Qatar continues to focus on economic diversification

19/05/24

Qatar is successfully progressing with its economic diversification plans by targetting four key sectors, namely logistics, Information and Communications Technology (ICT), manufacturing and tourism.

The topic was discussed by leading policymakers at the recent Qatar Economic Forum in a panel discussion entitled ‘Reshaping Middle East Economies’. The session explored how Gulf Cooperation Countries (GCC) can contribute to this acceleration while also improving competitiveness by achieving inclusive and sustainable growth.

In order to achieve its goals, Qatar has laid out ambitious economic plans as part of its Third National Development Strategy (NDS3). Most importantly, NDS3 is a key part of the Qatar Vision 2030, which was originally split into three phases.

As a result, the first phase focused on creating national champions – the Qatar Investment Authority, Qatar National Bank and Ooredoo telecommunications which helped build a brand for the country. In the second phase, the government invested over QAR 300 billion (USD 82.41 billion) in state of the art infrastructure for the country in order to ensure the successful delivery of the FIFA World Cup in 2022.

Qatar is now embarking on the third and final phase and post 2022 has focussed on economic diversification. Its strategy to achieve this is to enable the private sector, most importantly the financial sector, develop human capital and introduce new policies and initiatives to increase the ease of doing business in the country.

Specifically, the States target is to grow non-hydrocarbon revenue by 4% a year until 2030. Currently, the energy sector is performing extremely well and the State has recently announced a huge Liquid Natural Gas (LNG) production expansion programme. The plans will lead to the increase of Qatar’s LNG production by 85% in a phased manner by 2030, with total output reaching 142 million tonnes per annum.

At Business Startup Qatar, our network of experts and specialists cover every aspect of the business lifecycle including Market Research and Assessment Qatar, Qatar Business Case, Qatar Business Model Development, Feasibility Study and Business Plan Qatar, Organizational and Operational Structuring Qatar, Qatar Sponsorship and Partnership, Company Formation Qatar among others.

Click on the link to explore the possibilities and initiatives of Business Start Up Qatar.

Other News

BSUQ News 56 - Thumb

Invest Qatar partners with Deloitte to launch digital skills report

Invest Qatar in collaboration with Deloitte has launched a joint report titled ‘Qatar's Digital Frontier: Mapping the Future of Skills.’

The comprehensive study delves into the [significance of...

Read more
BSUQ News 55 - Thumb

Qatars Government prioritising environment and biodiversity

Qatars government has introduced several environmental initiatives to preserve the ecosystem, recyle water and enhance biodiversity.

Such initiatives are nature based solutions (Nbs) and focus heavily...

Read more
BSUQ News 54 - Thumb

Qatar welcomes over 2 million visitors in first quarter 2024

Qatars Ministry of Tourism announced the State attracted over 2 million tourists in the first four months of 2024 during the recent Qatar Economic Forum.

The impressive figures were revealed during...

Read more
BSUQ News 52 - Thumb

Qatar's New Real Estate Law Boosts Investment Climate

Qatar's real estate sector is undergoing a transformative phase with the recent issuance of Law No. 5 of 2024 related to real estate registration.

This landmark legislation aims to regulate the sector...

Read more
BSUQ News 51 - Thumb

Qatar Foundation funds over 4,800 projects since 2007

Qatar Foundation (QF) has been leading Qatar’s efforts to diversify the economy and transform the nation into a knowledge based society.

Across the fields of IT, energy, environment and healthcare,...

Read more
BSUQ News 50 - Thumb

Qatar focused on developing the healthcare sector

Qatar`s healthcare sector is expected to increase at a compound annual growth rate (CAGR) of 5.2 percent by 2028 according to data by Fitch Solutions.

Analysts predict such figures based on recently...

Read more
BSUQ News 49 - Thumb

Qatar's gateway for global talent: The Mustaqel Visa

Qatar is set to revolutionise its labour market with the launch of the Mustaqel Visa, a groundbreaking five-year renewable residency permit designed for international entrepreneurs, exceptional talents...

Read more
BSUQ News 48 - Thumb

Qatars 'Young Entrepreneurs Initiative’ empowers students

Qatars ‘Young Entrepreneurs Initiative’ aims to educate its students about leadership skills with the goal of chanelling energies and ideas to serve the society.

The initiative is a combined programme...

Read more

Page Break