Ras Laffan Industrial City and Mesaieed Industrial Area, which are key centers of energy. The result has seen considerable growth over the years. Industries Qatar (IQ), a producer of petrochemicals, fertilizers and steel, is a regional powerhouse, surpassed only in size by Saudi Basic Industries Corporation (SABIC), the Middle East's largest chemical producer. In 2007 the manufacturing sector made the third-largest contribution to GDP among non-oil and gas sectors, equivalent to about 7.5% of GDP. Industry in Qatar is regulated by the Ministry of Business and Trade. Petrochemicals and fertilizers supply make up a large portion of the industrial base, along with steel and other construction materials, through Qatar Steel and Qatar Primary Material Company (QPMC). Indeed, over the past few years, demand for construction materials experienced a major surge as the development boom swept the Persian Gulf region. But the global financial crisis has put a significant dent in demand in the region, as project credit lines dry up and investor sentiment remains cautious. The crisis has in fact impacted the whole of the industrial sector – IQ saw its net profit drop in the fourth quarter of 2008 more than 90% over the same period the previous year. But in relative terms, the sector has fared better than most and IQ still managed to post an annual profit of $2bn. Large profit chunks from years past have been channeled into capital investments, which should help the sector ride out the storm. IQ, for example, is pushing several major expansion projects, worth almost $6bn, ahead. Qatar is expected to be one of the fastest growing economies in 2009 – the hope is it will be enough to keep the industrial sector on an upward trajectory. Financial sector The Qatari banking sector managed to escape the direct impact of the global subprime fallout, but was not altogether unscathed by its aftershocks. Overall, it was the best performing of the Gulf Cooperation Council markets in the last quarter of 2008 and most banks posted substantial profits for 2008. But the sector is also facing issues of liquidity, declining customer confidence and a forced reluctance to lend. In a bid to strengthen the banks’ positions, the Qatar Investment Authority (QIA) announced in early 2009 that it was willing to take a 10-20% stake in any interested local listed banks by way of a capital injection, although this was later reduced to 5%