Qatar’s Banking Sector Expects Modernisation, Say Experts

Qatar’s banking sector is set to undergo significant modernisation and a spike in recruitment over the next three years as the nation develops a diversified economy and looks to solidify its position as a global economic powerhouse.

That’s according to industry experts at REED Global which recently bolstered its finance division in Qatar in response to the sharp increase in levels of international hiring currently being experienced in the banking and finance industries.

Industry experts at the company, one of Qatar’s leading finance and banking recruitment agencies, suggest the tiny Gulf state requires ‘thousands’ of experienced finance and banking professionals to keep up with the country’s development.

Fintan Lawler, executive consultant of finance and accountancy at the firm, says: “Finance and banking is still fairly archaic in Qatar, and moves to bring systems and processes into the 21st century are not before time.

“We have noticed a significant increase in the appetite among the big local banks especially to bring experienced banking and finance professionals from overseas over the last six months.

“Our sense is that these major organisations have consciously decided that their finance divisions need to fall in line with more developed countries.

“Over the course of the next two to three years we expect to see a huge increase in the numbers of expat professionals being hired to run finance operations in Qatar. This number could run into the thousands.”

Several large-scale infrastructure projects in Doha are currently being financed by local banks as the country steps up preparations for the 2022 World Cup.

Lawler says while infrastructure is beginning to take shape, the finance industry in Qatar still has a long way to go.

“My background in the hedge fund industry back in Europe has taught me a lot about the type of banking and finance professionals a business needs to thrive in a globalised market place.

“This region is the focus of the world right now and the finance practice is central to its development.

“The major organisations in Qatar realise this and are beginning to take positive action towards more efficient standards of practice.”