Qatar Business

Business is booming in Qatar, and it is one of least badly hit countries in the world by the global recession. There are many affluent people in Qatar, and there is plenty of business being done and even more to be done as the country continues it’s tremendous growth.

The currency in Qatar is the Qatari Riyal, and has a fixed exchange rate with the USD of $1 = QR 3.65. Bank note denominations are 500, 100, 10, 5, and one riyal. There are two coins - 50 dirhams and 25 dirhams. There are 100 dirhams to one riyal.

Finance in Qatar is done very differently to most Western countries. One major difference that you should be aware of is that if you can’t pay your credit card bill they can put you in jail until you can pay it!

There are 14 commercial banks that operate in Qatar, and 114 branches around the country. Eight of the banks are national, as well as two Islamic banks. There are five international banks including HSBC, and the United Bank Ltd.

Qatar Central Bank (QCB), opened in 1993, is in control of the government’s finance and is the bank that all the other banks in Qatar run out of.

Bank opening times are very different to what most people are used to in countries such as the USA and in Europe. Most banks are open from 7.30am until 1pm Sunday through to Thursday, although several banks are open in the afternoon and on Saturday mornings. There are branches of the Qatar National Bank open on Fridays and Saturdays in the City Centre and at The Mall.

Once you arrive in Qatar there are plenty of places to convert currency, and there are plenty of ATM’s situated around the country, particularly in Doha and at airports and hotels. There is no restriction on money transfers into or out of Qatar.

Salaries in Qatar are usually similar or slightly higher than those in Western countries, but as there is no income tax the net profit can be much higher. If you an expatriate, once you finish employment you are required by law to receive an indemnity pay out. The amount of this is based on how long you have worked for and how high your salary was. It is seen as a ‘thank you’ for your contribution to Qatar’s economy.

Working hours in Qatar vary from 40 to 48 hours a week, and work generally starts at either 8.30am or 9am and finishes between 5.30pm and 6pm. During the month of Ramadan working hours are reduced to 6 hours a day, although this is often only applied to Muslims. The working week in Qatar is from Sunday through to Thursday, although many large companies run a five day working week.

Before working in Qatar, there are various differences in practice and etiquette that need to be acknowledged to avoid offending any locals.

Business in Qatar is known to be very slow, and decisions are not often made rapidly, and it is not acceptable to complain about this especially when you are not a local.

In most situations first impressions count, but in Qatar it is particularly important that you make a great first impression to initiate trust and chemistry between you and your potential employer or client. Being polite, friendly and respectful at all times will always work in your favor.

When going to an interview it is not unusual for more than one person to be present, and it is important to be able to identify the main person you will be in contact with. For non-Qatari’s this is more difficult than you might think, as most the men will be wearing similar white robes. It is important to try and differentiate between them so as not to appear rude and to have an edge over your competition.

Learning a few simple Arabic phrases can help break the ice and show that you are serious about the job and have gone to some effort to prepare and are also respectful of their language and culture. A simple greeting such as “assalam alaikum” can be very impressive.

Business cards are an essential part of life in Qatar, and you must ensure you have them on you at all times, as you never know who you might meet. When accepting someone else’s business card, it is polite to look at it and observe it’s contents as well as perhaps commenting or asking questions about it before simply putting it in your pocket. Showing interest and attention shows great respect.

When meeting someone for the first time you should start the conversation on a very general topic such as current affairs or the weather; never mention someone’s family until you know them a lot better. They will usually offer you a drink, and it is polite to accept even if you are not thirsty.

When trying to sell yourself or your product/business to someone, there are certain ways to act that will impress. Never speak in a patronizing way, and always remain calm and unthreateningly. It is best to speak slowly and clearly, and as they usually have plenty of time set aside for you, never make them feel like you are rushed to get out of there. Always allow extra time for your meeting.

It is not unusual for the person you are meeting with to take phone calls during the meeting, it is not considered rude - although you should never do so.