Qatar Market Insights
According to reports from the International Monetary Fund (IMF), Qatar remained a regional leader in terms of economic expansion in 2017. Qatar’s economy is forecast to expand by 2.5% in 2017 and 3.1% in 2018, as per the latest IMF estimates, released at the end of October 2017. This is higher than growth estimates for the Middle East as a whole, which the IMF predicts will expand by 1.3% in 2017 and 2.8% in 2018.
Qatar’s expenditure on major projects is expected to reach about $25bn in 2018, targeting projects in education, health and construction sectors in preparation for hosting the FIFA World Cup in 2022.
The State also plans to award contracts worth $29bn to the private sector in order to encourage diversification, and focus on supporting food security projects, small and medium enterprises, and the development of infrastructure in economic zones and free trade zones, reported Gulf Times.
In order to boost foreign investment, Qatar has recently outlined a new draft law allowing foreign investors 100% ownership in most sectors of the economy. This will position the country as a leading economic power in the region, according to Qatar-based financial experts. This initiative, coupled by government support in the form of tax exemptions and low-cost leases of industrial or commercial properties, aims to attract non-Qatari investors, support Qatar’s diversification, and drive economic development and security of investment in the country.
(Sources: IMF, Gulf Times)
Aside from strengthening the economy and positioning Qatar as a leader in the region, a rigorous effort is being exerted to promote and celebrate the rich culture and heritage of the country. An important goal of the Qatar National Vision 2030 (QNV 2030) is to modernize the state while preserving the country’s culture and Arab identity. New developments in communication, transportation, and technology are creating new forms of cultural production, allowing for higher flows of cultural products into and out of Qatar