Qatar: Revamp of PPP laws to boost foreign investment in non-energy sectors
Doha: The revamp of important laws concerning bankruptcy and public-private partnerships (PPP) is anticipated to attract greater foreign direct investment, bolstering growth in non-energy sectors.
In an interview with The Peninsula, Scott Livermore, ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics Middle East, said "The proposed overhaul of key laws related to bankruptcy and PPP is expected to drive stronger foreign direct investment inflows, bolstering growth in non-energy sectors."
Qatar introduced a 50 percent discount on leasing rates in industrial, logistics, and commercial zones last month. The decision was implemented by the Ministry of Commerce and Industry and Manateq to foster national economic growth, enhancing the private sector's role, and encouraging entrepreneurship and investment in value-driven sectors. This was followed by a 90 percent reduction in application fees for licensing an entity on its platform by the Qatar Financial Centre.
The country has made significant strides in reducing its dependence on the oil and gas sector, with initiatives aimed at bolstering key industries such as infrastructure, real estate, finance, health, and education. The government's efforts to implement economic reforms, such as introducing favourable business policies and regulatory changes, have further contributed to the growth outlook.
Livermore said, 'Qatar's economic growth trajectory is poised to remain strong, with a continued focus on diversification and innovation, positioning the country for long-term stability and success.'
He highlighted strong performance in the transport and storage, accommodation and food services, real estate, health, and education sectors. 'The authorities continue to take steps to attract investment and broaden diversification,' Livermore said.
On the other hand, Qatar's non-energy sector has been experiencing robust growth, driven by the government's strategic diversification efforts. While reliant on oil and gas revenues, Qatar has increasingly focused on expanding sectors such as infrastructure, real estate, finance, healthcare, education, and technology, to reduce its dependence on hydrocarbons.
The finance and real estate sectors have seen significant development, with new initiatives aimed at attracting international businesses and investors.
As Qatar continues its diversification efforts, the non-energy sector is expected to become an increasingly important driver of economic growth. The industry expert said, 'This implies a similar pace of growth as last year; available GDP data for 2024 show a 2.9 percent expansion across non-energy sectors in the first three quarters.'
The official also highlighted that the tourism sector has provided significant support to non-energy growth and will remain a driver of future activity and employment.
'The launch of the pan-GCC visa will likely help extend the positive performance this year, lifting the number of arrivals to 5.3 million,' he said.
Livermore further added 'The GCC is not at risk of targeted US tariffs and the US will remain a key trade partner for the region, with recent announcements pointing to strengthening economic ties, if anything. That said, the global trade uncertainty in the face of Trump's tariff policies clouds the outlook for external demand.'
© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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