With the world’s economy coming to a near standstill in 2020, economists from around the world have shared various analyses into how national economies will perform after this impasse related to the pandemic. The World Bank is predicting a GDP growth of three and four percent in Qatar for 2021 and 2022.
The country, with intention of diversifying the economy and extending the international reach, is bent on exceeding the expected rates.
According to the projections from last year, the global Foreign Direct Investment (FDI) was expected to drop by 40%. In contrast, Qatar saw a QAR 1.825 billion (USD 500 million) increase in foreign direct investment inflows in the last quarter of 2020. The growth rates are related to new measures and more reforms.
Qatar, in the last few years, has adjusted and amended the regulations concerning foreign investment across many or most sectors of the economy. The advancement and enhancement of the free zones and the business hubs such as Qatar Financial Centre, Qatar Free Zones and Qatar Science & Technology Park among many others play an integral role in raising awareness and attracting more foreign investors. These steps are in line with the Qatar National Vision (QNV) 2030 to develop a knowledge-based economy with diversified sources of income.
The newly enacted Public-Private Partnership (PPP) Law No. 12 of 2020 is part of the strategy to strengthen the private sector’s role in the development of the country’s economy. In the efforts to support the growth in the country’s non-hydrocarbon sectors, a QAR 3.65 billion (USD 1.00 billion) investment has been directed towards the construction of 45 schools for 34,000 students. The Public Works Authority of Qatar (Ashghal) also has made known its plans for sewage treatment plants at Al Wakra and Al Wukair under a PPP framework.
The Investment Promotion Agency (Invest Qatar) signed three memoranda of understanding with Russian organizations at the St. Petersburg International Economic Forum (SPIEF 2021) to facilitate Russian investments across all sectors including, but not limited to agriculture-technology (agritech), transportation and hospitality, cybersecurity as well as information and communication technology.
There are several other initiatives to enrich the business environment in Qatar and to make the destination more attractive to foreign investors.
Business Start Up Qatar collaborates and cooperates with the key stakeholders to improve the ease of doing business in the country. Please click on the link to learn more about the latest developments in the State of Qatar as well as the initiatives of Business Start Up Qatar.