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High (Euronext: HCO.NX - news) growth, tax-free pay and plenty of perks are luring expats to Qatar soon to be the jewel in the Gulf crown, according to the wealth management sector

Securing the World Cup was just the beginning. Qatar is fast becoming the Middle Eastern flagship for social, financial and cultural development and a new banking hotspot.

Qatar’s booming economy and appetite for developing non-oil sectors has attracted the international spotlight, especially in light of looming regulatory changes in the United Arab Emirates, according to Guardian Wealth Management.

David Russell, chief executive officer of GWM Qatar LLC, said: “Upcoming regulatory changes to the investment fund sector in the UAE have understandably made businesses nervous. Those seeking to make the most of more tax-efficient financial hubs expect to benefit from a lucid and uncomplicated system, which Qatar currently offers."

He said financial institutions in Qatar have been making "a concerted effort" to prove themselves among Middle Eastern counterparts.

“As well as its colossal oil and gas industry, Qatar’s enthusiasm for growing its infrastructure and manufacturing sectors means it has one of the lowest unemployment rates in the Middle East and enjoyed the highest per capita income in the world last year," Mr Russell said.

Securing the World Cup deal has allowed Qatar to splurge on new infrastructure. It has seen the development of new residential areas, new ports and airports, as well as a new railway system and the continuous development of road networks.

“All industries are booming in Qatar and unlike many other areas around the world, there are no expectations for this to change," said Mr Russell. "The growth of the country is based on sound fundamentals and thus the job market is very fertile."

Such renovation also means there are plenty of building and engineering jobs being generated for expats, alongside financial placements.

New Telegraph Expat blogger, Ulrike Lemmin-Woolfrey , left Qatar seven years ago and says that although plenty of work placements are being generated, rent and cost-of-living is on the rise too.

"Qatar is where the work is and many people, especially those in the engineering fields, are heading to Qatar, many from Dubai," she said. "It is the only place in the Gulf at the moment where building is still going strong.

"But it still is around 10 years behind places like Dubai and, in so many ways, will probably never catch up. There is a strong trend backwards where expat interests such as alcohol and pork are concerned, making life much more difficult for expats. But the monetary perks being what they are, even with high rents, short-term expats can easily overlook any disadvantages."

More here:
Growing expat exodus to Qatar