Latest news with #economicdiversification
Zawya
20 hours ago
- Business
- Zawya
LNG expansion to enhance Qatar's position as global supplier
Doha: Qatar's economic diversification is paving the way for a more resilient economy and sustainable growth. The economic outlook for Qatar is promising, with several key developments shaping its trajectory. Economic growth is expected to remain modest through 2025, accelerating to a high of 7.9 percent in 2027, according to IMF projections. This growth will be driven by the expansion of liquefied natural gas (LNG) production, initial reform gains from implementing the Third National Development Strategy (NDS-3), and the adoption of innovative technologies. The expansion of LNG production including the North Field South (NFS) LNG project, is a cornerstone of Qatar's economic strategy. With production starting in 2026, increased LNG output will not only boost export revenues but also support growth in related industries and infrastructure development, noted Qatar Financial Centre in a report. This expansion is expected to enhance Qatar's position as a leading global LNG supplier, providing a stable revenue stream that can be reinvested into other sectors of the economy. Meanwhile, NDS-3 will continue to drive sustainable economic growth by diversifying Qatar's economy beyond hydrocarbons, fostering innovation, and creating a business-friendly environment. The focus on developing the private sector will continue, supported by world-class infrastructure and international events. Initiatives in manufacturing, logistics, tourism, IT, and financial services will reduce reliance on hydrocarbons and create new revenue streams. Technological innovation and investment in cutting-edge technologies will also play a crucial role in Qatar's economic transformation. By embracing digital transformation and fostering a culture of innovation, Qatar aims to enhance productivity, create high-value jobs, and attract international investments. A focus on artificial intelligence (AI), clean energy, and smart infrastructure aims to position Qatar as a leader in the global innovation landscape. Qatar hosts a conducive business environment for financial institutions, providing world-class infrastructure, a competitive tax framework, and progressive regulatory reforms. A key value proposition for Qatar as a financial hub is its strategic prioritisation of financial services at the policy level. Financial services are integral to Qatar's National Vision 2030 and the NDS-3, which emphasise economic diversification and investor-friendly initiatives. In particular, NDS-3 supports the development of financial services through innovation, efficiency, and regulatory oversight, targeting niche specialisations such as InsurTech, asset management, and capital markets. Qatar hosted its first Web Summit in 2024, becoming the first country in the region to do so, aiming to enhance its position as an innovation and technology hub. The Web Summit series is one of the world's largest technology conferences, connecting a new generation of entrepreneurs with global investors and industry leaders, fostering innovation and collaboration within the tech industry. The inaugural event had a notable impact on Qatar's FinTech and startup ecosystems. One of the major outcomes was the announcement of QIA's $1bn Fund of Funds to support entrepreneurs and startups in the region, with FinTech being one of the programme's priority sectors. The program has a dual investment mandate to achieve good financial performance and deliver a positive development impact on the Qatari venture capital ecosystem. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Sohar International partners with 'Oman Balloons' to elevate the Sultanate's Tourism Landscape and drive In-Country Value
Muscat: Reinforcing its strategic commitment to national development and sustainable tourism, Sohar International has signed a Memorandum of Understanding (MoU) with 'Oman Balloons,' becoming the exclusive banking sponsor of the Sultanate's first national hot air balloon initiative. This partnership underscores the bank's unwavering focus on going beyond banking—supporting innovative ventures that align with Oman Vision 2040 and contribute to in-country value creation. The signing ceremony was held at Sohar International's headquarter in AL Khuwair, with the MoU signed by Mr. Khalil Salim Al Hedaifi, Chief Government & Private Banking Officer at Sohar International, and Mr. Salim Sultan Al Abri, Chief Executive Officer of Oman Balloons. The project is set to launch in October from Bidiyah in the Al Sharqiyah North Governorate, offering a pioneering aerial tourism experience that showcases Oman's natural beauty and cultural richness. Commenting on the partnership, Mr. Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International, stated: 'At Sohar International, we are proud to be the exclusive financial partner of the 'Oman Balloons' project—an initiative that not only positions Oman as a regional leader in aerial tourism but also reflects our broader vision of enabling innovative and high-impact national projects. This partnership is a testament to our commitment to supporting economic diversification, empowering Omani talent, and fostering public-private collaboration, all in alignment with the aspirations of Oman Vision 2040.' Commenting on the partnership, Mr. Salim Sultan Al Abri, Chief Executive Officer of Oman Balloons, stated: 'We are proud to partner with Sohar International—one of the first institutions to believe in the vision of 'Oman Balloons' and support it from the outset. This exclusive sponsorship marks a key milestone in the project, providing not only financial support but also strategic value that will accelerate our progress.' The experience will feature a dedicated reception and briefing lounge, a cultural exhibition of traditional Omani handicrafts and souvenirs, and a ceremonial end-of-tour certificate and photo opportunity for participants. This national initiative is developed in collaboration with 'Basha Balloon,' Europe's second-largest balloon operator and a trusted name in aerial safety In a first-of-its-kind milestone, Sohar International will operate its own dedicated hot air balloon—branded with the bank's identity—making it the first commercial brand to fly across the Sultanate's skies. The initiative is also aligned with the bank's social responsibility agenda, creating new employment opportunities, empowering local SMEs, and channeling a share of the operational revenue toward environmental preservation. This positions Sohar International as a strong advocate of ESG practices within the tourism sector. This partnership represents a model for how the private sector can play an active role in enhancing Oman's global appeal, stimulating tourism, and driving inclusive, sustainable development. Through initiatives like this, Sohar International continues to deliver on its strategic priorities while supporting the long-term prosperity of the nation. About Sohar International Sohar International is Oman's fastest-growing bank, guided by a clear vision to become a world-leading Omani service company that helps customers, communities, and people prosper and grow. With a purpose to help people 'win' by delivering responsive banking for their ever-changing world, the bank offers innovative solutions across Commercial and Investment Banking, Wealth Management, Islamic Banking, and more. Operating with a strong digital-first approach and an expanding regional footprint—including presence in the Kingdom of Saudi Arabia—Sohar International is committed to driving value through strategic partnerships and a dynamic customer experience.
Arabian Business
3 days ago
- Business
- Arabian Business
PIF launches Tasama to boost Saudi entrepreneurship and tech ecosystem
Saudi Arabia's Public Investment Fund (PIF) has officially launched Tasama Business Services Company, a national platform aimed at transforming the Kingdom's business services landscape and accelerating growth across both public and private sectors. The launch follows the merger of BIAC—a startup incubator and accelerator formerly owned by TAQNIA, another PIF portfolio company—with the PIF's Shared Services Centre, creating a new national champion for integrated business services. Tasama will offer a comprehensive suite of services for startups in Saudi Arabia, including: Accounting and financial support Human resources and procurement services Digital solutions and innovation platforms Startup incubation and acceleration Workspace and co-working solutions PIF launches Tasama in Saudi Arabia The company is designed to support local businesses in both their startup and growth phases while also enabling international companies headquartered in Saudi Arabia to operate more efficiently. Tasama CEO Mohammed bin Nasser Al-Jasser said the company seeks to elevate the business services sector as a strategic industry in the Kingdom and actively contribute to economic diversification by supporting vital sectors. He emphasized the company's commitment to fostering innovation, empowering national talent, and developing Saudi capabilities, building on the achievements of BIAC in the public and private sectors. He added that Tasama aims to play a pivotal role in developing the business services sector, becoming a key partner in shaping its future and promoting the growth of the technology ecosystem and business environment in the Kingdom. The launch aligns with the PIF's strategic ambitions to diversify Saudi Arabia's economy, strengthen its technology and business ecosystems, and enhance private sector participation. Tasama will also help attract and support foreign companies establishing their regional headquarters in the Kingdom—a key goal under the government's regional HQ programme.
Arab News
4 days ago
- Business
- Arab News
PIF launches Tasama to deliver world-class business services in Saudi Arabia
RIYADH: Businesses operating in Saudi Arabia — including international firms setting up regional headquarters — are set to benefit from the launch of Tasama, a new integrated business services platform established by a subsidiary of the Public Investment Fund. Tasama was created through the merger of the Business Incubators and Accelerators Co., previously owned by the Saudi Technology Development and Investment Co. or TAQNIA, with PIF's Shared Services Center. The company aims to support both the public and private sectors, according to an official statement. The launch forms part of PIF's broader strategy to diversify the Saudi economy and deepen its collaboration with the private sector by accelerating the growth of local enterprises and easing the entry of global firms into the Kingdom's business environment. It also comes as PIF surpasses $1 trillion in assets, marking a major global milestone. According to Global SWF, the fund is now shifting focus from rapid expansion to a new phase defined by solvency, strategic discipline, and long-term sustainable returns. 'The company seeks to advance business services as a strategic sector in the Kingdom, and to contribute effectively to supporting economic diversification by providing support to strategic sectors,' said Mohammed bin Nasser Al-Jasser, CEO of Tasama. Al-Jasser added that the company remains committed to 'fostering innovation, empowering Saudi talent, and enhancing national competencies,' building on BIAC's track record across public and private sector partnerships. He further emphasized Tasama's ambition to evolve the business services sector, positioning the firm as a 'key partner in shaping its future and ongoing progress,' while contributing to the expansion of the Kingdom's tech ecosystem and broader commercial landscape. According to the statement, Tasama will offer a full suite of services aimed at boosting operational efficiency, supporting companies through their launch and growth phases, and assisting international firms in establishing their regional bases in Saudi Arabia. The platform will provide end-to-end support, including accounting, human resources, and procurement services, along with access to digital tools, business incubators, and workspace solutions. Tasama also plans to expand nationwide, with the goal of becoming the leading provider of business services across Saudi Arabia. Earlier this month, Global SWF noted that the Kingdom's sovereign wealth fund — which recently posted an 18 percent rise in assets under management to SR4.32 trillion ($1.15 trillion) in 2024 — is now focused on 'solvency over scale' and 'substance over show.' This strategic pivot underscores a broader recalibration of Vision 2030's investment engine, balancing domestic megaproject development with financial discipline, international outreach, and responsible capital deployment.
Bloomberg
7 days ago
- Business
- Bloomberg
Canada Seeks Southeast Asia Trade Deal to Blunt Trump Tariffs
Canada's top diplomat said she aims to finalize a free trade agreement with Southeast Asian nations 'as soon as possible,' as the country looks to expand economic ties in the face of tariffs from President Donald Trump. 'We are diversifying and we are establishing those trade relationships,' Anita Anand, who has been Canada's foreign minister since May, told Bloomberg TV Thursday on the sidelines of an Association of Southeast Asian Nations summit in Kuala Lumpur. 'We are currently negotiating with Asean a free trade agreement, and we look forward to the conclusion of those negotiations.'
