Exclusive Oxford Business Group interview with Nasdaq OMX group CEO and President

The interview carried out by OBG, the highly acclaimed global publishing, research and consultancy firm asked Greifeld whether recent M&A activity in the emirate had reshaped its importance in global investment markets.

He said:

"There is definitely a noticeable surge in activity from the region, as liquidity remains high. Thanks to high oil prices, the continued growth of the hydrocarbons sector, and controlled growth and expansion, the Qatari state's coffers are continuing to increase."

He pointed out that Qatar's growth mirrors a wider trend in the greater GCC area, where, for the period 2002-2006, the six member states earned $1.5 trillion from oil exports, more than double the amount earned in the five preceding years, with a current account surplus of $542bn dollars going abroad. "The Gulf's impact on the world marketplace is growing, as the region increases activity in foreign acquisitions," he said. According to Greifeld, this investment has had a global effect, both as a measure against the M&A slowdown and as a new factor in the major global stock markets.

Greifeld asserted that private equity and venture capital will become a part of the region's quickly developing, diversifying and mixed economy. Although the GCC has traditionally had a family-run business structure, Greifeld claims that with the new economic landscape, there is an opportunity to expand to different forms of economic development, including international affiliations. He told OBG that the Qatari "scale of sophistication will continue to broaden as businesses build partnerships abroad and as the range of investment products increases."

As part of a heightened level of international participation, the countries in the Gulf have begun to establish a presence in regional financial centres, such as London. Bocker explained this involvement as an outgrowth of the Gulf region's expansion goals, "The exchange industry is growing rapidly, and if you have the ambition to play a leading role in the development of the financial markets, it is natural to take an active role in the consolidation of the industry." He said the global trend of consolidation among different markets is similar to the transformation of the telecoms industry experienced some 10 years ago, with the development in Europe fuelled by deregulations.

Bocker told OBG that new changes have made Qatari business increasingly accessible to Western companies and that the creation of financial infrastructures, such as the Qatar Financial Centre will help to facilitate investment and further growth. He also praised the recent move to consolidate Qatar's regulatory system into one body "Investors are looking for markets with regulatory systems that are transparent and easy to understand. The merging of the financial regulatory bodies in Qatar is a positive step forward, as the previous system of two or more bodies was unsustainable" Baker said.

By consolidating the regulatory systems, there should be increased interest from investors, as it will be easier for them to be active in Qatar."
This exclusive interview is available in The Report: Qatar 2008, and it is one of a series of interviews with key official and business leaders in the publication.

The Report: Qatar 2008, published for the fifth consecutive year, in partnership with Qatar National Bank for capital market, Clyde and Co as legal consultants, was produced by a team of OBG analysts based in Doha for six months, conducting some 200 interviews with leading political and economic figures.

Rated as the premier guide for foreign direct investment into the country's vibrant economy, the 200-page The Report: Qatar 2008, the latest of OBG's annual business guides to the emirate, has an international distribution of 71,000, with 25% of its subscribers in Europe, 21% in GCC and the Middle East, 20% in North America, 15% in Asia and 13% in North Africa.

Available in print form and online, it is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.