By Abdulla Mubarak Al-Khalifa, Group Chief Executive Officer, QNB Group
Global trade is not becoming less global; it is becoming more selective, regional and resilient. The institutions that understand this shift and connect markets, capital and opportunity will help define the next decade of economic growth.
At QNB Group, we see this shift through relationships we’ve built across our international network. Businesses and investors are reassessing where they operate, how they structure supply chains and which financial partners they can rely on. As a leading financial institution in the Middle East and Africa, we help clients access new markets, navigate complex investment environments and connect with opportunities across established financial centres and growing economies.
The foundations of global trade are shifting. Decisions once driven primarily by cost and efficiency are increasingly shaped by resilience, access to strategic markets and proximity to customers. Trade policies, energy-security concerns and technological development are also influencing where companies produce, invest and build infrastructure.
The World Trade Organization expects global merchandise trade growth to slow from 4.6% in 2025 to 1.9% in 2026. However, trade has remained resilient, supported partly by artificial intelligence-related demand and companies adapting their sourcing and distribution models. As businesses diversify suppliers, explore alternative routes and move some production closer to customers, the map of global commerce is being redrawn.
Qatar and the new Middle East investment landscape
The Middle East’s role in the global economy has traditionally been viewed through the lens of energy. While energy will remain fundamental, the region’s economic importance now extends far beyond hydrocarbons.
Positioned as a gateway between Asia, Africa and Europe, the Middle East has invested substantially in transport, logistics, digital connectivity and financial infrastructure. Governments are also developing new industries and reducing reliance on traditional growth sectors. Through our international network, QNB connects businesses and investors across these regions, supporting capital flows and trade between established financial centres and growing markets.
Qatar’s energy strength remains central to its international position, but its growth story extends beyond oil and gas. Investment in transport, logistics, technology and financial services is creating broader opportunities. Our role is to help international investors understand these sectors and provide the relationships and financial support required to participate in that growth.
Stronger commercial ties between the Gulf, Asia and Africa support investment in logistics, manufacturing, food security, digital infrastructure, clean energy and financial services. Sustainability is also shaping capital allocation, competitiveness and long-term value. At QNB, we have embedded sustainability into our strategy, aligning our approach with Qatar’s long-term direction.
Investment is becoming more selective
Changes in trade are influencing where global capital is invested. UN Trade and Development reported that global foreign direct investment increased by 6% to USD 1.6 trillion in 2025. However, this growth was concentrated in a limited number of markets and industries. Investors are becoming more selective as they assess market risk, access to technology, infrastructure quality and the reliability of national institutions.
Markets offering regulatory clarity, strong institutions, modern infrastructure and access to regional growth will have an advantage, particularly as investors place greater weight on resilience.
Financial institutions as global connectors
The role of banks has evolved beyond financing transactions. Financial institutions now create value by connecting clients with markets, expertise and capital, while providing the local knowledge and partnerships required to manage currency, liquidity and regulatory risks across borders. Fulfilling this role requires financial strength and access to diverse funding sources.
QNB’s issuance of a QAR 1 billion bond, the largest local-currency issuance by a Qatari financial institution to international investors, demonstrated continued international confidence in the Group and Qatar’s financial markets. It also contributed to the development of the country’s capital markets in line with Qatar National Vision 2030.
Technology is not replacing trade; it is reshaping how capital, goods and services move across borders. Artificial intelligence depends on investment in data centres, energy generation, semiconductors and connectivity, creating new links between technology, infrastructure, finance and trade. Banks will be essential in connecting the capital, expertise and markets required to take these investments to scale.
Building the next chapter of global trade
Qatar and the wider Middle East can support economic cooperation by connecting established financial centres with growing markets across Asia and Africa. The region’s influence will come not only from its capital, but also from its ability to build partnerships, facilitate cross-border investment and provide dependable connections between markets.
QNB’s five-year strategy reflects this changing landscape by strengthening connectivity across growth markets. Through our international network, we aim to support cross-border trade and investment while contributing to long-term growth in the markets we serve.
Global trade is not retreating; it is being redesigned around resilience, connectivity and trusted partnerships. At QNB, our role is to help this transformation by connecting clients, capital and opportunities across markets.