Interview: Sheikh Khalifa bin Jassim bin Mohammed Al Thani
Which non-oil sectors offer key potential to drive economic growth in the short to medium term?
SHEIKH KHALIFA BIN JASSIM BIN MOHAMMED AL THANI: Qatar has seen robust growth in non-oil sectors, driven by Qatar National Vision 2030 (QNV). The non-oil sector has outpaced the oil sector in recent years, and we are confident that local, regional and global investment in non-oil activities will propel further economic expansion.
Sectors fostering growth include technology, renewable energy, tourism, construction and manufacturing, which offer potential for private sector investment. To optimise these opportunities, we advocate for a supportive regulatory environment, enhanced infrastructure, streamlined access to finance, reduced bureaucratic barriers and proactive global marketing.
What role will the public and private sectors play in the next phase of economic development?
SHEIKH KHALIFA: Public-private partnerships (PPPs) are pivotal for Qatar’s economic development. They accelerate infrastructure projects, enhance public services and foster overall economic growth. The upcoming period will see a surge in PPP projects across diverse sectors, including education, infrastructure, health care, food security, industry and tourism, driven by Law No. 12 of 2020, which regulates such initiatives.
To boost private sector participation in PPP projects, it is crucial to streamline procedures, ensure transparency, and offer financial incentives to attract private investors. Maintaining confidence, fostering communication between public and private sectors, and involving stakeholders in decision-making further contribute to successful partnerships.
How do you evaluate the 2022 FIFA World Cup legacy in terms of infrastructure development, tourism and business opportunities?
SHEIKH KHALIFA: Qatar’s successful hosting of the 2022 FIFA World Cup has left a lasting legacy and firmly placed the country on the global investment map. One of the most significant legacies of the event is the accelerated development of infrastructure, which has contributed to the implementation of QNV. In terms of tourism, the event significantly elevated Qatar’s profile and helped to attract visitors from around the world.
In which ways are regulations evolving to support the long-term growth of the digital economy and improve the overall investment climate?
SHEIKH KHALIFA: Aligned with QNV, Qatar is promoting digital transformation for economic diversification. The country’s digital transformation strategy focuses on deploying digital technologies, enhancing the e-government and forming key partnerships with global industry leaders. Noteworthy investment in digital infrastructure, the development of 5G networks and the launch of Google Cloud’s Doha region underscore Qatar’s commitment. Expanding e-government services and establishing special economic zones with incentives demonstrates Qatar’s push for efficiency and innovation. To sustain progress, continuous regulatory reforms, international collaboration, proactive investment promotion and stronger incentives are crucial.
To what extent are current measures to attract investment effective, and what further actions can be taken to boost capital inflows to priority sectors?
SHEIKH KHALIFA: With a business-friendly climate, Qatar has positioned itself as a top global destination for foreign investment, attracting $29.8bn in foreign direct investment (FDI) in 2022. Ranked first on the 2023 FDI Standouts Watchlist by fDi Intelligence, Qatar’s success is attributed to advanced infrastructure, robust legislation and Law No. 1 of 2019, which offers incentives to non-Qatari investors. The Qatar Chamber plays a role in enhancing the investment climate through active participation in various outreach activities, such as roadshows, forums and international partnerships.
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