About US$130 billion have been earmarked to build Qatar's infrastructures and to diversify its economy by 2020. This could
mean an upswing of opportunities
for Singapore businesses. Read more to get tips for setting up
office in Qatar.
Trade between Singapore and
Qatar has been rising robustly, bolstered by the recent signing
of an FTA, which covers trade-in goods and services, e-commerce
and investment among others.
Case Study
Singapore-listed Aqua-Terra Supply extends its distribution network to the marine and petrochemical industries in the Middle East
The Middle East market is a treasure trove of opportunities but access remains elusive for most companies. Local ownership regulations in Qatar require foreign companies to either seek local sponsors or joint venture partners. For Aqua-Terra Supply Co. Limited, IE Singapore's business intelligence network in the Middle Eastern markets was vital in crossing this hurdle.
As a material resource centre for companies in the oil and gas, marine, petrochemical and mining industries, Aqua-Terra controls a diversified portfolio of products, which include oil-field equipment, chains, wire ropes, industrial hoses and fittings. To complement their material supplies, Aqua-Terra also provides services such as product maintenance, safety consultation sessions and training programmes.
Entering the Middle East via Qatar was a logical forward step for Aqua-Terra, because the country offered abundant business opportunities in the construction sector. At the time when Aqua-Terra made the strategic decision to move into the Middle East, competition was also less fierce in Qatar compared to Dubai and the United Arab Emirates (UAE).
Aqua-Terra Middle East was incorporated as a joint venture with Qatar-based FAL International to comply with regulations regarding local ownership. The company entered Qatar in the second quarter of 2006 and was delivering profits by the third quarter of 2008, thanks in part to its local partner whose guidance helped establish Aqua-Terra in the Qatar market.
International Enterprise (IE) Singapore also played an instrumental role in the company's successful expansion to Qatar. Without IE Singapore's assistance, the entire process would have taken more time and effort on Aqua-Terra's end.
"IE Singapore has assisted companies like us to overcome the formalities of starting the business, ensured that we comply with local employment laws and shared their contacts and business intelligence network with us," Kris Wiluan, Chairman and CEO at Aqua-Terra Supply, said.
He added, "We can safely say that IE Singapore's efforts have contributed positively to the growth and expansion of our operations in Qatar and the other markets in the Middle East."
Aqua-Terra plans to continue leveraging on the IE network in the Middle Eastern markets, gaining more contacts and referrals to grow their Qatar business further and expand into the other Gulf Cooperation Council countries like UAE, Saudi Arabia and Bahrain. Another target for future growth is the North African region.
A complimentary service by www.iadvisory.com.sg
Name: Sunny Chia
Company: UPS
Expertise: Import/Export
Market: Asia Pacific, Europe
Sustainability indeed represents an opportunity for supply chains, not merely another complication.
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