Ambassador of Switzerland to Qatar Edgar Doerig
Doha: Major Swiss banks including Switzerland’s largest and second largest banks – UBS Group and Credit Suisse Group, respectively - are currently in discussions to significantly increase their presence in Qatar. A move which will not only create more jobs in the country’s banking sector, but will also further raise Qatar’s profile as a financial centre, Ambassador of Switzerland to Qatar H E Edgar Doerig has said.
Speaking to The Peninsula on the sidelines of a VIP dinner hosted by the Switzerland Tourism at the residence of the Swiss Ambassador and his wife Junko Kimura Doerig in Doha recently, Doerig said there have been explorative talks on the expansion plans, and some of the Swiss banks are now ready to expand their operations in Qatar.
“In Switzerland, there have been explorative talks. Some of the banks are really ready to increase their presence here in Qatar. Also, there was an agreement that has been concluded with Credit Suisse Group. And there are other major Swiss banks which are examining, mainly UBS also, which like to increase their presence quite substantially here. So talks are ongoing,” the Ambassador said.
He added: “Definitely this will create more jobs here, and it will also improve the importance of Qatar as a financial centre. It will be a win-win relationship. The Swiss financial companies will have more business opportunities and greater cooperation with Qatar, with Doha as an important banking centre”.
In may be noted that the Investment Promotion Agency of Qatar (IPA Qatar) has signed an MoU with Credit Suisse recently. With the agreement, IPA Qatar will support Credit Suisse’s operations in the Qatari market, enabling it to provide the widest variety of products and financial services to serve local and international companies. It also includes establishing a global centre for technological innovation in Doha that will provide the resources to support the Swiss bank’s operations here, in addition to a partnership that will promote other fast-growing sectors such as fintech in Qatar to serve regional and international markets.
“Qatar has been an increasingly attractive market for Switzerland. The country is now the third biggest market for Switzerland in the whole Mena region. Also, Qataris like our products. And Swiss tourists and Swiss businesspeople now see that the COVID restrictions here have eased a lot, so they come here again to explore new market opportunities and also some investments,” added Doerig.
According to recently published data, bilateral trade between Qatar and Switzerland stood at QR5.8bn in 2020. Doerig is optimistic that trade exchange between both countries has increased this year.
“Overall, it’s more promising compared to last year. The political tension in the region has eased. And there’s new spirit of cooperation. The whole region is becoming a more attractive market for investment. Also, we have the upcoming FIFA World Cup, which sends signs there’s really going to be a general upturn from the pandemic,” added Doerig.
Asked on whether there are current discussions to import LNG from Qatar, the Ambassador said: “Maybe not yet that far. But as an alternative energy, that’s definitely a possibility. Gas is being discussed, as a potential energy for the future. So that will also present opportunities for Qatar, going to Europe and to Switzerland. Eventually, that could be possible”.
On the hospitality front, Qatar’s Katara Hospitality has also made huge investments in Switzerland with it’s popular The Burgenstock Selection.
Doerig said: “These three hotels of Burgenstock Selection are really a milestone development as far as investment in hospitality is concerned. There are smaller places which are also owned and renovated by Qatari institutions and citizens. And there are investments which are in the phases of being realised, and are not yet finished. But I do see that for leisure, business is also increasing and there will be more opportunities again. In the same way, the Kempinski Hotels, a very important hotel group headquartered in Geneva, also have properties that they manage here. We also have Swiss hotel management groups which are looking for properties here”.
The Ambassador went on to reiterate that Qatar and Switzerland will celebrate 50 years of diplomatic relations soon. He added that after the FIFA World Cup Qatar 2022, a steady stream of events will continue in the country, including the first Qatar Geneva International Motor Show.
“Also, investments continue in the building industry. All these hotels being built, there are Swiss products being invested there. And now that more people know that Switzerland is qualified to the World Cup, there will be greater interest to come and experience Qatar, not only for the World Cup, but before and after the event,” the Ambassador added.
