Qatar announced that it will create an Islamic Bank with $10 billion in capital later this year. The institution, which reportedly will be known as “Energy Bank”, will focus on energy-related projects and will target both the private and public sectors. Operations are expected to begin in the fourth quarter of 2019. This move appears to reflect an emphasis in Qatari foreign policy towards a global focus and away from historic partnerships. In this vein, Qatar also announced late last year that it would be leaving OPEC and increasing its production of natural gas.
