TRIBUNE NEWS NETWORK

DOHA THE Institute of Chartered Accountants of India (ICAI), Doha Chapter recently held a seminar on ‘Oil and Gas Industry in MENA region and Status of SMEs in Europe and Middle East’ at the Doha Bank Auditorium, Doha Bank Tower, West Bay.

The event was attended by nearly 100 members and guests. Three prominent speakers from KPMG addressed the seminar. KPMG Qatar Partner and the Head of Oil and Gas for KPMG in the MESA region Gopal Balasubramaniam spoke on Oil and Gas Industry in MENA.

Christophe Bernard, Head of Middle Markets KPMGEMA and Harish Gopinath, Partner-KPMG Qatar presented the status of SMEs in Europe and the Middle East.

R Seetharaman Group CEO Doha Bank Group delivered the introductory address.

Setting the stage for the deliberations, Seetharaman said, “There is tremendous growth potential for SMEs in Qatar, particularly in the context of the huge infrastructure development plans for the FIFA World Cup 2022.

Qatar’s government has recognised the SME sector as a future engine of growth and embarked on key entrepreneurship development programmes through Enterprise Qatar. Many initiatives to the effect have already been launched by the Ministry of Business and Commerce.” Speaking on the oil and gas industry in MENA region, Gopal Balasubramaniam presented facts and figures to analyse the strengths and weaknesses of the industry in each of the MENA region countries.

“The Arab Spring has caused supply imbalance and resultant effect on oil prices. Although Saudi Arabia has stepped in to put more supply into the market in an effort to stabilize the prices, this had little effect on the prices, as producing at capacity is seen as a short term solution that is made by an internal Saudi decision.

This has led to gas becoming the cheaper and safer substitute option. This does not necessarily mean the fall of oil. Large natural reserves, and low exploration costs will always make this region an oil and gas super power.” He went on to apprise the audience of alternative energy sources and the key perspective on crude oil forecast.