Qatar’s economy bolstered by non-oil activities, says PM
Qatar, along with other Gulf countries, is seeing significant growth in non-oil activities as the region diversifies and seeks independence from oil, as shown by figures highlighted by the country’s prime minister.
Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani stated his country’s non-oil sector grew by 9.9 percent in the fourth quarter of 2022, and oil activities also saw a 4.8 percent rise.
The growth is in keeping with that seen in other Gulf Cooperation Council countries, which have been intensifying their investments in sectors that yield financial returns and boost innovation as they move beyond traditional oil and energy sectors.
Speaking at the Qatar Economic Forum, Al-Thani stated that the efforts of the gas-rich Gulf state have led to the development of robust financial institutions and the establishment of a work environment that stimulates business growth.
These initiatives have resulted in a considerable increase in both domestic and foreign investments.
Qatar’s non-oil growth was boosted by hosting the FIFA World Cup 2022 in November and December, but the country has also been significantly investing in non-oil activities at the local, regional, and global levels.
On Wednesday, Mansoor Al-Mahmoud, CEO of Qatar Investment Authority, announced that QIA plans substantial investments in the UK following the signing of a strategic investment partnership, Qatar News Agency reported.
Al-Mahmoud stated that the investments align with the authority’s mission to create value for future generations, targeting sectors such as fintech, technology, and e-commerce.
Al-Mahmoud declared that QIA is committed to investing £10 billion ($12.4 billion) in key sectors within the UK through 2027.
He added that these investments underscore QIA’s strategic focus on fostering innovation and targeting sectors oriented toward the future.
The Qatari prime minister also emphasized this point during the forum, elaborating on the country’s interest in bolstering the small and medium enterprises sector.
“As a result of our realization of the importance of SMEs in achieving prosperity, we constantly work on launching initiatives to support these companies with the aim of enhancing the spirit of entrepreneurship,” Al-Thani added.
He further reiterated that QIA plays a significant role in ensuring economic stability for future generations.
By partnering with the private sector, QIA aims to fill gaps in the local market by investing in companies and sectors that bolster Qatari local industries, fostering their expansion into global markets.