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Qatar Tribune
20-05-2025
- Business
- Qatar Tribune
Qatar aspires to be a diversified, prosperous knowledge-based economy: Prime minister
DOHA: Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has said that the State of Qatar aspires to be a diversified and prosperous economy based on knowledge and innovation, emulating the technological revolution, and characterised by flexibility and adaptability. In his opening remarks at the fifth edition of the Qatar Economic Forum, held in partnership with Bloomberg, which kicked off on Tuesday under the theme 'The Road to 2030: Transforming the Global Economy', the prime ministeradded that Qatar aspires to be a beacon of technological advancement and a global hub for investment and business, built on trust and to remain a reliable partner, whether in energy or investment, as well as in diplomacy. He continued: "From this perspective, we are working to translate this vision into a tangible reality by diversifying our foreign investments in a way that enhances strategic balance and contributes to building a sustainable, long-term economy." In this context, the Prime Minister and Minister of Foreign Affairs noted that the Qatar Investment Authority continues to implement its vision through long-term strategic partnerships around the world, continuing this year with significant investments from the United States to Africa and even China. He added, "These initiatives reflect our firm confidence in the dynamism of markets, particularly emerging ones, and their future potential." On the local level, the Prime Minister and Minister of Foreign Affairs explained that the Qatari economy continued its positive performance, recording real growth of 2.4 percent in 2024, bringing the GDP to QR713 billion. He added, "This growth is attributed to the remarkable progress in the non-oil sectors, which grew by 3.4 percent annually, a clear indication of steady progress toward achieving the goals of the Third National Development Strategy." He pointed out that by the end of 2024, the volume of new foreign direct investment will reach QR9.9 billion, "which confirms the growing confidence of international investors in the Qatari economy and its strength." He emphasized that the State of Qatar, to keep pace with this momentum, continues to develop its legislative and administrative framework to make Qatar's business environment more efficient and attractive to investors. In this context, the Prime Minister and Minister of Foreign Affairs announced the launch of the first package of incentives for all investors, targeting strategic sectors including advanced manufacturing, modern technology, and logistics services. He stated that this package represents a qualitative step towards enhancing growth in sectors that constitute a fundamental pillar of the future of the national economy. He noted that, in addition to industrial expansion, this year witnessed the launch of the 'Simaisma Tourism 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 field of innovation and digital transformation, he stated that the State of Qatar has established itself as an emerging technology hub, noting in this context that Doha will host the second edition of the Web Summit in February 2025, with the participation of more than 25,000 people from 124 countries. Sheikh Mohammed affirmed that the summit succeeded in creating exceptional communication between emerging technology hubs in Asia and Africa on the one hand, and major international companies and sovereign funds on the other, strengthening Qatar's position as a global hub for digital intersectionality. He added, "In confirmation of this trend, the State of Qatar recently won the bid to host the Mobile World Congress (MWC) for five years, with the first edition to be held next November, a move that firmly places Qatar on the map of the global digital economy. The Prime Minister and Minister of Foreign Affairs revealed that, in order to keep pace with this development and actively participate in it, the State of Qatar will launch a new project that aspires to global status, which will be unveiled this year. He emphasized in this context that these combined achievements reflect the State of Qatar's commitment to consolidating its position as a global economic and investment hub, and reinforce its seriousness in building a future based on diversity, innovation, and sustainability. He stressed that the State of Qatar seeks to consolidate its role in building a more balanced global economy that promotes partnership and places people at the heart of development. He also expressed the State of Qatar's aspiration to be a platform where ideas converge and interests intersect in an environment fostered by peace and investment. In his speech, the Prime Minister and Minister of Foreign Affairs called for an integrated approach that combines security, development, diplomacy, and growth, placing human dignity at the heart of the prosperity equation. He began his speech by welcoming the forum participants, noting that Qatar has today become a destination for active international and diplomatic forums, and a global hub that brings together decision-makers and thinkers to build bridges of dialogue and cooperation. He pointed out that the Qatar Economic Forum is being held this year amid major political and economic transformations, "which underscores the urgent need for dialogue platforms that bring together decision-makers, entrepreneurs, innovators, and thought leaders to chart the course for future investment opportunities and formulate a collective stance on the challenges we face, most notably international stability and sustainable growth". He addressed the ongoing unprecedented humanitarian catastrophe in Gaza, noting that "despite Qatar's efforts, alongside its partners in the sisterly Arab Republic of Egypt and the United States of America, to bring an end to this tragic war, we unfortunately repeatedly witness the failure of any prospects for a ceasefire". He added, "When the Israeli-American soldier Idan Alexander was released, we thought that moment would open the door to ending this tragedy. However, the response was an even more violent wave of bombing that claimed the lives of hundreds of innocent people. This irresponsible, aggressive behavior undermines every possible chance for peace." He stressed that, despite this, the State of Qatar is committed to continuing its diplomatic efforts with its partners "until we stop this war, release all hostages and detainees, alleviate the suffering of our people in Gaza, and remove the region from the ongoing, imminent danger". Regarding the Syrian issue, the Prime Minister and Minister of Foreign Affairs affirmed that "the decision to lift US sanctions on this brotherly country is an important step in the right direction," adding, "We look forward to similar steps following it. It is a clear message to the region and the world that the priority must be to give a real and full opportunity to people emerging from conflict to build a better future". He considered that political stability and economic prosperity go hand in hand, and that neither can be achieved in isolation from the other. He said, "From this standpoint, the State of Qatar pursues an effective diplomatic policy based on fair mediation and constructive action to resolve conflicts, recognizing that peace is the foundation for any sustainable development." He continued, "We consider every diplomatic effort we make an investment in a more prosperous and secure future. When we see a young person in Gaza completing their education or a Syrian family returning home after displacement, we realize the profound impact stability has on people's lives and economies." In conclusion, he wished the participants a fruitful forum and constructive discussions. He also expressed his aspiration for a constructive and fruitful dialogue during the forum's sessions, and for new economic partnerships that would enhance the path of sustainable development in the region and the world.
Qatar Tribune
20-05-2025
- Business
- Qatar Tribune
Qatar aims to build diversified, innovation-driven economy: PM
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.
Zawya
21-03-2025
- Business
- Zawya
Qatar's economy grows 2.4% YoY in 2024
Doha: Qatar's economy recorded a real growth rate of 2.4 percent in 2024, reaching QR713 billion in fixed-price terms, compared to QR697 billion in 2023. According to data from the National Statistics Center at the National Planning Council, released today, Qatars real GDP grew by 6.1% year-on-year in the fourth quarter of 2024, reaching QR 181 billion, up from QR 170.1 billion in the same period of 2023. Secretary-General of the National Planning Council (NPC) HE Dr. Abdulaziz bin Nasser Al Khalifa confirmed that the Qatari economy continues to experience remarkable growth rates, sustaining the country's progress toward sustainable growth and economic diversification, in line with the National Development Strategy 20242030. He pointed out that the latest data reflect the rapid expansion and increasing diversification of the Qatari economy, which is progressively moving beyond its traditional dependence on hydrocarbons. Non-hydrocarbon activities collectively grew by 3.4 percent annually, while hydrocarbon activities remained stable. Despite the significant role of hydrocarbon activities in the GDP, non-hydrocarbon sectors are steadily gaining ground. In 2024, non-hydrocarbon activities accounted for nearly 64% of total GDP, up from around 63% in 2023. This highlights the resilience of the Qatari economy and its ability to withstand economic fluctuations, including declining oil and gas prices and reduced demand for these resources. Compared to the fourth quarter of 2023, hydrocarbon activities grew by 6.2%, while non-hydrocarbon sectors expanded by 6.1%, contributing 116.9 billion riyals out of the 181 billion riyals in GDP for Q4 2024. Non-hydrocarbon activities are increasingly driving growth, in line with Qatar National Vision 2030 and the initiatives of the Third National Development Strategy, which has outlined a clear roadmap for economic diversification in collaboration with the private sector and the reinvestment of oil and gas revenues to build a sustainable economy. According to the data, the key non-hydrocarbon sectors that recorded growth in the fourth quarter include accommodation and food services, which saw the highest growth rate at 14.7%, rising from QR1.7 billion riyals to QR2 billion. The financial sector grew by 11.1%, increasing from QR13.3 billion to QR14.8 billion, while wholesale and retail trade expanded by 9%, climbing from QR13.5 billion to QR14.7 billion. Additionally, real estate activities grew by 6.3%, rising from QR12.7 billion to QR 13.5billion. The construction sector also experienced a 9.6% growth after a period of decline in 2023, following the end of the construction boom. However, it rebounded with the launch of new projects, demonstrating a strong commitment from both the public and private sectors to investing in the local market and driving economic growth. Secretary-General of the National Planning Council HE Dr. Abdulaziz bin Nasser Al Khalifa said that: "these indicators demonstrate the consistent progress of Qatar's economy, particularly in the non-hydrocarbon sectors, which continue to open up new opportunities for growth and investment. With a strategic focus on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in alignment with Qatar National Vision 2030." The impressive economic performance in Q4 of 2024 marks a significant step toward achieving the Sustainable Development Goals. Moreover, through its ongoing efforts in economic diversification and the growth of competitive sectors, Qatar is poised to strengthen its economic position both regionally and globally. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
