Qatar is expected to emerge as a major player for key industrial sectors in the Gulf Co-operation Council (GCC) and the Middle East this year, according to a Qatari entrepreneur.
Speaking to Gulf Times on Sunday, Farhan al-Sayed, who is also the president of the Qatar-Indonesia Business Council (QIBC), said not only is the State of Qatar considered “one of the most attractive nations globally,” but many countries had been gravitating towards Qatar as an investment destination.
Since it was announced that Qatar will host the 2022 FIFA World Cup, al-Sayed said many countries and international companies have benefited from the multi-billion projects related to the staging of the games – a first in the Middle East.
“Qatar’s ability to attract many international partners will play a pivotal role in the GCC region and the Middle East as a business hub in redistribution, manufacturing, logistics, and other key sectors.
“Aside from the state-of-the-art Hamad Port, Qatar also has the world-class Hamad International Airport, which provides connectivity to different cargo and passenger destinations worldwide.”
Al-Sayed lauded the government for passing new laws and other legal reforms, as well as streamlining policies to make doing business in the country easy and attract foreign direct investments (FDI).
By raising its liquefied natural gas (LNG) capacity, Qatar’s energy sector places a significant contribution to the country’s GDP, said al-Sayed, adding that the “economy will grow faster than expected.”
“Qatar is definitely witnessing an economic boom this year, assisted by high oil and natural gas prices. Not only is GDP expected to grow this year, but Qatar’s population is also on the rise as the country gears up for the World Cup games,” al-Sayed pointed out, adding that the hospitality, retail, and tourism sectors, as well as small and medium-sized enterprises, are bracing for the influx of tourists in the run-up to the FIFA World Cup.
“Under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, Qatar was able to withstand the challenges of a tough and prolonged pandemic. This has been achieved by having one of the highest standards of healthcare, one of the highest vaccinated populations in the world, uninterrupted supply chain of goods, which kept the markets stocked, complemented by the services and support of Qatar Airways and Hamad Port,” he said.