Research Methodology
Title: Investing investment strategies during crisis in Qatar and Oman
In this chapter of the dissertation, methodology required for this dissertation had been provided. Research methodology has been considered as one of the most important chapters of the dissertation, as it can help to complete the entire study in an appropriate methodological approach. Research methodology can provide an appropriate framework that can help to complete a research work within the provided timeframe. In this chapter, a method outline had been provided. Along with that research philosophy, strategy and approach had been discussed and selected to conduct this study. The justification behind the selection had also been provided in this chapter. Data collection process, sampling techniques required to be used in this study had been discussed as well. Along with that, accessibility issues and ethical consideration to conduct this study had been discussed in this chapter as well.
The study aims at understanding the investment strategies undertaken by major organisations during the global recession. The entire study focuses on the time period of the financial crisis during 2007-2008 and 2015-2016 (Preis et al. 2013). Major focus shall be made on the oil sector of the regions of Oman and Qatar. The recent financial and economic crisis has shaken the foundation of the structure of the global financial system. The situation has created question on the long and short-term investment strategies of the major organisation. A carefully planned investment strategy is the practical way of making sure that the investment has been made in the right way (Lean and Nguyen 2014). A detailed analysis of the planning the investment strategy for a business shall be carried on in this study.
The aim of the study is to focus on the major elements of practicing the best and suitable investment strategies that an organisation can undertake during the major financial crisis situation. Further, it is equally important to ascertain the major drawbacks on investing in wrong place and thus analysing the global crisis related to the financial market and the trading partners. Therefore, the study shall also undertake the approach of analysing the major gap in the wrong investment strategy during the financial crisis (Berger and Bouwman 2013). It falls under the responsibilities of the major organisations to understand the situation and then work accordingly. Thus, undertaking the right investment technique at the time of making any kind of investment is the most crucial step that an organisation should undertake to keep them aware of any kind of disastrous situation that can occur due to wrong investment.
Background
The study aims at focusing the oil and gas sector. This sector can be considered to be more prone towards the financial risks occurred due to the increasing instability of the financial and monetary crisis (Bhagat and Bolton 2014). It has been evident that the oil and gas sector has a significant negative impact due to the turmoil in the economic situation. In fact the increased risk has also resulted in the tight credit conditions that ultimately lead to the situation where the explorers and the producers’ needs to pay high interest rates when raising capital and thus it automatically lead to the crimping future earnings (Buc? and Vermeulen 2017). If the oil price is considered then it has been observed that there is a sudden back lag in the price of the oil from as high as $147 in 2008 to as low as $33 in 2009. In the same time, the gas price also fell considerably and the resultant difference is from $14 to $4 (Labban 2014). In fact, this time was the most drastic time for the oil and gas companies that had major impact on the entire sector. All these situations automatically lead the investors to think on the perspective of investing at the right place and at the right time.
The impact of the financial crisis in the oil and gas sector has put impact on the supply and demand of these products as well. There have been many cases when due to the massive de-leverage of the financial institution, the price of the oil collapsed. There is no doubt that the economic slow has drastically affected the sector (Hesse and Poghosyan 2016). In fact the economic slowdown is creating decline in the demand of the oil and there are major chances that the situation will persist and more restrictive terms will eventually hamper the normal business financing by some of the major players in the industry.
What is the issue?
In the recent market situation, the global economy is grappling with the most severe financial stock issues. The situation devastated since the Great Depression. There are a number of indicative magnitudes like shock, equity market volatility and the unprecedented level of the corporate bonds that has created major issues in the investment criteria and strategies (Huy 2013). There always remain a relation between the international business cycle and the co-relation of the specific factors of investment. The cross country correlations and the rise of the GDP have also resulted in severe crisis in the world’s largest economies (Berger and Bouwman 2013). If the US economy is taken into consideration, the emerging market has created a systematic approach towards the financial stability that would prevent the ongoing turmoil in the crisis situation of the oil and gas sector (Barton and Wiseman 2014).
Investment Strategies in the Oil and Gas Sector During Global Recession
Why it is an issue?
The problems arising from these issues have created stir among the major business operations. It has to be understood that the world’s industrial operations are depended on the supply of oil and gas that is supplied from the major regions like Qatar and Oman. With the increase in the linkage among the financial market, trading partners and the capital flow, global economy needs to be synchronised. The global business cycle has become less sensitive after the situation of global crisis (Starkey 2015). The emerging market has decoupled from the rest of the world. The policymakers around the world has undoubtedly undertaken unprecedented and coordinated actions in order to combat against the changes in the financial array of the novel liquidity facilities so that the impaired system of financial can gain momentum and the overall condition of the market improved. Therefore, when it comes to making any investment or financial strategy, the organisation should consider the basic precedent steps so as to minimise the risk of financial failure.
Why it is an issue now?
The economic structure and the capital flow are in a sensitive stage. There has been significant exposure of the commodity prices and the varied monetary and fiscal policies have automatically taken a dig in the overall economic condition of the world (Barton and Wiseman 2014). In fact, there lies an expectation of the reduction of the secular economy reliance in the world. This shall automatically contribute to the lower-than present international equity correlation over the coming decades (Berger and Bouwman 2013). Therefore, there is an utter need of considering the fiscal and the economic condition of the countries around the world. Investment is always related to the market risks and any kind of international investing also involves additional risks because there remain the chances of currency fluctuations and great deal of political uncertainty (Hesse and Poghosyan 2016). In fact, the stock companies are also in the emerging markets that are prone to more risks in the major developed countries.
What the research sheds light on?
The research sheds light on the various aspects of the investment procedure and how effectively the different sectors could undertake the investment procedure while investing their money in a particular sector or firm (Preis et al. 2013). The research study shall focus on the major gaps that lead to the global crisis situation in terms of investment. In addition to this, the aim of the research is also to evaluate certain steps that could possibly help the investors to invest in the right sector. With this aim it can be said that certain approaches can be designed that would help the financers to understand the situation of the market and would consider major steps that the investors might undertake to overcome the situation. A comparative study of the situation of Oman and Qatar shall be conducted in this study.
The Impact of Financial Crisis on the Oil and Gas Sector
The aim of the research is to research on the investment strategies that an organisation could apply during the global monetary crisis and recession. In order to understand this aspect, the research focuses on the major gaps that lead to the wrong investment and also to analyse the major factors that are important to make the right decisions for the investment strategies.
Major objectives of this research work are such as:
- To identify the best Investment Strategies During Crisis practices
- To assess the gaps in wrong Investment Strategies During Crisis
- To find out the elements of the right Investment Strategies During Crisis
Major research questions for this study are such as:
- What are the best Investment Strategies during Crisis practices?
- What are the gaps in wrong Investment Strategies during Crisis?
- What are the major elements of the right Investment Strategies during Crisis?
The oil and gas industry is believed to have a significant impact an economy of all the developing nations of the world. Naifar and Al Dohaiman (2013), have mentioned in the context that, scenes the time of second World War, the oil and gas industry has a major impact on the economic growth of global finance and also has significant impact on all the major stock markets of the world. During the period of 1945 to 1974 the oil prices were significantly stable due to the fact that us has a measure control over the pricing of global oil prices which was also regarded as economic beneficial factor that resulted in low inflation and higher rate of employment in all the major Nations. However, after the formation of OPEC in 1974, the oil exporting country is demanded huge size of pricing that ended up the price of each barrel of oil rising up to 200% (Bader and Daxecker 2015).
Nikkinenet al. (2014), have mentioned about the investment stability in the oil industry after the period of oil crisis. In all the major Nations it has been seen that due to the Global oil crisis investment in the oil industry have reduced significantly due to the fact that no investors and foreign funding were not willing to take the risk of financial loss.
It is important to note in the context that, unstable political and economic internal condition in both Oman and Qatar is also one of the major reasons for lowering investment in oil industry. The unstable political power in the local region has limited impact and do not have the ability to stabilize the Global Oil crisis. It is also been seen that the oil companies are mainly preparing to invest in politically stable Nations. Morakabatiet al. (2014), have mentioned that high political stability in Saudi Arabia have attracted the investors more. Due to the Global oil crisis, both Oman and Qatar have suffered from weak economic condition that has affected the other sectors as well. Hence it is important to know that investors were also discouraged to main contribution in other sectors of manufacturing and Agriculture within these Nations. Moreover due to the weak financial condition of the Nations it was also not possible for the government to provide support for foreign investors. According to Alkhater and Basher (2016), in the past few years due to the of global oil crisis both Oman and Qatar have received early 40% less foreign funding.
Analyzing Investment Strategies in Oman and Qatar
Due to the Global oil crisis the financial relationship between the GCC countries and other nations of the world had been affected significantly due to the fact that no other Nations very interested in providing support and hence the economic conditions of the Nations started to decline due to poor financial condition.
The oil rich countries experienced a significant decline since August 2008 and as per mentioned by the Energy Information Agency of the U.S oil income for the members of GCC will continue to fall from $650 billion in 2008 to $300 billion in 2009. It was also forecasted that Saudi Arabia’s revenues from exports will decline from $250 billion to $111 billion (Bekaertet al.2014). It was also expected that this decline rate will have a big impact on the economies of the biggest oil producing countries (Zahlan2016). For example, it was assumed that the Saudi Budget will go into deficit, possibly as high as 14 percent since the year of 2002. Not only Saudi Arabia but all other GCC countries such as Qatar and Oman also faced economic crisis during this period. The same condition was again faced by the GCC countries when the price of oil and declined in the year of 2015. In this part of the literature review, a brief literature is provided what problems both the countries faced during those years (Miniaouiet al. 2015).
All the Arab countries including Qatar experienced rapid alterations in their economic fortunes during 2007 and 2008. During the initial period of 2008, oil, natural gas and other commodity prices started to grow rapidly that helped Qatar to have huge gains (Dagher2014). At the same time Qatar also had to cope with rapidly rising food and raw material prices that threatened their economic growth and social stability. By the end of July, the impacts of financial crisis and expectations of much lower global growth caused a collapse in oil prices. As a result, Qatar experienced a decline in hydrocarbon receipts, deterioration in their terms of trade and declining surpluses on their balance of payment (Baffeset al.2015). On the other hand, the oil and gas price decline during 2015 was expected to have minimum amount of impact on the economy of Qatar. According to Al-Maamaryet al. (2017), Emir Sheikh Tamim bin Hamad Al Thani directly warned the people of Qatar in November 2015 that due to the drop in oil and gas price drop, the government is no more capable of providing everything. In the next month, he addressed wasteful spending, overstaffing and a lack of accountability that send a clear message that asceticism measures are on the way. At that moment Qatar had highest worldwide GDP per capita. In spite of this fact, Qatar started to feel the heat of cheap oil. As per mentioned by Nusair (2016), among the Gulf Corporation Council (GCC) members. Qatar was capable to handle the storm of cheap oil and gas prices. However, a 70 percent drop in the oil prices since mid-2014 affected the economy of the county in an unexpected manner. Following 15 continuous years of surpluses, Qatar at that time was experiencing a moderate budget deficit of $13 billion which was equivalent to 0.8 percent of GDP which was the smallest in the region (Duttaet al.2017).
Objectives and Research Questions
During the oil price drop in 2008-2009, Oman recorded a fiscal deficit of RO680 million during the year, after a number of years of budget surpluses. The share of the hydrocarbons sector in the overall nominal GDP declined from 50.5 percent to 40 percent in 2009. However, a significant growth was seen in the electricity and water sector, nearly 12 percent (Daraai 2017). Construction sector experienced a growth of 6 percent and real estate industry experienced a growth of 15 percent. On the other hand, as a result of the oil price drop in the year of 2008, the employment rate of the country was also affected badly due to the slowdown of Oman’s economy. According to the Public Authority for Social Insurance (PASI), Oman experienced a growth of employment rate in 2007 which was 12 percent (Zahlan2016). However, because of the decline in the oil and gas price drop, this growth was reduced to 7 percent only. During this time period, total profits of banks in Oman were also declined to RI190.8 million from RO240 million in 2007.
Oman again faced problems when the price of oil dropped in 2015. Due to the decline in oil and gas prices, the country had to face the problem of unemployment. Oman entirely depends on its oil and gas industry for its economic growth. Even most of the employment of the country is associated with the same industry. As the price of oil has gone down, the oil companies are not showing much of interest in digging new wells. As a result, workers in the current oil rigs are facing the issue of unemployment (Bekaertet al. 2014. According to Saud al Salmi who is the chairman of the trade union at Petroleum Development Oman, the country’s largest oil company, employment contracts between the workers and the companies used to be renewed automatically. Now due to low oil and gas prices, oil companies have stopped to renew contracts that are over. As a result of this issue, the government of Oman was almost forced to reduce their spending. The government is now looking to reduce its spending on the defense sector by a quarter. They are also planning to split their social spending. However, there is a disadvantage of using this budget cut strategy as it will have a huge impact on the middle class people (Dagher 2014). The rich people can survive with what they have; however the middle class people will face several challenges if the government cut the budget.
Literature Review
Therefore, it is seen that both Qatar and Oman faced number of issues due to the oil price drop scenarios in 2008-2009 and in 2015-2016. In order to deal with those issues, the governments of both the countries take number of steps. Some of those steps became useful and some of them were unable to help the government. Some strategies used by both the governments are hereby mentioned below.
Strategies and Investments by Qatar:
Initially it was stated that Qatar is very much comfortable the oil price drop scenario. That is why; as mentioned by Ali El Emadi, the government never decided whether it needs to tap international debt markets. However, slowly but steadily the government of Qatar started to realize that due to oil price drop, their economy will be affected and then it started to develop and implement strategies to deal with it. In order to deal with the impact of oil price shock to its economy, the government of Qatar was initiated a restructuring policy within its government in January 2016 (Husainet al.2015). In order to finance the shortfalls, the officials of Doha implemented number of measures such as hiking utility rates, doubling the fines related to wasting water and increasing the cost of postal services of the country. The government also ordered the state-own organizations including Qatar Museum and Al Jazeera to minimize their programming and lay of expatriates (Chenet al. 2015). The overall budget of Qatar Foundation was slashed b y 40 percent. Besides, significant cuts were also experienced at Western academic institutions in Education City. In the December of 2016, Doha News reported that Sidra Medical and Research Centre slashed over hundreds of jobs. Besides, recruitments that were at hold for upcoming national health care scheme were eliminated. Another major strategy was undertaken by Royal Dutch Shell to deal with the oil price shock (Gupta 2016). The organization terminated nearly 1000 employees to reduce its overall organizational cost.
However, these strategies were only taken to minimize the effects of oil price shock. In order to improve the economy the government of the country adapted different investment strategies. All the investments at that time were made through the Qatar Investment Authority that was created in the year of 2005 to deal with the country’s windfall from liquefied natural gas sales. Since then, Qatar has invested n early $350 billion in assets around the world. On the other hand, the government of Qatar, that normally dominates the economy via the national oil company Qatar Petroleum and its stakes in other industries is not investing in private business (Chambers 2015). The government of Qatar invested nearly $10 billion in local private organizations. Most of these investments were done in industries such as logistics, health care and educational organizations. However, it was assumed that the government of Qatar will share their plans to restrain spending on infrastructure in this condition. However, the government has not announced anything similar to that. On the contrary, Doha is planning to spend nearly $220 billion on some large scale projects for the FIF World Cup events in 2022 (Fattouhet al.2015). The chances are high that the government will face human rights issues and allegations of bribery. However, Doha believes that these infrastructure projects are the best way to foster growth in non-hydrocarbon sectors. They also believe that this decision of investing in infrastructure will improve the revenue of the country from non-energy economy. The government has already taken a major step to fulfill this goal. In the 2016 budget of Qatar, it is seen that the government has allocated 25 percent of total expenditure for infrastructure.
Conclusion
According to Chenet al. (2016), Qatar was able to quickly deal with the challenges and issues they faced because of oil price shock. The government quickly understood they will have to focus on other sectors rather than hydrocarbon sectors to keep the economy of the country stable. That is why, the government started to shift their focus on other sectors. The government planned their investments also in media, sports and tourism. As a result, in spite of oil price shock, the country’s economy became of the most diverse among all the GCC countries. The government of the country has not stopped after this many investments and is again planning to invest another $35 billion in the United States of America by 2020 (Mohaddes and Pesaran 2017).
Decreasing public spending:
In order to deal with the oil price shock, the government of Oman also took the similar policy like the government of Qatar. They planned to reduce public spending amounts. However, it was feared that the reduction in spending will ripple through the economy as officials work to keep the economy in track. Oman depends heavily on oil for funding its national budget. During the period of oil price shock in the year of 2015, the government of Oman made $4 billion from its oil related sales which is 35 percent less than the last year (Eskandaret al. 2016). According to Al Salmi, the government of Oman could have keep save the money they earned during the period when the oil price was high. However, from the crisis that Oman faced in 2015, it was clear that the government did not do the same. Billions of financial resources were drained from the national budget because of corruption and luxury spending. Therefore, the government was forced to cut its one third of its public spending (Al-Maamaryet al. 2017).
Diversifying the economy:
At the time of economic crisis, nearly 80 percent of the Oman’s budget came from oil revenues. Therefore, the government realized that they will have to focus on other sectors to minimize the effects of any crisis related to oil and gas products (Husainet al.2015). The government of Oman was discussing the importance of diversifying its economy since 1990. However, the problem at that time was the lack of manufacturing or agricultural production. Therefore, the government of the country started to think about developing manufacturing, transportation and tourism sectors. The first step that the government took was to develop refineriesto process oil into diesel and other petrochemicals.
References
After getting approval from the government of Oman, Tanfeedh, the national program for improving economic diversification started on 17th September 2016. It was started as a national initiative and is a part of the 9th Five-year development plan (2016-2020). This program was launched with the help of Malaysian government’s Performance Management and Delivery Unit (PEMANDU) (Nusair2016). Through program, the government of Oman is trying to focus on some particular sectors. Those targeted sectors selected by the Royal Decree are manufacturing, tourism, transport, logistics, mining and fisheries. This program was developed with an aim to improve the contributions of these sectors to the country’s Gross Domestic Product (GDP) by increasing investment in these sectors and by creating more job opportunities in these sectors. This initiative will also work to identify financial issues via two work streams. First work stream is to heighten government profits via competentexpenditure and finding new sources of income. The second work stream is to look for new sources and mechanisms to finance projects by increasing the role of private sector (Allegretet al.2015). The government is continuously working to motivate the self-funded projects to promote growth in economy. It is also trying to motivate and support development driven by private sector investments. Tanfeed will also construct a capable job market for the youth of the country which will further strengthen the private sector which is expected to become a primary partner in the development of the national economy.
Logistical hub:
It is seen that ships that export oil from Iran or Iraq have to pass through the Straits of Hormuz. Besides, the ships that carry manufactured products must cross Straits in other direction. As a result of political instability among the neighboring countries, the Straits was closed. Therefore, the chances were high that Duqm port could become an alternative shipping route. Oil producing companies could easily store their products in Duqm and then load into tankers. Other ships could off-lead their products in Duqm and transport those products by land to the nearest countries of the GCC (Hakro and Omezzine2016). Therefore, Oman always had a big opportunity to become the primary logistic hub for the area. It could also help Oman to focus on industries such as infrastructure, transportation and railway linking with GCC countries.
Figure 1: Conceptual Framework
(Source: Created by Author)
In this chapter of the dissertation, methodology required for this dissertation had been provided. Research methodology has been considered as one of the most important chapters of the dissertation, as it can help to complete the entire study in an appropriate methodological approach. Research methodology can provide an appropriate framework that can help to complete a research work within the provided timeframe. In this chapter, a method outline had been provided. Along with that research philosophy, strategy and approach had been discussed and selected to conduct this study. The justification behind the selection had also been provided in this chapter. Data collection process, sampling techniques required to be used in this study had been discussed as well. Along with that, accessibility issues and ethical consideration to conduct this study had been discussed in this chapter as well.
The study would use post-positivism research philosophy as it involves use of scientific methods, which would be most suitable for the current research project. The deductive approach was selected for the research project, as the hypothesis testing would be imperative for evaluating the influence of various aspects on the investment strategies. This research project had used mixed method of exploratory and descriptive research design, as it would help in attainment of detailed understanding on the research topic. The study had adopted both quantitative as well as qualitative data analysis method for establishing most crucial and effective research findings. Snowball sampling technique had been used to select the participants of the survey. On the contrary, expert sampling technique had been used to select five managers from different companies of Oman and Qatar to conduct face-to-face interview. Two sample t test had been used for quantitative analysis to identify influential aspects of investment strategies. Thematic analysis had been used for secondary data, as it can help to identify the major themes that inflaunce investment strategies.
Crouch and Pearce (2012) stated that philosophies of a research work can provide appropriate knowledge and dimension for a specific research study. It can provide fundamental knowledge, facts and as well as basic concepts to conduct the whole research work in appropriate manner. According to Crowther and Lancaster (2012), there are mainly two types of philosophy. They are such as epistemology and ontology. Ontology can refer to reality of a subject. On the contrary, Ellis and Levy (2012) stated that epistemology can refer to knowledge. Gummerson (2012) argued that, there are also another two types of philosophy exists. They are such as axiology and phenomenology. In the point of view of Hesse-Biber (2012), a specific point of view of a research work comes from epistemology paradigm. There are mainly three types of research philosophies, use to conduct a study. They are such as positivism, post-positivism and realism. Positivism philosophy can help to evaluate various philosophical aspect of research work with appropriate utilization of reality. On the contrary, post-positivism philosophy can be used to develop a study by cross checking specific data that had been analyzed previously (Cameron 2012). On the other hand, realism philosophy is related with the objective reality of a specific study.
In order to conduct this research work in appropriate manner, post positivism philosophy had been selected. It helped to conduct this dissertation with appropriate cross checked data. This research philosophy deals with previous research studies and offers knowledge of the data findings that had been analyzed previously. As this research topic is dependent on both practical and theoretical perspective of reality, this philosophy seems justified for the research.
According to Brannen (2012), there are mainly two types of research approaches used in a research work. They are such as inductive approach and deductive approach. In the point of view of Freshwater (2012), the relevance of the research hypothesis is the main distinctive point between inductive and deductive approach. Deductive approach examines the validity of previous assumptions, hypotheses and theories. On the contrary, inductive approach is focused on developing new theories and models related with the research topic. The major differences between inductive and deductive approaches had been discussed below in the table:
|
Functions |
Deductive approach |
Inductive approach |
|
Logic |
In deductive inference, when the premises are appropriate, the conclusion is also appropriate (Morgan 2012). |
In inductive approach, known premises are used to develop untested conclusion. |
|
Generalizability |
In this approach, Generalizing from the general to the specific |
In this approach, Generalizing from the specific to the general |
|
Use of data |
Data is collected to evaluate the hypothesis or proposition related with an existing theory. |
Data is collected to assess a phenomenon. Onwuegbuzie and Leech (2012) stated that, thus approach can help to recognize patterns and themes and create a conceptual framework. |
Table 1: difference between inductive and deductive approach of research
(Source: Toloie-Eshlaghy et al. 2012)
In order to conduct this research work in the provided time frame, deductive approach had been used. This research work can be solved by rechecking previously discussed models and theories related with this specific field. As there was not much time to develop a new theory or models related with this research topic, deductive approach seemed appropriate for this research work.
According to Hanson and Grimmer (2012), research purpose can provide an appropriate structural framework and a definite purpose to conduct a research work in appropriate manner. Different types of research purposes can help to deal with various types of research projects along with their objectives. Hooper (2012) stated that, research purpose are mainly three types. They are such as exploratory research purpose, explanatory purpose and descriptive research purpose. Exploratory research purpose is mainly used to conduct long term process of a research. Koller (2012) mentioned that exploratory research work has close link with indicative research approach. On the other hand, explanatory research purpose is used to connect various ideas to understand the cause and effect of a research study. Cameron (2012) argued that descriptive research purpose can help to conduct an entire research work with more explanation and exploration by providing more detailed information related with a research topic. It can explain and describe the whole research with additional information related with the topic of a research.
In order to conduct this research work in appropriate manner, descriptive research purpose had been selected, so that the study can be conducted with more explanation and exploration. It had also helped to gathered detailed information related with the research topic, which is to find out appropriate investment strategies during crisis. It helped to develop the research work with additional information related with the topic of the research.
In order to complete this research work in appropriate manner, it is required to collect different type of data. According to Cameron (2012), data is the most important element to conduct a research work. The source of data required for this research work and types of data collection methods required to be used for this study had been discussed below.
Miniaoui et al. (2015) stated that, there are mainly two types of data sources use to conduct a study. They are such primary data sources and secondary data sources. Primary data sources can be defined as the first hand data collected directly from a population. Koller (2012) stated that primary data can be collected by conducting survey (online and offline), interviews and observations. In addition, primary data can also be gathered from various unpublished sources. On the contrary, Miniaoui et al. (2015) stated that, secondary data are different types of published data. They are such as updated books, journals, websites and industry reports. For a dissertation, secondary research work can be collected by reading and reviewing various types of books, journals and articles related with a specific research topic (Koller 2012). Both primary and secondary data had been collected for this research work. Primary data had been collected from different individuals related with business investment in Qatar and Oman. In addition to that, various updated books, journals and articles related with investment during crisis had been reviewed to collect secondary data. Different techniques used to analyze both primary and secondary data had been discussed in the next section.
This study had adopted both quantitative as well as qualitative data analysis methods (primary data source) for establishing most crucial and effective research findings. The data for quantitative data analysis had been collected through survey research tools. The quantitative data analysis had been assessed with the help of two sample t test for identifying the aspects, which are influential for investment strategies. On the contrary, thematic analysis method had been used to assess the secondary data, as it can identify the major themes that could influence the investment strategies. The SPSS mode of calculation is used in the data analysis part in order to properly evaluate all the relevant collected data.
In order to select participants for the survey, Snowball sampling technique had been used. Leavy and Hesse-Biber (2012) stated that Snowball sampling technique can help to choose most knowledgeable respondents for a research project. The online survey had been conducted with 25 foreign business professionals (from each country) associated with the business investment in Oman and Qatar. Therefore, total 50 participants had been selected for the survey. Close ended questionnaires had been developed for the online survey. In addition to that, the expert sampling technique had been used to select the managers for the telephonic interview. According to Leedy and Ormrod (2012), expert sampling technique is popular for providing expert response on the research topic. Five managers from different companies of Oman and Qatar had been selected to collect qualitative data with the help of telephonic interview. All open ended question had been asked in this interview.
While conducting primary data collection for this research work, some major accessibility issues had occurred. First, majority of the foreign investment professionals were reluctant to take part in the survey. In addition to that, in order to approach a foreign investment professional, it is required to take permission from their companies. It had made the survey process tougher to conduct. On the other hand, the managers of these companies were unable to provide required time to conduct face-to-face interview. Hence, selecting 5 managers for the interview had also become a hectic job.
In order to conduct this research work in appropriate manner, all the ethical concerns had been taken care of. Permission had been taken from the companies and from the respondents conducting the survey. All the survey sheets had been duly signed by the respondents before starting survey. In addition to that, all the respondents had the authority to withdraw their participation, at any stage of the study. Privacy of the data had been maintained in accordance with Data Protection Act 1998 (Dul and Hak 2012). In accordance to this act, no personal information of respondents (such as name, gender, phone number, email address and residential address) had been used or published in any commercial purpose rather than academic study. Mutual respect had been maintained while conducting this data collection.
Quantitative data analysis
The analysis has considered the data and facts attained from both Oman and Qatar. However, more responses have been attained from Oman than Qatar.
Demographic:
Q1. What is your age?
|
Age |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
18 to 29 |
18 |
36.0 |
36.0 |
36.0 |
|
30 to 39 |
14 |
28.0 |
28.0 |
64.0 |
|
|
40 to 49 |
10 |
20.0 |
20.0 |
84.0 |
|
|
50+ |
8 |
16.0 |
16.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 1: Age of the Respondents
The above investigation and study illustrates that the professionals of the financial sectors belong from every age both in Oman and Qatar. It has been effective in displaying the age groups and the frequencies arising from the sample obtained. From the study, we found that the major number of respondents were falling under the age group of 18-29. While, the age group of 50 and more were under the lowest percentage.
Q2. What is your gender?
|
Gender |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Male |
28 |
56.0 |
56.0 |
56.0 |
|
Female |
22 |
44.0 |
44.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 2: Gender of the Respondents
The above investigation and study has been effective in displaying the gender and the frequencies arising from the sample obtained. From the study, we found that the major number of respondents were males.
Q3. What is your nationality?
|
Nationality |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Oman |
36 |
72.0 |
72.0 |
72.0 |
|
Qatar |
14 |
28.0 |
28.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
The above investigation and study has been effective in displaying the nationality and the frequencies arising from the sample obtained. From the study, we found that the major number of the respondents were from Oman.
Q4. What is your work experience?
|
Work Experience |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Less than 10 years |
10 |
20.0 |
20.0 |
20.0 |
|
10 to 15 years |
12 |
24.0 |
24.0 |
44.0 |
|
|
15 to 20 years |
18 |
36.0 |
36.0 |
80.0 |
|
|
More than 20 years |
10 |
20.0 |
20.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 4: Work experience of the Respondents
The above investigation and study has been effective in displaying the work experiences and the frequencies arising from the sample obtained. From the study, we found that the major number of the respondents in terms of work experience fell under the group of 15-20 as they had been efficient in training and the practical applications of the study.
- Do the Economic Diversification’s influence the investment?
|
Economic Diversification’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
5 |
10.0 |
10.0 |
10.0 |
|
Disagree |
6 |
12.0 |
12.0 |
22.0 |
|
|
Neutral |
10 |
20.0 |
20.0 |
42.0 |
|
|
Agree |
23 |
46.0 |
46.0 |
88.0 |
|
|
Strongly Agree |
6 |
12.0 |
12.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 5: Economic Diversification’s influence in the investment
The above investigation and study has been effective in displaying the influences of the economic diversifications occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 23 out of 50 respondents agreed that there are influences of the economic diversifications occurring in the investment.
- Do the Logistics Hub’s influence the investment?
|
Logistics Hub’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
4 |
8.0 |
8.0 |
8.0 |
|
Disagree |
5 |
10.0 |
10.0 |
18.0 |
|
|
Neutral |
13 |
26.0 |
26.0 |
44.0 |
|
|
Agree |
22 |
44.0 |
44.0 |
88.0 |
|
|
Strongly Agree |
6 |
12.0 |
12.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 6: Logistics Hub’s influence in the investment
The above investigation and study has been effective in displaying the influences of the Logistics Hub occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 22 out of 50 respondents agreed that there are influences due to such influential conditions.
- Dothe Research and Development’s influence the investment?
|
Research and Development’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
1 |
2.0 |
2.0 |
2.0 |
|
Disagree |
6 |
12.0 |
12.0 |
14.0 |
|
|
Neutral |
10 |
20.0 |
20.0 |
34.0 |
|
|
Agree |
29 |
58.0 |
58.0 |
92.0 |
|
|
Strongly Agree |
4 |
8.0 |
8.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 7: Research and Development’s influence in the investment
The above investigation and study has been effective in displaying the influences of the Research and Development occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 29 out of 50 respondents agreed that there are influences due to such influential conditions.
- Dothe Mutual Bilateral Agreement’s influence the investment?
|
Mutual Bilateral Agreement’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
3 |
6.0 |
6.0 |
6.0 |
|
Disagree |
4 |
8.0 |
8.0 |
14.0 |
|
|
Neutral |
15 |
30.0 |
30.0 |
44.0 |
|
|
Agree |
18 |
36.0 |
36.0 |
80.0 |
|
|
Strongly Agree |
10 |
20.0 |
20.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 8: Mutual Bilateral Agreement’s influence in the investment
The above investigation and study has been effective in displaying the influences of the Mutual Bilateral Agreements occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 18 out of 50 respondents agreed that there are influences due to such influential conditions.
- Dothe Corruption’s influence the investment?
|
Corruption’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
2 |
4.0 |
4.0 |
4.0 |
|
Disagree |
5 |
10.0 |
10.0 |
14.0 |
|
|
Neutral |
13 |
26.0 |
26.0 |
40.0 |
|
|
Agree |
25 |
50.0 |
50.0 |
90.0 |
|
|
Strongly Agree |
5 |
10.0 |
10.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 9: Influence of corruptions in the investment
The above investigation and study has been effective in displaying the influences of the corruptions occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 25 out of 50 respondents agreed that there are influences due to such influential conditions.
- Do theSubsidiary Expense’s influence the investment?
|
Subsidiary Expense’s influence in the investment |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
5 |
10.0 |
10.0 |
10.0 |
|
Disagree |
2 |
4.0 |
4.0 |
14.0 |
|
|
Neutral |
15 |
30.0 |
30.0 |
44.0 |
|
|
Agree |
22 |
44.0 |
44.0 |
88.0 |
|
|
Strongly Agree |
6 |
12.0 |
12.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Table 10: Influence of Subsidiary expenses in the investment
The above investigation and study has been effective in displaying the influences of the Subsidiary expenses occurring in the investment and the frequencies arising from the sample obtained. From the study, we found that 22 out of 50 respondents agreed that there are influences due to such influential conditions.
- Is theinvestment in Petroleum Products influential?
|
Influence of investment in Petroleum Products |
|||||
|
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
|
Valid |
Strongly Disagree |
3 |
6.0 |
6.0 |
6.0 |
|
Disagree |
7 |
14.0 |
14.0 |
20.0 |
|
|
Neutral |
17 |
34.0 |
34.0 |
54.0 |
|
|
Agree |
20 |
40.0 |
40.0 |
94.0 |
|
|
Strongly Agree |
3 |
6.0 |
6.0 |
100.0 |
|
|
Total |
50 |
100.0 |
100.0 |
Conclusion
This research work had been developed to find out various investment strategies required to be implemented during the stage of financial crisis. In order to conduct this research work in appropriate manner the comparison between Oman and Qatar had been developed. It had been analyzed the fluctuation of oil price is the major reason behind the economic crisis of these countries. It had been found that financial crisis had significant impact on the economic condition. Governments of Oman and Qatar have to reduce their costs from various social events, defense, health and many other sectors. It had been found that Oman is highly dependent on oil industry. Majority of the revenue of the country is generated from oil production. Hence, financial crisis occurred due to reduction of oil price had affected the country most. In order to cope up with the situation, the government of the country has developed various strategies. However, these strategies are not effective enough to attract investment during the crisis period. Hence some recommendations had been provided in this section so that the investment during economic crisis can be enhanced.
To identify the best Investment Strategies during Crisis practices
From the quantitative data analysis section, it had been analysed that strategies such as economic diversification, development of logistic hubs have significant impact on increasing investment during the crisis period. In addition to that investing more on research and development and developing bilateral agreements can help companies of both Qatar and omen to attract investment during the period of crisis. From the secondary data analysis, it had been found that the country Oman is more focused on economic diversification, development of logistic hubs. On the contrary, Qatar has emphasized on strategies such as increasing investment on research and development and developing bilateral agreement with countries such as Belarus.
To assess the gaps in wrong Investment Strategies during Crisis
From the quantitative analysis, major gaps of investment strategies had been analysed. From the quantitative data analysis method, it had been found that, factors such as corruption and lavish expenditure of the government members play an important role in hindering investment strategies. From the secondary data analysis, it had been found that after the financial crisis during 2007-2008, the leaders of Oman had discussed the importance of diversifying the economy and make it less dependent on oil. However, the country still has not progressed in this strategy. Till 2016, the country has almost zero investment on tourism, manufacturing and transportation. In addition to that the steps taken by government of Qatar to deal with the deteriorating situation of the economic market during 2008 was moderate compare to the step taken by other countries. Developing bilateral agreement with just one country will not ensure continuous investment during the period of financial crisis face by the country.
To find out the elements of the right Investment Strategies during Crisis
From the quantitative data analysis section, it had been found that there are some major areas that can enhance investment opportunity during crisis. For instance, the government of Oman and Qatar had to think about investing in petroleum development. In addition to that development of various cost-cutting strategies and developing an appropriate revenue model can help these companies to increases investment during the period of global financial crisis. In addition to that, adoption of new technology and vertical integration can play significant role to increase investment in the oil and gas sector during the time of financial crisis. Hence, companies need to develop strategies based on these based on these criteria. It is required to show the investors that investing during economic downturn has many benefits beside risks. Investors can gain huge amount of benefits by making investment while oil price is down. Depending on these factors, some recommendations have been provided to these companies so that investment can be increased during the period of financial crisis.
After analysis all the issues faced by Oman and Qatar, some major recommendations had been provided in this section. These recommendations can be used by the government of both the organization to increase investment in oil and gas sector during the period of economic crisis. These recommendations will not only increase investment in this industry but also help to transform the structure of this industry. They are discussed below:
1) Cost cutting
Operators of oil industry need to rediscover the efficiency of production. Oil companies can use enhanced horizontal drilling technique to rise per well production while lowering the cost per barrel. They can use longer wells with more frac along with enhanced fcaking technology, where the drillers can pump more sand or proppant into their wells. It can reduce the cost of lifting approximately by 20%. Hence, this strategy will cause long-overdue cost improvement for all the oil producing companies. Implementation of these strategies by the companies of Oman and Qatar can attract investors to make investments even during the period of financial crisis as well. In addition to it, taking strategic steps such as operation optimization, supply-chain collaboration can also help to attract investments as well.
2) Vertical integration
Presently, majority of the companies of Oman and Qatar, outsource many services and equipments from a variety of providers. It has increased the complexity of supplier base. In order to increase investment during the period of crisis, companies of Oman and Qatar need to bring these services in-house. Collaboration can be considered as one of the most effective ways to reduce the cost of oil production. It can also simplify the contractor management system used in an oil producing company. With the help of vertical integration companies of Oman and Qatar can combine software, equipment and engineering along with various other combinations of service offering. It increases value for customers and investors as well. It can save up to 30% of the production cost. In addition to that, these oil companies can develop partnership and merger with other companies to provide wide range of service to customers. It will in term increase the opportunity of investment during crisis period.
3) Development of new revenue model (sharing financial risks for future rewards)
Companies of Oman and Qatar have to focus on developing new model of revenue across the oil sector. It has to include performance based contracts, which can combine services and equipments and participation in project financing. In this model equity will be provided in exchange of service and equipments. Hence, in this way the companies of Oman and Qatar will be able to provide operators the flexibility by reducing their base of costs and need for investment during tough time.
4) Development of new equipment and service model (design to value)
In order to capture new growth during the period of financial crisis, companies of Oman and Qatar need to invest on new technologies. The low oil price has increased the tradition to find out new technologies that can increase operational efficiency at a limited investment cost. For instance, companies can make investment to automate the drilling procedure that can enhance the work flow. In addition to that, it can reduce the requirement of total workforce and provide better information from various processes within that work flow. From the cost stand point, it can be mentioned that, implementation of new equipment and service model can reduce 15% to 30% operational cost.
There are mainly two types of limitations that this research work had to face. They are such as financial constraint and time limitation. It had been analyzed that due to budget limitation, this study could not be expanded as it was expected. Finding investment strategies during the period of crisis is a huge topic with a huge possibility of expansion. Hence, this research work had been developed by comparing investment strategies of Oman and Qatar. This comparison could be expanded more if required budget was available. Short time was another major limitation of this study. This research work had to be completed within 3 months, which was not sufficient for this huge research. The quality of this research work could be improved if at least 6 months of time had been provided.
This topic has huge scope of research. In future, research works can be developed by comparing two other countries from different regions. In addition to that, there are many related topics in which research works can be developed in future. They are such as:
- Global economic and financial crisis
- Stability of financial sector and economy
- Examination of Tariff and non-tariff barriers of trade
- Assessment of impact of increase in oil prices in the global income
- Best way of financing economic development
- Model for macroeconomic policy evaluation and forecasting
- Energy prices and trade in the global economy
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