Economy
From The Report: Qatar 2022
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As with other countries around the world, Qatar’s economy was affected by the Covid-19 pandemic and its wide-ranging effects in global markets, including disruptions to supply chains, a downturn in foreign and domestic travel, and a drop in international oil prices. Despite these pressures, the country was able to emerge from the crisis in a position to leverage the global recovery to support its diversification drive. The General Secretariat for Development Planning is charged with monitoring the implementation of Qatar National Vision 2030, and the country is rounding out its second National Development Strategy for 2018-22 this year. While uncertainties remain over the trajectory of the global and domestic recovery, as well as about the longer-term trend of oil and gas prices, a number of factors indicate that Qatar is on course for a strong performance in 2022 and beyond.

This chapter contains interviews with Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry; Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman, Qatar Chamber; and Ahmad Al Sayed, Minister of State and Chairman, Qatar Free Zones Authority.

Articles from this Chapter

Overview

Better positioned: Diversification drive and strong fundamentals support recovery
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As with other countries around the world, Qatar’s economy was affected by the Covid-19 pandemic. The health crisis has had wide-ranging effects in global markets, including disruptions to supply chains, a downturn in foreign and domestic travel, and a drop in international oil prices – trends that were especially apparent in the early stages of the pandemic. Due to these factors, in 2020 Qatar recorded its first fiscal deficit since 2017 and its GDP contracted by 3.7%, according to the World…

Interview

Steady progress: Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, on the current and future plans to achieve a diversified, knowledge-based economy
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Interview: Sheikh Mohammed bin Hamad bin Qassim Al Thani How can Qatar accelerate its transition to a diversified, knowledge-based economy, and what role will foreign direct investment (FDI) play? SHEIKH MOHAMMED BIN HAMAD BIN QASSIM AL THANI: Qatar is moving towards a knowledge-based and more flexible economic model focused on sustainability in line with Qatar National Vision 2030. Achieving a quick recovery from the Covid-19 pandemic and restoring growth rates in a sustainable manner are priorities…

Analysis

Taking the lead: Regulatory changes improve labour protections
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Migrant labour has played a key role in the development and diversification of Gulf economies in recent decades, and Qatar is no exception. The population of the six GCC members in 1970 was 7.8m. Aided by the oil boom that began in that decade, the population started to rise, fuelled by the migration of both skilled and non-skilled workers required to develop hydrocarbons resources, staff construction projects and work in fast-growing service industries catering to the swelling population. By early…

Interview

Strategic planning: Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman, Qatar Chamber, on areas of focus for economic diversification
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Interview:Sheikh Khalifa bin Jassim bin Mohammed Al Thani In the wake of the Covid-19 pandemic, which sectors offer the best potential to accelerate economic diversification? SHEIKH KHALIFA BIN JASSIM BIN MOHAMMED AL THANI: Many sectors have seen significant growth during the pandemic, including industry. Qatar attracted QR293bn ($80.3bn) in investment in 2020 and had 835 operational factories as of 2022. Similarly, efforts to increase food security have grown. Food security is a top priority…

Overview

ESG in Focus: Middle East CEO Survey
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As the economies of the Middle East seek to mount a sustainable recovery from the Covid-19 pandemic, the fallout of the health crisis has underscored the importance of risk management and stakeholder engagement in mitigating corporate challenges and achieving long-term success. While the responses of companies in the region in late 2021 demonstrated that the pandemic served to raise awareness and demand of environmental, social and governance (ESG) policies in the Middle East, they also suggest there is further scope for adoption. In the GCC, where the majority of respondents were located, the corporate agenda tends to dovetail with government…

Interview

Supportive environment: Ahmad Al Sayed, Minister of State; and Chairman, Qatar Free Zones Authority (QFZA), on developing projects to attract investment and capitalising on emerging opportunities
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Interview:Ahmad Al Sayed What are the key developments and most promising projects taking place in Qatar’s free zones? AHMAD AL SAYED: Major projects completed during 2021 were built to provide business- and industrial-space solutions to investors. These include the Business Innovation Park, which provides more than 6000 sq metres of office space and 78 light industrial units with 79,000 sq metres of industrial space. Similarly, the main intersection and entrance at Ras Bufontas free zone…

Analysis

Future focused: GCC governments work to boost investment and local capacity
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On the back of higher global oil prices and a stronger international economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement or resume long-term initiatives aimed at bolstering diversification and modernisation. Following a year in which economies throughout the region contracted due to the fallout from the Covid-19 pandemic, the Middle East experienced an economic rebound in 2021, with the IMF estimating in April 2022 that…