Recent efforts by the Qatari government to diversify the economy have paid off in terms of helping the country weather the recent downturn in global oil and gas prices.
As I write this in January 2018 and look back to a year ago, the economies of the GCC were hoping that oil prices had bottomed out and that the next 12 months would herald greater market stability.
Despite the economic blockade imposed by some of its regional neighbours in June 2017, a review of more than 100 CEOs in OBG’s Business Barometer: Qatar CEO Survey shows that the impact has been far less negative than one might have expected. Indeed, following the boycott, more than 90% of respondents were either positive or very positive about local business conditions, compared to 74% before. The speed and ease at which Qatar has managed to find alternative sources and routes for goods previously imported from GCC neighbours has no doubt boosted business sentiment, not to mention resourcefulness.