The Report: Qatar 2024
Qatar has been working to position itself as a powerful economy and influential sovereign entity that is well prepared to address future challenges. With a relatively small population and the third-largest proven natural gas reserves in the world, it is looking to attract greater foreign direct investment and support the private sector as it diversifies away from a reliance on hydrocarbons.
Country Profile
The political leadership of Qatar has been working over recent decades to strategically position the country as a powerful economy and influential sovereign entity, well prepared to address future challenges. With a relatively small population and substantial revenue generated from having the third-largest proven natural gas reserves globally, Qatar has one of the world’s highest GDP per capita. The country is leveraging its natural resources to become a knowledge-based, diversified economy, and it aims to attract more foreign direct investment inflows, foster the expansion of its private sector, and further develop non-oil growth engines such as tourism, sports, financial services, technology, real estate and logistics. This chapter contains a viewpoint from Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar.
Explore chapterEconomy
Propelled by a major infrastructure development drive in preparation for the 2022 FIFA World Cup, and a broad loosening of investment and business regulations, Qatar’s economy has undergone a significant expansion in recent years. The country’s immense natural gas reserves are being further tapped and its production capacity expanded, while related revenue is being pumped into diversifying the economy – with the long-term goal of reducing the country’s reliance on its hydrocarbons sector, and stimulating multi-sector growth and job creation. Social development is another core focus, with high levels of government funding and private investment being placed in the health care and education sectors. 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 of the Qatar Chamber; and Saleh bin Mohammed Al Nabit, President of the Planning and Statistics Authority.
Explore chapterTrade & Investment
Qatar’s bid to enhance its reputation as an international investment destination gathered significant momentum during the country’s preparations for the 2022 FIFA World Cup. The changes that have been made to investment-related legislation in recent years are expected to lead to the country continuing its upward trajectory in terms of its ability to attract international investment. Qatar’s free zones – which offer competitive energy prices, 20-year corporate tax exemptions, zero income tax and zero Customs duties on imported goods, among other incentives for the entities operating within them – and its modern logistics infrastructure provide some of the world’s most competitive incentives for prospective investors. This chapter contains interviews with Sheikh Ali Al Waleed Al Thani, CEO of the Investment Promotion Agency; and Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO of the Qatar Free Zones Authority.
Explore chapterBanking
Qatar’s banks have withstood recent global and regional uncertainties, leaving them in a strong position for further growth. The sector’s banks stand to benefit from the Third National Development Strategy for 2024-30, which prioritises financial services for the country’s development and economic diversification. The sector is also embracing digitalisation, the adoption of financial technology, and a host of new banking methods and services. The Qatari economy continues to adjust to the post-2022 FIFA World Cup reality, which has had a greater impact on some sectors than others. However, given its recent track record, strong buffers and deep pockets, the banking sector looks prepared for the challenges ahead. This chapter contains interviews with Abdulla Mubarak Al Khalifa, Group CEO of QNB; and Sheikha Maryam bint Khalifa Al Thani, CEO of the Qatar Credit Bureau.
Explore chapterCapital Markets
Capital markets in Qatar have undergone significant development in recent years, with the relevant government agencies united in their drive to see the domestic market move up further in international economic rankings. While the performance of Qatar’s stock exchange has fluctuated, the country’s strong fiscal performance, and timely regulatory, banking capital-protection and systems updates – including the implementation of a series of initiatives that are designed to boost liquidity and investor confidence – see financial authorities confident that their overarching objective of shaping the country into an internationally competitive financial centre remains both realistic and achievable over the medium to long term. This chapter contains an interview with Abdulaziz Nasser Al Emadi, Acting CEO of the Qatar Stock Exchange.
Explore chapterIslamic Financial Services
Qatar’s vibrant and multifaceted Islamic financial services sector is capable of providing a full suite of sharia-compliant products. The country is a major regional and global player in Islamic finance, home to three of the world’s top-10 Islamic banks by asset size. With the economy growing, hydrocarbons exports expanding and the population increasing, Islamic finance is capitalising on new growth opportunities and adopting innovative practices. Indeed, recent government strategies proposed for the financial sector and Qatar’s national development specifically target Islamic finance products and services. This robust government backing for the sector aims to drive advancement in financial technology, takaful (Islamic insurance) and green sukuk (Islamic bonds). This chapter contains an interview with Bassel Gamal, Group CEO of Qatar Islamic Bank.
Explore chapterInsurance
As the economy and population both continue to expand, and with a new national strategy aimed at enhancing the insurance sector and a new health care system in the process of being rolled out, this is a period of heightened activity for Qatar’s insurance and takaful (Islamic insurance) players. Buoyed by high disposable incomes and expected future demand for liquefied natural gas, there are expectations of steady annual growth in insurance premium and net profit. At the same time, the sector is looking to increase awareness of the importance and availability of its life and general products, while simultaneously adopting the latest digital developments. This chapter contains an interview with Salem Al Mannai, CEO of Qatar Insurance Company.
Explore chapterEnergy & Utilities
Qatar has reaped the benefits from changes in the global energy market and the accelerated energy transitions of several countries. In addition to major long-term energy supply deals with China, France, Germany and the Netherlands, Qatar is expecting to renew gas agreements with South Korea in the near future. The North Field expansion project, which will increase liquefied natural gas production capacity by nearly 85% by 2030, is set to deliver its first gas in 2025 and be completed in 2027. In 2022 Qatar’s first solar power project came online, supplying the country with 7.5% of its electricity needs, with two more solar projects scheduled for completion in 2025. This chapter contains an interview with Abdullah bin Hamad Al Attiyah, Chairman of the Al Attiyah Foundation.
Explore chapterIndustry
Qatar’s manufacturing industry is of central importance to the government’s economic diversification drive, with high-value production lines receiving substantial public and private investment in recent years. The country appears to have worked the 2017-21 economic and diplomatic blockade put in place by a number of GCC countries to its advantage, with the new trade partnerships forged during that period contributing to the robust expansion of manufacturing and exports. The next stage of industrial development for Qatar sees the country at a relatively advanced stage of Industry 4.0 implementation, while the adoption of circular economy methods is also expected to contribute to the evolution of Qatari manufacturing. This chapter contains interviews with Ziyad Eissa, CEO of S’Hail Holding Group; and Mohamed Jaidah, Group Executive Director of Jaidah Group.
Explore chapterTransport
Qatar has significantly expanded its transport sector over the last decade through focused long-term strategies and high levels of public funding. In the build-up to the 2022 FIFA World Cup, the government invested in developing the country’s roads, rail networks and public transport systems to prepare for the influx of visitors. In line with Qatar National Vision 2030, Qatar’s transport network is being developed with a focus on sustainability. The 2020 enactment of a public-private partnership law is likely to encourage greater private investment in the sector, with new projects focusing on expanding transport networks beyond Doha and enhancing connectivity with other GCC countries. This chapter contains interviews with Abdulla bin Abdulaziz bin Turki Al Subaie, Managing Director and CEO of Qatar Rail, and Minister of Environment and Climate Change; and Ranjeev Menon, Group CEO of Gulf Warehousing Company.
Explore chapterConstruction & Real Estate
The construction and real estate sectors have grown rapidly in recent years, owing primarily to the significant spending done leading up to the 2022 FIFA World Cup. The government invested heavily in infrastructure related to the sports event, including accommodation, stadiums, transport and logistics facilities, and tourist attractions. While sectoral investment may drop in the period immediately following the tournament, the government’s economic diversification drive is set to support infrastructure development across a wide range of sectors. Furthermore, the establishment of a regulatory authority and favourable legislation are expected to help spur sectoral growth, supported by higher levels of private investment.
Explore chapterICT
The prioritisation of the ICT sector is rooted in Qatar’s ambition to become a knowledge-based economy, in line with its long-term economic development plan. This strategy is a cornerstone of its diversification ambitions, with spending on ICT set to reach $6.2bn by 2026, compared to $5.6bn in 2023. Building upon this, the country has implemented a series of strategic initiatives and projects within the sector. These efforts encompass a wide range of areas, including e-government platforms, infrastructure and talent development, entrepreneurship and international partnerships to boost connectivity. By focusing on these key areas, Qatar consistently performs highly in various international metrics. This chapter contains interviews with Mohammed Al Mannai, Minister of Communications and IT; Ahmad Mohammed Al Kuwari, CEO of Qatar National Broadband Network; and Sheikh Ali Bin Jabor Al Thani, CEO of Ooredoo.
Explore chapterTourism, Culture & Sport
The tourism industry has undergone a significant transformation since 2022. The FIFA World Cup hosted by Qatar that year saw an estimated 1m visitors arrive for the tournament, boosting the country’s reputation as a travel destination. In addition, since 2019 Qatar’s supply of hotel rooms has increased by nearly half, and a flurry of museums and cultural sites have either opened or begun construction. The growth of the industry mirrors the pivotal role it plays in Qatar’s long-term economic framework. In 2023 arrivals in the first three quarters of the year more than doubled compared to the same period during the previous year. This chapter contains interviews with Saad Bin Ali Al Kharji, Chairman of Qatar Tourism; Tan Huism, Executive Director of Qatar National Library; and Mohammed Saad Al Rumaihi, CEO of Qatar Museums.
Explore chapterHealth
Qatar emerged from the Covid-19 pandemic in robust shape, delivering a vaccine programme that had, as of May 2024, delivered 7.6m doses. The successful organisation of the 2022 FIFA World Cup helped boost the country’s global reputation for health care service delivery. During the tournament, the country deployed medical services across 100 competition and non-competition sites, with 113 clinics, 114 ambulances, 212 mobile medical units and approximately 2275 staff providing support. The favourable impression generated by Qatar’s efforts to ensure the health of visitors during the tournament is poised to bolster its position as it competes with other GCC countries in attracting health care investment and medical tourism. This chapter contains interviews with Hanan Mohamed Al Kuwari, Minister of Public Health, and Managing Director of Hamad Medical Corporation; and Mariam Ali Abdul Malik, Managing Director of the Primary Health Care Corporation.
Explore chapterEducation & Research
The education and research landscape is undergoing a significant transformation, as the country is aiming to develop a knowledge-based economy beyond 2025. Qatar is already home to a productive education and research ecosystem featuring a wide variety of local and international universities, and research institutes, as well as public and private schools catering to its diverse population. The sector’s focus in 2024 is on developing new learning pathways that meet the needs of the future economy, addressing disparities between industry needs and labour market skills, and further enhancing the research and development environment to generate more positive outcomes that address both local and international challenges. This chapter contains interviews with Pablo Martin de Holan, Dean of HEC Paris in Qatar; and Amir Berbić, Dean of the Virginia Commonwealth University School of the Arts in Qatar.
Explore chapterMedia
Since the inception of its first mass media outlets – both radio and TV – in the late 1960s and early 1970s, Qatar has transformed into a major regional and global media centre, with a reach of 430m households by its major networks worldwide. However, the industry faced challenges following the 2017 trade blockade imposed by some Arab neighbours, which resulted in competing narratives on regional networks. Progress since the January 2021 agreement to restore ties has been accelerated by Qatar’s hosting of the 2022 FIFA World Cup, which garnered coverage from the international press. Building upon its success, the media segment is now evolving in tandem with dynamic changes in the international media landscape. This chapter contains interviews with Marwan Kraidy, Dean and CEO of Northwestern University in Qatar; and Jaber Al Ansari, Group CEO of ELAN Group.
Explore chapterRetail
Qatar is looking to diversify its economy away from oil and gas, and develop new income streams – particularly in the service sector. The 2022 FIFA World Cup demonstrated the country’s advancements in infrastructure and its ability to organise global events. At the same time, the tournament catalysed growth in the retail sector by boosting tourism and consumer spending. The sector is expected to maintain its positive momentum, aided by moderating inflation, low unemployment and the high purchasing power of the population. Although expansion in the tourism sector also has a positive impact on consumer spending, the retail sector enjoys solid foundations for growth among domestic consumers. This chapter contains an interview with Shane Eldstrom, CEO of United Developers.
Explore chapterThe Guide
This section includes selected listings of Qatar’s hotels, as well as helpful tips for business and leisure travellers planning to visit the country.
Explore chapterTable of Contents
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HH Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar
Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry (MoCI)
Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO, Qatar Free Zones Authority (QFZ)
Yousuf Al Jaida, CEO, Qatar Financial Centre (QFC)
Abdulla Mubarak Al Khalifa, Group CEO, QNB
