Posts Tagged ‘Qatar’

Rich Get Richer in China

It seems if you want to go where the wealth is, China is where it’s at. Today there are over a million millionaires living there; financial growth having escalated in the last year, alongside a thriving currency. Statistics from a BCG Global Wealth Survey show an increase in China of 31 percent of millionaires to 1.11 million from the previous year, placing China “in third place for millionaire households.” In addition, in worldwide figures, China is at number 8 vis-à-vis households having assets at a value of more than $100m.

Inaccurate Stats?

These figures however, only give part of the picture since monies earned from private businesses did not figure in the survey, nor did yachts, art, or fine wines. According to a partner at Hong Kong BCG, Tjun Tang, “this grossly underestimates true overall wealth in China.” As well, only around 5 percent of wealth is held offshore and there is a limit on the amount of products that international wealth management companies are able to offer inside the country.

Asian Affluence

Singapore isn’t a bad place to live either if you want to be bringing in the money. A staggering 15.5 percent of those living in Singapore are millionaires. Qatar came in at 8.9 percent which isn’t anything to be ashamed of either. In general, if you are anywhere in the Asia-Pacific region, the rate for growth wealth has an anticipated growth of 11.4 percent in the next four years. When compared to worldwide figures for the same time-frame, the growth rate is around half of this. Japan wasn’t included in the Asian anticipated economic growth for these years. India isn’t doing too badly either, coming in ahead of Canada with its 190,000 millionaires. Things are going to be getting even better for India too, with an anticipated wealth increase of 14 percent per year over the next five years alongside China’s 18 percent. But China seems to look good no matter which way you turn, as, according to the Bloomberg Economic Momentum Index for Developing Asia, it ranks “first among 22 emerging Asian economies as the country most likely to maintain steady and rapid growth over the next five years.

Yemen is not beyond hope according to “two influential French senators.” It can be saved from “becoming the next base for Al Qaeda” despite the fact that it is currently “faltering,” leading to fear brewing in Egypt, Kuwait and Qatar.
All might not be in agreement with this. It seems that Saudi Arabian officials fear Yemen could be a “more hospitable environment for terrorists than even Afghanistan,” leading to Al Qaeda’s main home. This must be pretty scary for Yemen and its people.

America Understands Threat to Yemen

America is no stranger to Al-Qaeda or its threats and is now revealing “previously secret diplomatic cables,” from 2009-10 (from WikiLeaks) showing a country about to fail even without all the uprisings; President Ali Abdullah Saleh who “exploited the threat of al-Qaeda to extract foreign counter-terrorism help that he sometimes diverted for use against internal foes; and an al-Qaeda franchise remarkably suited to thriving in Yemen’s tribal culture and rugged terrain.” In addition, the cables are showing it was Yemen that became the “launch pad for attacks” such as the 2009 attempted Detroit-bound airliner bombing.

Saleh Needs to Watch Out

Saleh has also been getting a bad rep himself recently, as concern grows over what is happening in Yemen, “disrupting counter-terrorism operations involving U.S. Special Operations forces, aerial surveillance from armed Predator aircraft and clandestine CIA operations.” Ultimately, America is said to have “strongly condemned any illegal disclosure of classified information,” which would anyway deter diplomatic efforts, threaten individual and national security and “undermine [their] efforts to work with countries to solve shared problems.”

Mega-Millions for Qatar Investments

Qatar is on its way to making mega-millions; at least that’s what it is hoping for at the upcoming Business and Investment Opportunities forum due to take place in Washington this week. Indeed, H E Mohamed bin Abdullah Al Rumaihi (the country’s Assistant Foreign Minister for Follow-up Affairs) is looking at a staggering $5bn worth of investments. To kick-start this, five contracts will be signed in an attempt to expand trade links between the two sides. It seems that Qatar is looking into forging business deals with Americans, following the conference which will have around 400 US trade and industry members and 200 Qatari officials participating in.
This makes sense. Both sides have quite a bit to offer in the field. Qatar has a reputation for being the world’s greatest exporter of Liquefied Natural Gas and America the world’s largest energy consumer.

Qatar and America: More than just Resources Merger

What’s interesting about the investment opportunities that are set to take place between Qatar and America is that it looks set to go beyond the country’s natural resources. By joining together in some areas, Al Rumaihi belives other areas will develop too including banking, communications, education and health. This is particularly the case since American companies are already predicting the benefit of playing a part in Qatar’s health and water management areas since it already acts as the country’s “largest trade partner,” as indicated by the existence of Doha’s America Chamber of Commerce and Industry.

US-Qatar Expanding Trade

Truth is, all this isn’t such new news for the two countries. Already figures have shown how trade has been expanding between Qatar and the US with a staggering 340 percent increase from 2003 to 2009 of trade between Doha and Washington. And America clearly takes pride in the country, having established eight universities in Qatar (more than they have done in any other country).

Qatar Cleans Up

Other good news in Qatar is that the country is showing its “commitment to preserving Qatar’s natural habitat and wildlife at the ongoing Qatar Petroleum 2011 Environment Fair at the Doha Exhibition Centre.” Clearly, the better a country’s environment, the more attractive it will be to other country’s vis-à-vis investment opportunities as this also indicates greater stability. Environmental bodies in Qatar have been working closely with RasGas Company Limited to further this goal. At the conference, individuals were also presented with the opportunity of becoming an environmental ambassador for the company and “make a positive impact on sustainable development in Qatar.”

Socotra

In a letter to President Ali Abdullah Saleh, said the Emir of Qatar Sheikh Hamad Bin Khalifa Al-Thani said his country is ready to establish a Yemeni company – country to explore for oil and gas and develop oil fields in Yemen, in addition to investing in the development of tourism to the island of Socotra.

The Chairman welcomed the country in favor of investments in Yemen and praised the role played by Qatar in the protection of Yemen’s unity and security.

Socotra continues to be the focus of recent tourist projects in Yemen. Its natural beauty and remote destination has caused it to a destination for adventurers. Now the Yemeni government is hoping to transform it into a source of revenue. With tourism increasing in general in Yemen, the leaders want to capitalize on a wave of what they see as a positive international interest and foreign investment.

Socotra maybe the key to Yemen’s success.