Qatar aims to build diversified, innovation-driven economy: PM

Qatar Tribune

20-05-2025

Satyendra Pathak
Doha
Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani on Tuesday reaffirmed Qatar's ambition to build a diversified and prosperous economy rooted in knowledge and innovation.
Embracing the technological revolution, the PM said, Qatar seeks to create an economy defined by flexibility, adaptability, and global competitiveness.
Delivering the opening remarks at the fifth edition of the Qatar Economic Forum (QEF), Powered by Bloomberg, under the theme 'The Road to 2030: Transforming the Global Economy', the PM emphasised Qatar's vision to become a beacon of technological advancement and a global hub for investment and business.
This vision, he noted, is grounded in trust and reliability—principles that guide the country's approach across energy, investment, and diplomacy.
The prime minister highlighted ongoing efforts to translate this vision into reality by strategically diversifying foreign investments to enhance economic resilience and build a sustainable, long-term economic foundation.
In this context, he pointed to the Qatar Investment Authority's (QIA) continued pursuit of its long-term strategy through strategic global partnerships. This year alone, QIA has made substantial investments spanning the United States, Africa, and China that reflect strong confidence in the dynamism and future potential of global, especially emerging, markets.
On the domestic front, the prime minister stated that Qatar's economy maintained its positive trajectory in 2024, achieving real GDP growth of 2.4 percent and reaching a total output of QR713 billion.
He attributed the growth primarily to robust expansion in non-oil sectors, which grew by 3.4 percent year-on-year—underscoring steady progress toward the goals outlined in Qatar's Third National Development Strategy.
He further highlighted that foreign direct investment (FDI) inflows are expected to reach QR 9.9 billion by the end of 2024, reflecting growing international confidence in the strength and resilience of the Qatari economy. To sustain this momentum, Qatar continues to enhance its legislative and administrative frameworks, making the business environment more efficient, transparent, and attractive to global investors.
In line with these efforts, he announced the launch of the first package of investment incentives, aimed at investors and focused on strategic sectors such as advanced manufacturing, modern technology, and logistics services. He described the package as a significant step toward stimulating growth in key areas that will form the backbone of Qatar's future economy.
In addition to industrial expansion, the prime minister said, 'This year witnessed the launch of the Simaisma Project, one of the largest entertainment projects in the region. It is also a major driver of the real estate and tourism sectors and an effective engine for integrated development.'
In the realm of innovation and digital transformation, the prime minister stated that Qatar has firmly established itself as a rising hub for emerging technologies.
He highlighted the successful hosting of the second edition of the Web Summit in Doha in February 2025, which drew over 25,000 participants from 124 countries. He noted that the event played a pivotal role in fostering meaningful connections between emerging technology ecosystems in Asia and Africa and major international corporations and sovereign wealth funds, further cementing Qatar's position as a global platform for digital convergence.
Further validating this momentum, the prime minister announced that Qatar has secured the hosting rights for the Mobile World Congress (MWC) for the next five years, with the inaugural edition set to take place in November. This achievement, he said, places Qatar prominently on the map of the global digital economy.
To align with these advancements and ensure meaningful participation in such landmark events, the prime minister revealed that Qatar will soon launch a major new initiative aimed at achieving international recognition in the digital domain. Details of the project are expected to be unveiled later this year.
These achievements, he emphasised, reflect Qatar's unwavering commitment to harnessing its role as a global economic and investment hub and to building a future anchored in diversity, innovation, and sustainability.
The prime minister elaborated on the dire and escalating humanitarian catastrophe in Gaza, emphasizing that despite the relentless efforts of Qatar—working in close partnership with of Egypt and the United States—to end the ongoing war, every opportunity for de-escalation continues to be tragically squandered.
The recent release of Israeli-American soldier Edan Alexander initially signaled a potential opening to halt the violence and initiate a broader ceasefire. However, instead of seizing this moment for peace, it was met with a renewed and intensified campaign of bombardment—resulting in the deaths of numerous innocent civilians. Hestrongly condemned this reckless and unjustifiable escalation, stating that such actions only serve to undermine any remaining prospects for a peaceful resolution.
He affirmed that Qatar remains unwavering in its commitment to diplomacy. Together with its partners, Qatar will persist in its efforts until the war is brought to an end, all hostages and detainees are released, and meaningful relief reaches the people of Gaza—steering the region away from the constant threat of further devastation.
On the Syrian crisis, the prime minister welcomed the United States' decision to lift sanctions on Syria, describing it as a meaningful step forward. He expressed hope that additional measures would follow, sending a clear signal that nations emerging from conflict must be given a real and full chance to rebuild, heal, and envision a better future.
Underscoring Qatar's guiding philosophy, he stated that political stability and economic prosperity are deeply interconnected and cannot be pursued in isolation. It is on this foundation, he noted, that Qatar has built its proactive foreign policy—rooted in principled mediation and constructive engagement to resolve conflicts. For Qatar, he emphasised, peace is not just an ideal but the very cornerstone of sustainable development.
He further reflected that every diplomatic initiative Qatar undertakes is an investment in a future that is more stable, secure, and prosperous. When a young student in Gaza completes his education, or a Syrian family is able to return home after years of displacement, it becomes clear how profoundly stability shapes human lives and revitalizes economies.
In conclusion, the PM expressed hope that the forum's discussions would bear meaningful outcomes, paving the way for sincere and productive dialogue, and fostering new economic partnerships that advance the cause of sustainable development both regionally and globally.