The Prime Minister and Minister of Interior, H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani’s meting with key stakeholders of the private sector on Thursday , preceded by the government’s announcement of a huge stimulus package to private sector, has boosted business community’s confidence in the local economy.
Ever since the country witnessed the first wave of COVID-19 pandemic outbreak, Qatar has been implementing strong measures to ensure stabilisation in the market. Determined to fix the problems, the government announced a package of QR75bn+QR10bn, nearly 10 percent of the country’s GDP, to prop up the economy from any possible pandemic impact. The government policies found a positive response in the market.
The Prime Minister’s Thursday meeting has further enhanced the business community’s confidence in the market, private sector leaders told The Peninsula yesterday. Representatives of Qatar’s private sector companies and business leaders are upbeat about the government’s support and financial incentive packages that are being provided to the companies, especially the SMEs.
“The meeting gave us more confidence and reassurance to continue our role as a partner in achieving comprehensive development,” commented Sheikh Faisal bin Qassim Al Thani, Chairman of Qatari Businessmen Association (QBA).
The meeting is an evidence of the government’s continuous provision of the necessary support to the private sector, and encouraging it to play the role assigned to it, by availing all the necessary capabilities and overcoming obstacles in the path to achieving sustainable development and emphasizing the constructive partnership between the government and private sectors, Sheikh Faisal said in a statement issued by QBA.
The QBA statement quoted Sheikh Dr. Khalid bin Thani Al Thani, QBA Second Deputy, as saying “thanks to the Amir H H Sheikh Tamim bin Hamad Al Thani for providing the financial and economic incentives to support the private sector.”
Commenting on the Prime Minister’s Thursday meeting another prominent private sector leader and Qatar Chamber’s First Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari told The Peninsula: “The meeting was held in the right time as there were concerns with regards to implementation of the support package. The impact on the revenue of businesses is very huge.
The businesses, especially the smaller ones, are looking for more aid instead of loans as many of them facing huge problems and may not be able to reopen their businesses,” he said. Al Kuwari added: “The government support is the only answer to address the issue. There is no other way. Companies are not able to bear the costs and expenses despite the fact there are no revenues due to the lockdown.
The good thing is that the government is evaluating the situation and looking forward to gradually open some businesses.” He also noted that if more time passes under the lockdown many companies may collapse, so the government is considering to partially opening some businesses keeping in view the ground realities
On the government’s stress on the importance of enhancing cooperation between the public and private sector constantly, the First Vice-Chairman of QC noted that the Amir H H Sheikh Tamim bin Hamad Al Thani and the Prime Minister are big supporters and promoters of PPP model, and “we are expecting new laws on PPP very soon”. Understandably the first priority of the government now is to solve the current problem which is very huge.
“We are expecting the package of QR75bn need to be doubled, and the government has made some promises to address it. Companies are looking for more aid coming to them direct instead of only loans, and I believe the government has the ability to solve all the problems.”
Another prominent Qatari businessman and the Member of the Board of Directors at Qatar Chamber, . Ali bin Abdulatif Al Mesned, said: “The meeting yesterday with the Prime Minister was really good and encouraging.
This was part of the government’s follow up to support the private sector for a sustainable economy.” Al Mesned, who is also the Chairman of Al Baida Group, one of the leading business conglomerates in Qatar, added: “The meeting also aimed at discussing the health of the economy and the health of people due to the COVID-19. The Prime Minister listened to the concerns of the companies patiently and assured to take needful measures. He is really on top of things and focusing on the concerns to resolve them along with his cabinet and ministers. And we are very happy about it.”
The meeting also discussed the ways of supporting the small and mid-sized enterprises and industries in close cooperation with banks. The government is taking on board all the stakeholders and working like a good team in a very cohesive manner. The government is also looking forward to relaxing some rules to support and boost the health of the economy, and more positive steps are expected in the future, he said.
