5 Riyals

The Qatar Monetary Agency was itself a transitional institution — established in 1973 after Qatar withdrew from the Gulf rupee zone and struck out with its own currency, it was eventually replaced by the Qatar Central Bank in 1993. This note falls squarely in the middle of that institutional lifespan, during a period when Qatar's oil revenues were reshaping the economy far faster than its monetary infrastructure could keep pace.

Thomas De La Rue handled the full Qatar QMA series, a relationship that reflected the agency's preference for continuity over experimentation. The watermark is the sole security concession on P#8 — modest even by the standards of the period.