DOHA: Banks in Qatar have been hit hard by its powerful neighbours’ unexpected blockade, but finance, just like other sectors of the Qatari economy, is finding ways to cope with this sudden realignment of regional alliances. Order A stylized image of a young Tamim bin Hamad Al Thani has become a symbol of Qatari resistance to the blockade All over Doha a singular image has become ubiquitous: a stylized black and white portrait of a young Tamim bin Hamad Al Thani, the emir of Qatar, under which is written, in calligraphic Arabic, ‘Tamim the glorious’. Half-a-year ago you would have seen no such image; now it is everywhere. On car windscreens, at street corners, in the lobbies of hundreds of corporate headquarters around the Qatari capital (often signed by dozens of employees) and, importantly, on social media. That the same image in praise of the country’s ruler is so widespread may give the impression that it was forced down from the top, but Qatari and expatriate residents of Doha are adamant that this happened spontaneously. Made by a Qatari artist, the image went viral as a symbol of Qatar’s resistance to a blockade that Saudi Arabia, Bahrain, the United Arab Emirates and Egypt imposed suddenly on the country in June. Citing Qatar’s alleged support of terrorism, the four countries imposed multiple sanctions on Qatar, once one of their closest allies. They eventually released a list of stringent demands, which Qatar refused to abide by. The ‘Tamim the glorious’ image began to spread. By the time Euromoney arrived in Doha in late July, some businesses, including Qatar National Bank, had even plastered it on the façade of their headquarters. But perhaps the most impressive of all is the eight-storey high image on the façade of Commercial Bank, Qatar’s oldest private bank. It is visible from miles away. Euromoney goes to Commercial Bank to meet Joseph Abraham, its CEO. Appointed just over a year ago, after a banking career in southeast Asia, Abraham had little time to acclimatize to his new work environment before the crisis engulfed the country’s banking sector. If he is surprised by the regional turmoil, he does a good job of hiding it. “It was unexpected,” he says of the regional pressures on Qatar, but he adds: “The banking sector and the central bank are handling it.” Of the images that have been plastered all over town, including on the Commercial Bank headquarters, he says: “There is a great degree of solidarity, as you can see from the murals.” This view – that Qataris and expats in Qatar are sticking together, and that, in spite of some big difficulties, the country’s financial sector is coping with the crisis – is widespread among the businessmen and bankers Euromoney meets on its visit, even among those who insist on anonymity to speak freely. Qatar’s bankers are trying to adapt to what they see as a long-term change in relations with the country’s neighbours.
