Qatar's Biggest Companies
Qatar is an Arabic country, known as an emirate of the Middle East. Oil and gas production makes Qatar one of the world's top three in GDP per capita. Before oil was discovered, fishing and pearls were the base of Qatar's economy. Now, Qatar's economy is largely based upon oil and gas, but the country is trying to attract technology companies and colleges in an effort to stimulate other sectors of the economy.
Qatar Petroleum is the world's third largest oil company, founded in 1974. The Qatar Petroleum company was originally called Petroleum Development when it was established after World War I and Qatar was under British power. Qatar Petroleum is a government owned company engaged in exploration, storage, production and refining, and transportation of oil and gas.
Qatar Petroleum invests in energy projects around the world through its international branch, called Qatar Petroleum International. QP also works nationally with Qatar National Vision 2030 group to look for exploitation of oil and gas in a responsible fashion.
While Qatar is a small oil producer as far as OPEC is concerned, it is still an important world supplier of oil. The Dolphin Gas Project is a project developed by Dolphin Energy and works to connect the natural gas associations between Oman, Qatar and UAE with a cross-border pipeline.
Qatar Islamic Bank
Qatar Islamic Bank was established in 1982 and opened its first branch in 1983. By 2005, there were eight branches. There are currently 26 branches with more in development and there are more than 100 ATMs. QIB has a proven record of accomplishment for leading the Islamic banking world by adhering to local Arab and Islamic traditions.
Qatar Islamic Bank if the largest Islamic bank in Qatar with an approximate 50% share of the country's banking assets. While Qatar has primarily been a retail bank in the past, a new management team has been working to begin corporate and investment banking options as well. In addition, Qatar Islamic Bank is planning an expansion outside of Qatar in the future.
Qatar Telecom Qtel
Qatar Telecom Qtel is the major telecommunications in Qatar, with service not only within Qatar, but within 17 other countries as well. Qtel offers the full range of telecom services from mobile phone service, Broadband Internet, television, and landlines. All of these services are available for home and business.
Qtel has reliably been a leader in the telecom industry of Qatar for many years and has won several economic recognitions and awards. In 2009, Qtel doubled its speed of Broadband in Qatar free of charge to its customers, and implemented a rewards program, which allowed customers to speed earned points on gifts.
In 2006, Qtel began an aggressive campaign of acquisition. Qtel and AT&T reached an agreement which allowed Qtel to receive a stake in NavLink, another regional telecom company. In 2007, Qtel acquired about 25% of Asia Mobile Holdings Pte. Limited, and then obtained over half the share capital of National Telecommunications Company KSC in Kuwait for over $3.8 billion. In 2008, Indonesia Communications Limited and Indonesia Communications Pte. Limited were both acquired for $1.8 billion.