In
1964 the State of Qatar had a nascent oil industry and it
would have taken a visionary at that time to predict the
burgeoning energy industry we now have, in all its diversity,
in the first decade of the second millennium.
Doha was still very much a
city dependent on the sea, looking outward to the timeless
horizons. The traditional coffee shops, which have endured
in the Middle East for centuries would find the older generations
exchanging old news and scanning the horizon, awaiting the
return of the fishing and trading dhows.
However it was realized that
Qatar would grow both commercially and industrially and
would require various institutions. Insurance, as the guardian
of the country’s assets, was an area where it was
felt that Qatar should take the initiative.
Qatar Insurance was therefore
conceived and founded by the Emiri Decree, on the 11th of
March 1964. The currency of Qatar at that time was the Indian
Rupee and QIC’s paid up capital was Indian Rupees
1,500,000, a princely sum in those days.
In view of the importance
placed by the government on the establishment of the first
domestic insurance company they participated to the extent
of 12%, a share that they retain to this day.
The early years of our operations
were transacted from what was then the heart of the souq.
It was in the bustling alleyways, redolent with the pungent
aromas of exotic spices and noisy, but good-natured, haggling
that the lively and vibrant trade was conducted that QIC
set down its roots.
Following three years of hard
work QIC had grown considerably and required larger premises.
It was important that we remained in the souq, right at
the business heart of Doha and in 1967 the company moved
a short distance to a larger premises close to the Arab
Bank roundabout. The roundabout remains an important pivotal
thoroughfare, radiating traffic to all parts of Doha City.
To
this day the QIC sign may still be seen by the passer-by
as they walk to the heart of the market to shop or pass
away the evening hours over a cup of sweet tea.
In the early 1980’s
QIC recongnised that a bold move should be made and decided
to relocate to the West Bay area. However, precious little
development had taken place and it was clear that the company
would need to construct its own building.
Designs we sought, contracts signed and construction work
was soon started.
Before long the building was
completed and occupied in early 1984, with an official inauguration
taking place on the 25th February.
For many a year the QIC tower
was a landmark to the Qatari and expatriate alike. It has
remained a prominent image with its distinctive logo, only
recently being crowded by the self assured towers that are
being established throughout the West Bay and Diplomatic
area.
However, old habits prevail
and one can still hear directions being given to the newcomer
using QIC as the direction landmark.
