Qatar Investment Fund plc 2011

Qatar Investment Fund plc October2011 Contents Macroeconomic Overview Snapshot GDP Growth & Capital Expenditure Infrastructure Spending Qatar and the Other GCC Countries National Development Strategy 2011-2016 Qatar Exchange (QE) Increasing Market Depth Current Sectoral Breakdown Market Performance Qatar Investment Fund plc (QIF) Investment Case Investment Team – Qatar Insurance Company Investment Performance Sectoral Exposure Banking Sector – Government Support Top Holdings Conclusion www.qatarinvestmentfund.com Page 3 Page 4 Page 5 Page 6 Page 7 Page 9 Page 10 Page 11 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18-19 Page 20 Page 2 Macroeconomic Overview: Snapshot • Qatar owns the world’s third largest natural gas reserves after Russia and Iran. By next year, as gas production continues to ramp up, Qatar will be in oil equivalents the world’s fourth-largest hydrocarbon producer after Saudi Arabia, Russia, and the US. • Production of raw liquid hydrocarbons, crude oil, condensates and natural gas liquid totaled 1.57m bpd in 2010 and is forecast to grow to 1.90m bpd in 2012. • Expanding energy revenues continue to underpin stellar GDP growth rates (the IMF expects Qatar to be the world’s fastest growing economy in 2011). This year, Qatari GDP per capita is expected to be the highest in the world. • The Qatari Government invests a large proportion of energy revenues in improving the country’s infrastructure, and diversifying and expanding its economic base. Foreign and domestic private capital is encouraged through privatizations, outsourcing of public services and the development of industrial zones. • Qatar is planning US$225bn of investment in 2011-16. www.qatarinvestmentfund.com Page 3 Macroeconomic Overview: GDP Growth & Capital Expenditure Strong GDP growth supported by the non hydrocarbon sector ($ Million) 2007 2008 2009 2010* 2011** Oil & Gas Sector 45,781 59,080 45,419 70,776 96,623 % Change 28.0% 29.1% -23.1% 55.8% 36.5% Non-Oil & Gas 34,970 51,632 52,894 56,079 63,850 % Change 41.4% 47.6% 2.4% 6.0% 13.9% Total GDP 80,751 110,712 98,313 126,856 160,473 GDP per capita ($) 65,854 76,435 59,990 74,621 90,765 Source: IMF* Preliminary ,** Forecast Capital expenditure program to continue • Qatar’s nominal Gross Domestic Product (GDP) growth averaged 25.5% over the past five years (2006-2010) and is expected to reach $160bn in 2011. The Non-Oil and Gas sector is predicted to account for 40% of GDP in 2011. • Qatar unveiled its budget for the 2011/2012 fiscal year that forecasts 22.5 billion QR ($6.2 billion) in surplus revenues. • Total government capital expenditure, as a proportion of total revenues, has increased from 28% in 2005/06 to a budgeted 40% in 2010/11. The public projects include the New Doha Port, the Qatar State Budget ($m) 2010/11 2011/12 % Change metro system and the completion of New Doha Revenue Expenditures Salaries & rents Current Capital Public projects Balance Source: QIC, Qatar Central Bank 35,027 44,643 27% 32,390 38,434 19% 6,291 6,923 10% 12,500 13,626 9% 1,648 1,978 20% 11,951 15,934 33% 2,665 6,181 132% International Airport. • The combination of budget surpluses, increases in export volumes, and the various price floors and ceilings in the long-term gas contracts, should ensure that Government expenditure in the domestic economy will be largely unaffected by all but the most dramatic and sustained fall in oil spot prices. www.qatarinvestmentfund.com Page 4 Macroeconomic Overview: Infrastructure Spending Selected non-hydrocarbon mega projects Qatar National Railway System New Doha International Airport New Doha Port Dohaland Qatar Bahrain causeway Doha Bay crossing Source: MEED Projects Cost ($bn) 25 10 7 5.5 4 1 Scope 300km Doha metro, light rail, freight and high speed lines, passenger stations Handle 50 million passengers. Phase 1 expected in 2011 to handle 24 million. Port with a capacity of 6 million 20 foot equivalent units Spread over 750,000 m2, 226 buildings to house 28,000 residents, parks, schools and hotels with around 700 rooms Road and rail bridge from Qatar to Bahrain 12 km crossing and associated works Completion Date 2025 2015 2027 2017 2015 2014 • The total value of projects in Qatar, both current and planned, is US$185bn. The majority of projects are related to infrastructure, construction, water and power. The largest project in progress is the development of the national rail system, which aims to relieve congestion in Doha. • Phase 1 of the new US$10bn airport in Doha is scheduled for completion in 2011. Other prominent projects include a US$7bn deep water seaport and a US$1bn crossing to link the new airport with projects in the northern part of Doha. An additional US$20bn will also be spent on improving the road network. • A number of housing projects are currently underway and further plans are being drawn up to accommodate Qatar’s rising population, which at 1.7 million has witnessed a 128 per cent increase since 2004. • The preparations for the FIFA World Cup in 2022 will entail substantial infrastructure spending over the next decade. To host the tournament officials estimate infrastructure spending to be around US$55bn, which is over and above the total expenditure earmarked above. However the analyst community expects the actual cost of hosting the World Cup to be in the region of US$65-100bn. www.qatarinvestmentfund.com Page 5 ... - tailieumienphi.vn