Qatar adopts a ‘rentier state’ economic model, says NU-Q study

26/05/2016 05:37 AST

Qatar, like its Gulf Cooperation Council (GCC) counterparts, adopts a ‘rentier state’ economic model, implying that it derives a majority of national revenues from “renting” indigenous resources to external clients, according to a study by Northwestern University in Qatar (NU-Q). The study by (NU-Q) students, supported by the Qatar Financial Centre Authority (QFCA), also found that commercial banks in Qatar focus on three strategies when marketing financial services and products: segmentation of clients; relationship marketing; and branding, to differentiate offerings from competitors.

The independent study was on marketing and sales strategies for financial investment products and services in Qatar: demonstrating both its commitment to strengthen the nation’s financial sector, and to supporting students’ learning.

Mentored by faculty professors with an aim to better understand the Qatari market, undergraduate students interviewed management of QFC licensed banks and financial institutions for the study.

The research focused on promotional marketing activities and strategies used by financial services firms for conventional and Islamic investment products and services. The study examined two distinct types of financial institutions: asset management firms and commercial banks.

“The QFC has a high number of reputable financial firms operating within Qatar and serving the local market. We take a keen interest in the development and future of the financial sector, which includes our support of students in Qatar, so we were happy to facilitate the research and encouraged our firms to share their expertise and insights with the students,” Raed al-Emadi, chief commercial officer at the QFCA said.

Everette E. Dennis, chief executive and dean of NU-Q, said it encourages and supports numerous research projects for its students, as well as experience working with local institutions.

“Our students have benefited tremendously from this partnership and NU-Q appreciates the support provided by the QFCA and looks forward to working on similar projects in the future,” said the official.

Following their presentations, a judging panel, including QFC representatives, discussed the research methods and findings with the students, and provided them with additional guidance and insight for their studies.

Gulf Times