Qatar Economic Outlook Issue Number 13

Table (1) for Box (2-7): Two interest rate alternatives to replace LIBOR, called “Risk-Free 
References” (“RFR”) 
SONIA 
SOFR 
LIBOR 
Tenor 
Overnight 
Overnight 
7 tenors from overnight to 12 months 
Backward-looking 
and historic 
Backward-looking and 
historic 
Forward-looking 
Currencies 
GBP 
USD 
GBP, USD, YEN, SFR and EURO 
Publication 
Time 
09.00 (London) on 
the following London 
business day (T+1) 
08.00 (EST) on the 
following New York 
business day (T+1) 
11.55 (London) on the London 
business day (T) for GBP and two 
London business days before (T-2) 
for the other currencies 
Concept 
Measuring 
Unsecured overnight 
borrowing 
Secured overnight 
borrowing 
Unsecured borrowing for the period 
in question 
Source: All information in this box was obtained from https://www.forbes.com/advisor/investing/what-is-
libor/ , and https://www.wfw.com/articles/libor-transition-what-why-when-how 

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Qatar Economic Outlook 2021 - 2023 
84 
Stability of the Financial Market 
(QSE)
After the quarterly data of the 2020
QSE 
General Index showed a decline of negative 
7.7%, with a maximum of negative 1.3% and 
a minimum of negative 13.5%, the data for 
four quarters
29
of 2021 turned around to show 
an average growth of 15.1%, with a 
maximum of 21.7% and a minimum of 10.2%. 
This is due to the improvement across all 
sectors of the economy, but that varies from 
one sector to another, as indicated in Figure 
(2-31). 
It is broadly understood that the 
consequences of the preventive measures 
and restrictions imposed by many leading 
economies to contain the spread of the 
Covid-19 during most of 2020 until the end of 
2021, and the subsequent measures to lift 
the majority of the restrictions, led to 
fluctuation in the behavior of investors 
towards investing or refraining from investing 
in global stock exchanges, including the 
Qatar Stock Exchange (QSE). The net 
trading value (purchasing shares minus 
29
Up to mid-December 2021
selling shares) of the QSE showed a 
significant discrepancy in the response of 
QSE investors by nationality and type of 
shareholders, as well as whether they were 
individuals or enterprises (institutions), as 
shown in Figure (2-32).
It is noted that the response of investors of all 
nationalities in terms of net trading in QSE 
was negative during the year 2020, while the 
response 
of 
investment 
enterprises 
(institutions) from Qatar was positive and 
their net deals were not affected. This can be 
attributed to the Government’s financial 
support package granted to the financial 
market by directing government funds 
(enterprises) to increase their investments in 
the stock exchange by an amount of QR 10 
billion. On the other hand, the response from 
foreign investment enterprises (institutions) 
during the first half of 2020 was negative; 
however, institutions’ net trading turned 
around to become positive by the end of 2020 
and continued to achieve net positive 
purchases until the end of November 2021. 
This indicates the return of investor 
confidence in benefiting from the profits and