Doha, May 2024: Qatar’s efforts to accelerate economic diversification and private sector development following the successful hosting of the 2022 FIFA World Cup are explored in the newly released The Report: Qatar 2024 by Oxford Business Group (OBG). This latest publication by the global research and advisory firm presents a thorough examination of Qatar's transition towards a knowledge-based economy as it explores new avenues for sustainable growth and global engagement.
Bolstered by significant infrastructure developments for the 2022 FIFA World Cup and strategic reforms in the business and investment landscape, Qatar's economy has witnessed significant expansion in recent years. Leveraging its abundant natural gas reserves and expertise in liquefied natural gas (LNG) production, Qatar is actively broadening its economic base to reduce dependence on hydrocarbons and stimulate job creation.
At the forefront of Qatar's economic strategy is the Third National Development Strategy 2024-2030, which is designed to ensure fiscal stability, generate new growth engines and cultivate a skilled and versatile workforce. The strategy also underscores the government's commitment to prioritising social welfare, with the country undertaking substantial investments in health care and education that are aimed at improving living standards and expanding economic opportunities.
Key sectors such as logistics, e-commerce and cloud data services are identified as focal points for increased investment, with new initiatives and strategies outlined to attract foreign capital, building on the substantial $29.78bn in foreign direct investment inflows recorded in 2022. Elsewhere, The Report: Qatar 2024 analyses how global trends in financial innovation are translating into positive developments in financial technology, digital banking and sustainable finance in the country.
The potential of public-private partnerships (PPPs) to accelerate infrastructure development is also highlighted, aided by the passage of the PPP Law in 2020.
The report features a number of viewpoints and interviews from high profile government and business leaders including 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; Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO of the Qatar Free Zones Authority; Yousuf Al Jaida, CEO, Qatar Financial Centre; Abdulla bin Abdulaziz bin Turki Al Subaie, Managing Director and CEO, Qatar Rail, and Minister of Environment and Climate Change; and Abdulla Mubarak Al Khalifa, Group CEO, QNB.
Jana Treeck, OBG’s Managing Director for the Middle East, said Qatar is well placed to capitalise on its enhanced global profile following the 2022 FIFA World Cup.
“Qatar has invested heavily in developing advanced transport and hospitality infrastructure over a sustained period. With the focus now firmly on expanding LNG production capacity to capitalise on its extensive reserves and strong global demand, the country has strong foundations for nurturing new growth engines to support sustainable development,” Treeck remarked.
Commenting on the release of The Report: Qatar 2024, Oliver Cornock, OBG’s Editor-in-Chief, highlighted the crucial role that social and educational investments are playing in shaping the future of the state.
“Qatar’s policy agenda is geared towards equipping the next generation with the skills and knowledge needed to excel in a globally competitive workplace. Concerted efforts to develop the knowledge economy signal Qatar's commitment to sustainable growth and recognition of the importance of talent and innovation in achieving its ambitious economic goals,” Cornock noted.
The Report: Qatar 2024 is the result of extensive field research conducted over a period of more than six months. Oxford Business Group's on-the-ground team engaged with key stakeholders, policymakers and industry experts to provide wide-ranging insights into the nation's economic trajectory. The publication provides a comprehensive assessment of trends, developments and opportunities in Qatar, covering areas including macroeconomics, infrastructure, banking, energy, education and ICT, among others.
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