branches on Great Homand Street in the centre of Doha as well as in other parts of the city. Most banks are open from 7.30am until 1pm Sunday - Thursday. Several of the larger branches are open longer hours and also on Saturdays.
The largest bank in Qatar is the Qatar National Bank, which has 37 branches around the country, and over a hundred ATM locations in Doha alone.

There are several international banks situated in Doha, one of the largest being HSBC, with five branches around the city and over a dozen ATM‘s.

All the major banks have ATM’s in several locations around the city as well as in hotels and at the airport, and there are plenty of currency exchange centers in all parts of the city.