Economy
From The Report: Qatar 2016
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Over the past half-decade Qatar has posted robust economic growth on the back of strong hydrocarbons revenues, state-led infrastructure development and a rapidly maturing financial sector. According to Standard & Poor’s, from 2010 to 2015 it was one of the fastest-growing economies in the world, posting average annual GDP growth of 8.6%. Qatar is the world’s top exporter of liquefied natural gas and has the third-largest proven natural gas reserves. Consequently, Qatar’s indigenous population is among the wealthiest in the world, with the country reporting a per capita GDP in excess of $100,000. While gas and oil exports account for a majority of GDP, a handful of non-hydrocarbons sectors have expanded rapidly in recent years. Non-hydrocarbons growth was 7.7% in 2015, while hydrocarbons growth contracted by 0.1%. 

This chapter contains interviews with Sheikh Ahmed bin Jassim bin Mohamed Al Thani, Minister of Economy and Commerce; and Vice-Chairperson, Qatar Investment Authority; Saleh bin Mohamed Al Nabit, Minister of Development Planning and Statistics; Yousuf Mohamed Al Jaida, CEO and Board Member, Qatar Financial Centre Authority; Abdulaziz bin Nasser Al Khalifa, CEO, Qatar Development Bank; and Fahad Rashid Al Kaabi, CEO, Manateq.

Articles from this Chapter

Overview

The new normal: Preparing for continued investment in a volatile energy environment
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Over the past half-decade Qatar has posted robust economic growth on the back of strong hydrocarbons revenues, state-led infrastructure development and a rapidly maturing financial sector. According to Standard & Poor’s (S&P), from 2010 to 2015 it was one of the fastest-growing economies in the world, posting average annual GDP growth of 8.6%. Qatar is the world’s top exporter of liquefied natural gas (LNG) and has the third-largest proven natural gas reserves on earth, at 872trn cu…

Interview

Moving with the market: OBG talks to Sheikh Ahmed bin Jassim bin Mohamed Al Thani, Minister of Economy and Commerce; and Vice-Chairperson, Qatar Investment Authority
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Interview:Sheikh Ahmed bin Jassim bin Mohamed Al Thani What does the Ministry of Economy and Commerce (MEC) plan to do to reduce red tape and attract foreign direct investment (FDI)? SHEIKH AHMED JASSIM BIN MOHAMED AL THANI: As you may be aware, Qatar has taken considerable legislative measures designed to strengthen the foreign investment framework. These measures fall under two main pillars: the first focuses on widening the gate for foreign investors, while the second aims to simplify…

Interview

Taking stock: OBG talks to Saleh bin Mohamed Al Nabit, Minister of Development Planning and Statistics
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Interview:Saleh bin Mohamed Al Nabit What recommendations should be considered in regards to policy development for the National Development Strategy (NDS) 2017-22? SALEH BIN MOHAMED AL NABIT: There are a number of important issues that will be considered in the process of creating the next NDS, for 2017-22. With oil prices now at lower levels than previously anticipated, there will need to be a focus on how to better manage our financial resources and plan state spending. We will also…

Analysis

Balancing act: Officials chart a new path in an era of lower oil revenues
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In mid-March 2016 Mohamed bin Saleh Al Sada, Qatar’s minister of energy and industry and also president of the Organisation of the Petroleum Exporting Countries (OPEC), announced that representatives of the world’s leading oil-exporting nations were planning a meeting in Doha. The summit included 15 countries, which together accounted for nearly three-quarters of global output. The announcement preceded the April 2016 gathering in Doha, when five of the world’s largest energy producers proposed…

Interview

Authority figure: OBG talks to Yousuf Mohamed Al Jaida, CEO and Board Member, Qatar Financial Centre Authority
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Interview:Yousuf Mohamed Al Jaida How has the Qatar Financial Centre (QFC) worked to attract professional services firms to Qatar? YOUSUF MOHAMED AL JAIDA: In 2015 the QFC licensed twice as many firms as in 2014, and it continues to attract a broad range of companies, both international and local. Around 30% of our licensed firms are local. We also looked at ways to expand the QFC’s value proposition and support the state’s diversification goals. In 2015 we looked at ways in which we…

Overview

Embracing entrepreneurship: OBG talks to Abdulaziz bin Nasser Al Khalifa, CEO, Qatar Development Bank (QDB)
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Interview:Abdulaziz bin Nasser Al Khalifa How much funding did QDB award through direct and indirect lending programmes in 2015? ABDULAZIZ BIN NASSER AL KHALIFA: We have seen continued growth in terms of funding. QDB disbursed QR1.01bn ($277.1m) in direct loans in 2015, which is a 34% increase on the previous year. In terms of indirect loans, we disbursed QR292m ($80.1m) in 2015, which is a 99% increase on 2014. Since 1998, QDB has granted a total of QR4.85bn ($1.3bn) in loans and advances…

Analysis

Measuring productivity: Analysing economic growth by comparing input and output
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Like many of its neighbours across the Gulf region, Qatar has seen rapid GDP growth over the past two decades, on the back of significant state-led investment in the energy sector and non-hydrocarbons-related economic activities carried out by the government and private industry alike. Since 1997 – when production of natural gas at Qatar’s North Field came on-line for the first time, causing GDP to expand by 30% in one year – the nation has registered average annual economic growth in the…

Interview

In the zone: OBG talks to Fahad Rashid Al Kaabi, CEO, Manateq
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Interview:Fahad Rashid Al Kaabi Where do the special economic zones (SEZs) stand in terms of their construction timelines, and what are their projected opening dates? FAHAD RASHID AL KAABI: Manateq has three SEZs under its mandate at present, located throughout Qatar. The first SEZ, Ras Bufontas, is located adjacent to the new Hamad International Airport and covers approximately four sq km. The champion of this zone will be Qatar Airways and it will cater to a variety of economic clusters,…

Analysis

Improving conditions: A raft of new legislation is aimed at reforming labour conditions
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In September 2015 preparatory work commenced on the planned site of the Lusail Iconic Stadium in Qatar. The 80,000-seat football facility, which was designed by the UK-based architecture firm Foster + Partners, is expected to serve as the flagship stadium during the 2022 FIFA World Cup, hosting both the opening and final matches of the tournament. It is the sixth World Cup stadium construction project to be launched in Qatar, out of the total of eight match venues proposed in its World Cup bid.…

Analysis

Designing a new blueprint: A new medium-term development strategy is being drawn up
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Much has changed in Qatar since the government launched the current National Development Strategy (NDS) in 2011. The document, which covers 2011-16, was drawn up before the nation was awarded hosting rights for the 2022 FIFA World Cup, for instance – before the push began to build stadia and other large-scale infrastructure projects. Similarly, in 2011 Qatar’s Ministry of Development Planning and Statistics (MDPS), which is responsible for the NDS, was unaware of the coming surge in foreign…