The Report: Qatar 2025

Economy

Qatar’s economy has undergone significant transformation since 2010, when it was awarded hosting rights for the 2022 FIFA World Cup. A major infrastructure build saw the construction of arenas, hospitality, retail, transport and leisure facilities. The government strategically leveraged the international exposure to attract higher inflows of foreign direct investment, aligning with its broader economic diversification agenda. Qatar possesses the world’s third-largest natural gas reserves and is among the largest exporters of liquefied natural gas globally. Those strengths, coupled with a population of around 3.1m, endow Qatar with vast sovereign wealth and one of the highest GDP per capita figures in the world. Qatar’s economy is strong and stable, and this strong position will benefit the country as regional competition increases, especially with GCC member states focusing more on economic diversification.

This chapter contains interviews with Sheikh Faisal bin Thani Al Thani, Minister of Commerce and Industry; Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman, Qatar Chamber; and Sheikh Mohammed bin Faisal Al Thani, Vice-Chairman, Al Faisal Holding.

Trade & Investment

Qatar’s strategically advantageous proximity to major international marketplaces and its vast natural gas reserves position it as an integral component in global supply chains. In light of dwindling investment inflows in recent years, the government is working to streamline business regulation, while the country’s already extensive list of bilateral and multilateral trade agreements is undergoing expansion, a trend which could gather pace given the current shake-up taking place in relation to traditional global trade relations. Qatari authorities have reason to be optimistic, in spite of the recent drop-off in FDI inflows and trade receipts. Indeed, global investors continue to demonstrate appetite for involvement in GCC countries’ diversification agendas where suitable regulations are in place.

This chapter contains interviews with Abdulrahman Hesham Al Sowaidi, CEO, Qatar Development Bank; Sheikh Ali Alwaleed Al Thani, CEO, Invest Qatar; and Yousef Al Jaida, CEO of Qatar Financial Centre.

Banking

Qatar has one of the most well-capitalised and secure banking sectors in the Gulf, with its leading lender, Qatar National Bank, among the world’s largest-50 banks by market capitalisation. Central to the sector’s future trajectory is the Third Financial Sector Strategy 2024-30, which seeks to unlock new growth areas by expanding offerings in environmental, social and governance financing, Islamic banking and small and medium-sized enterprise lending, while advancing digital solutions that meet evolving customer expectations. While challenges remain – notably around sustaining credit demand and managing exposure to real estate – the sector’s resilience, supported by strong government backing and diversified assets, offers a cushion against potential shocks.

This chapter contains interviews with Abdulla Mubarak Al Khalifa, Group CEO, Qatar National Bank; Abdul Hakeem Mostafawi, CEO, HSBC Middle East; Joseph Abraham, CEO, Commercial Bank of Qatar; and Sheikha Maryam Al Thani, CEO, Credit Bureau.

Islamic Financial Services

With recent years seeing strong growth in its banking, takaful (Islamic insurance) and sukuk (Islamic bonds) subsegments, Qatar’s Islamic finance sector is both a regional leader and a centre for international investors. Advances in financial technology and the digitalisation of Islamic finance services are helping Qatar’s sharia-compliant finance sector secure a larger market share both at home and abroad, cut costs across the value chain and boost revenue. A strong regulatory framework has also underpinned this success, with Qatari authorities committed to furthering Islamic finance’s growth and development through a series of targeted sector master plans.

This chapter contains interviews with Bassel Gamal, Group CEO, Qatar Islamic Bank; and Fahad Al Khalifa, Group CEO, Masraf Al Rayan.

Capital Markets

Qatar’s capital markets are currently going through a time of major new initiatives, with reforms and structural improvements rolling out. These target the widening and strengthening of the existing Qatar Stock Exchange (QSE), while also preparing the ground for additional capital market innovation. These steps come following 2024 witnessing strong earnings and revenue expansion for listed organisations. The year also saw the net profits of listed companies rise 8.7%, to a total of QR51.2bn ($14.1bn) – a positive that is standing the market in good stead during the more tumultuous first months of 2025. Current plans to widen and deepen the market are expected to continue to roll out, enhancing the QSE’s attractiveness, while increased digitalisation will also lead to greater efficiency and transparency.

This chapter contains interviews with Abdullah Mohammed Al Ansari, CEO, Qatar Stock Exchange; Soumaya Ben Beya Dridje, Partner, Rasmal Ventures; Hussein Fakhreddine, Acting CEO, QInvest; and Mohsin Pirzada, Head of Funds, Qatar Investment Authority.

Insurance

Outperforming regional peers in both underwriting and return on equity, Qatar’s insurance sector is now reaping the rewards of ongoing economic and population growth. While the market remains competitive and relatively low in penetration, ongoing product innovation and improved sector governance could help unlock growth opportunities. Insurers and takaful (Islamic insurance) operators are seeing the benefit of strong government support, with a range of policies and programmes in place seeking to strengthen and deepen the local market. Recent changes to medical and health insurance – including mandatory visitor coverage – are also having a gradual impact on Qatar’s less-developed life, family takaful and private medical insurers.

This chapter contains interviews with Nasser Al Misnad, CEO, Damaan Islamic Insurance Company (Beema); and Jassim Al Moftah, CEO, Doha Insurance Group.

Energy & Utilities

While hydrocarbons profits may be slightly down from the elevated levels seen following the start of the conflict in Ukraine and major liquefied natural gas (LNG) export agreements with long-term clients such as Japan and South Korea are in their last year and need to be renegotiated, the country’s renewable energy capacity is ramping up. Moreover, once the first stage of the North Field expansion project comes on line – expected in 2026 – Qatar will cement its position as one of the world’s largest gas exporters and play a growing role on the LNG spot market thanks to its vast uncontracted capacity. Domestically, Qatar faces a number of important opportunities for sustainable development, including energy consumption and water stress. Renewable energy production is on the rise and, with current clean energy targets leaving room for growth, Qatar is well positioned to become a leader in sustainable energy in the region.

This chapter contains interviews with Mohamed Jaidah, Group Executive Director, Jaidah Group; and Pat Skhonde, Country Manager Qatar, Sasol.

Industry

Qatar is in the process of establishing itself as a regional centre for advanced manufacturing research and activities. A number of related international companies have established a presence in the country in recent years, while significant investment in petrochemicals and fertiliser production from some of the country’s leading industrial conglomerates is designed to drive sector growth and its contribution to GDP. Furthermore, with the relevant authorities working to streamline business and industrial licensing procedures, the hope that Qatar’s manufacturing sector can be harnessed as an engine of economic diversification in the coming years appears ever more realistic. The establishment of industries of the future is designed to complement the country’s focus on harnessing its world-leading gas supplies to become global leader across a number of existing high-value manufacturing industries.

This chapter contains interviews with Abdulaziz Al Tamimi, CEO, Qatar Primary Materials Company; and Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO, Qatar Free Zones Authority.

Transport

Ongoing investment in Qatar’s transport sector has transformed mobility across the country over the past decade. Backed by long-term strategic planning, the government has focused on developing a comprehensive, multi-modal network that enhances connectivity. In the lead up to the 2022 FIFA World Cup, significant resources were channelled into expanding transport infrastructure to accommodate the expected surge in visitors. This included the development of roads, public transport systems and airport facilities. Looking ahead, authorities aim to boost uptake of modern public transport options while also promoting more sustainable modes of travel, such as walking and cycling, to meet the demands of a growing population.

This chapter contains interviews with Abdulla bin Abdulaziz bin Turki Al Subaie, CEO and Managing Director, Qatar Rail; and Minister of Environment and Climate Change; and Sheikh Abdulla bin Fahad bin Jassim bin Jaber Al Thani, Group Managing Director and Board Member, GWC.

Construction & Real Estate

Substantial public investment in a range of infrastructure projects has driven growth in Qatar’s construction and real estate sector in the decade preceding 2025. The development of several transport networks; new residential, retail and leisure spaces; and the expansion of Qatar’s industry in the lead-up to the 2022 FIFA World Cup has supported market growth. The government established new laws and regulations in recent years aiming to foster more collaboration between public and private entities, and open Qatar’s real estate market to higher levels of foreign investment. Additionally, QNV 2030 will bolster investor confidence in the real estate market, particularly as the population is expected to grow steadily over the next decade.

This chapter contains interviews with Abdullah bin Hamad bin Abdullah Al Attiya, Minister of Municipality; Saad bin Ahmad Al Muhannadi, President, Public Works Authority (Ashghal); and Ali Mohamed Al Ali, CEO, Qatari Diar Real Estate Investment Company.

ICT & Innovation

Qatar’s leadership aims to create a knowledge-based economy supported by robust telecommunications infrastructure, a large and diverse community of scientists and a strong incubation programme for innovative start-ups. The country has designed policies to ensure these specific ingredients are in sufficient supply to fuel the required growth and development. Technologies such as artificial intelligence and cloud computing are embedded across public sector agencies, enhancing a growing list of services and streamlining administrative work. The government’s focus on ICT and innovation reflects a strong awareness that meeting the country’s goals requires a steady stream of technological adoption and innovation, as well as constant vigilance against cybersecurity threats.

Mohammed bin Ali bin Mohammed Al Mannai, Minister of Communications and IT; Ahmed Abdullah Al Muslimani, President, Communications Regulatory Authority; Lana Khalaf, General Manager, Microsoft Qatar; Abdulrahman Ali Al Farahid Al Malki, President, National Cyber Security Agency; and Sheikh Ali bin Jabor Al Thani, CEO, Ooredoo Qatar.

Tourism, Culture & Sport

Qatar’s tourism sector has emerged as one of the country’s most dynamic drivers of non-hydrocarbons-based growth, building steadily on the visibility and global exposure generated by the 2022 FIFA World Cup. In 2024 visitor numbers rose by 25% to reach 5.1m, underlining the sector’s post-tournament draw and growing international appeal. Led by Qatar Tourism, the government continues to prioritise the sector as a key contributor to economic diversification, in alignment with Qatar National Vision 2030 and the Third National Development Strategy 2024-30. Both of these strategy blueprints set a target of 6m annual visitors and a 12% GDP contribution from tourism by 2030.

Education & Research

Qatar’s education and research sector continues to evolve under the strategic oversight of the Ministry of Education and Higher Education (MEHE), aligning with Qatar National Vision 2030 and the Third National Development Strategy for the 2024-30 period. With a diverse ecosystem of public and private schools, international university branches and vocational training centres, Qatar is prioritising innovation, inclusivity and workforce readiness. Policies such as the MEHE Strategy 2024-30 and updated guidelines for private education emphasise digital literacy; early childhood development; and science, technology, engineering and maths advancement.

This chapter contains interviews with Salem Al Naemi, President, University of Doha for Science and Technology; and Marwan Kraidy, CEO and Dean, Northwestern University in Qatar.

Health

Qatar’s health care sector has undergone a profound transformation over the past decade, evolving into one of the most advanced systems in the GCC. Underpinned by Qatar National Vision 2030, the long-term development plan, and successive national health strategies, the country has focused on developing modern infrastructure, ensuring universal health coverage and promoting a healthy population with high levels of well-being. Building on this foundation, new areas of strategic importance are coming to the fore. These include the rapid digitalisation of health care delivery, the integration of mental health services into mainstream care, and growing ambitions in medical tourism and sustainable health service delivery.

This chapter contains an interview with Dr Iyabo Tinubu-Karch, CEO, Sidra Medicine.

Retail

Qatar’s retail landscape is evolving rapidly following a boost in modernisation and infrastructure investment in 2022. As the country becomes increasingly attractive as a tourist destination, it continues its expansion of high-end shopping malls, often embedded as a part of a greater customer experience that includes leisure activities and entertainment options. While particularly popular as a shopping destination among citizens of its Gulf neighbours, the country also enjoys strong domestic fundamentals, owing to its increasingly affluent population, which holds an affinity for luxury products and brands.

This chapter contains interviews with Bader Al-Darwish, Chairman and Managing Director, Darwish Holding.

Tax

Qatar is updating its tax system to align with global standards and attract investment. Key reforms include a 15% global minimum tax for large multinationals starting in 2025, and VAT introduction in 2026. While corporate tax applies mainly to foreign-owned entities, individuals remain exempt from personal income tax. Free zones and the Qatar Financial Centre offer significant tax incentives. New measures like e-invoicing and enhanced compliance rules aim to boost transparency and efficiency. These changes support Qatar’s broader push for economic diversification under its National Vision 2030.

This chapter contains a viewpoint with Barbara Henzen, Partner and Head of Tax, KPMG in Qatar.

Legal Framework

Qatar is modernising its legal framework to support economic diversification and attract foreign investment. Key reforms include allowing 100% foreign ownership in most sectors, streamlining company laws, enhancing corporate governance, and strengthening dispute resolution through institutions like the Qatar International Court. Special zones like the Qatar Financial Centre and Qatar Free Zone offer investor-friendly environments with tax benefits and flexible regulations. Real estate laws now permit foreign ownership with residency incentives, and new enforcement laws improve legal certainty and contract execution.

This chapter contains a viewpoint with Essa Mohammed Al Sulaiti, Founder and Chairman, Essa Al Sulaiti Law Firm.

The Guide

The Guide contains a selection of hotel and accommodation options throughout Qatar for both business and leisure travellers. Helpful information is provided on visa regulations, dress considerations, business etiquette, and public and private transport options.

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