Doha: The Business Year (TBY), a global media group that has been providing investors, businesses, and governments with first-hand insights into the world’s most dynamic markets for over a decade, recently published its latest publication on Qatar’s economy, The Business Year: Qatar 2020, in partnership with the Ministry of Commerce and Industry and the Qatari Businessmen Association.
For its sixth annual edition on Qatar, TBY conducted more than 150 interviewees with public officials and industry executives, shedding light on the major investment opportunities on offer for the global business community and showcasing Qatar’s resilience in the face of external pressure.
One of the main highlights of The Business Year: Qatar 2020 is the new sports chapter, which examines the role of the industry as preparations for the 2022 FIFA World Cup enter the final stages. Hassan Al-Thawadi, Secretary General to the Supreme Committee for Delivery and Legacy, opens the chapter, providing his insights on the event’s short-term and long-term impacts on Qatar’s economy, the incorporation of Qatar’s heritage and traditions in the preparatory works, and the long-term plans for the stadiums.
The decision to make the oil and gas sector a predominant segment of the new publication was a no-brainer given the state-owned oil company Qatar Petroleum’s (QP) plans to expand the north oilfield by tendering EPC contracts to develop four LNG trains, which will help increase LNG production by 43%, from 77 to 110 million tons per year, by 2024. The chapter also analyzes the evolution of QP’s downstream activities, QP’s partnerships with private-sector players to increase the output of LNG and oil derivatives, and the Tawteen program, which, according to Minister of Energy Saad Al Kaabi, is divided into two parts. In an interview with TBY, the minister shed light on the new program. “The first part is about creating 100 new investment opportunities within the energy sector. The second part is an in-country value policy, which rewards suppliers and contractors who execute their contracts and agreements while maximizing local content.”
TBY’s latest publication also underlines the development of Qatar’s non-oil economy and the government’s efforts to reduce dependence on hydrocarbons. Similar to TBY’s previous publication on Qatar, The Business Year: Qatar 2020 includes a chapter dedicated to the Qatar National Vision 2030 (QNV 2030) and the diversification, digitalization, and sustainability strategies it embodies. The Qatari government’s plans to achieve security and economic independence are further highlighted in the agriculture, retail, tourism, and finance chapters. TBY conducted an interview with the Minister of Commerce and Industry, Ali bin Ahmed Al Kuwari, who explained how Qatar is using revenues from hydrocarbons to foster the development and transformation of six national industries that are critical to achieving QNV 2030, namely manufacturing, financial services, professional and scientific activities, tourism, logistics, and ICT.
restructuring efforts have also been introduced to increase FDI inflows, which remain low compared to outflows. New laws that allow 100% non-Qatari ownership and offer favorable tax-schemes have contributed to the business environment of the country and the appetite of foreign investors. The most important developments in this regard are the second phase of the single window project and the establishment of the Ras Bufontas and Umm Alhoul free zones, under the direct supervision of the Qatar Free Zones Authority.
TBY Analytics, TBY’s unique methodology for parsing C-level opinion into real-time statistics, confirms the confidence of the business community in the financial, IT, and telecoms sectors. While banks across the country continue to implement diversification and stability strategies, interest for new and more complex capital markets products is skyrocketing among investors. Notably, the hottest trends shaping the financial sector are the development of new Islamic financial products and initiatives, and the Qatar Stock Exchange’s drive to encourage the listing of private companies, especially SMEs.
Elsewhere, Doha’s beautification strategy, which is in line with local traditions and cultural heritage, is making rounds. Part of this strategy is the ongoing works at Doha Metro, the design of the venues for the 2022 FIFA World Cup, and the expansion of the Hamad International Airport. The beautification project is a crucial part of the government’s efforts to improve air quality and the overall quality of life. The strategy is already in full effect, as evident from the rise in the popularity of green buildings, eco-friendly transportation, and solar energy. Jassim Bin Saif Ahmed Al Sulaiti, Minister of Transport and Communications (MoTC), told TBY how the Doha Metro “is playing a major role in influencing a modal shift by implementing initiatives such as Metrolink feeder services and on-demand ride-sharing services such as MetroExpress.” He further added that “MoTC recently developed a detailed electric bus implementation plan (EBIP) that will provide the framework for a gradual shift to a fully electric public bus system in Qatar and the utilization of electric buses on key services during the 2022 FIFA World Cup.”
Other prominent topics covered in The Business Year: Qatar 2020 are the government’s plans to move toward a knowledge-based economy, the improvements in an already world-class healthcare system, and the digitalization of the public and private sectors.
TBY’s Qatar team has also started its research for The Business Year: Qatar 2021, which will feature a new chapter on the impacts of the 2022 FIFA World Cup on sectors such as finance, real estate and construction, tourism, retail, and agriculture, and food security. Ayşe Valentin, CEO of TBY, commented at the launch of the publication: “Qatar has entered 2020 with a newfound optimism. Continued enthusiasm in the private sector will drive the economy for years to come. The Business Year: Qatar 2020 is the perfect handbook for those looking to do business in the country.”
TBY is present in over 35 countries. It conducts hundreds of interviews a week with top decision makers in the Middle East, Latin America, Central and Southeast Asia, Africa, and Europe. The Business Year: Turkey 2020 will be distributed extensively, both domestically and globally, and will reach an even larger audience via TBY’s powerful network of digital platforms. All interviews and content will be also available on the key business information platforms: Bloomberg Terminal, Refinitiv Eikon, Dow Jones Factiva, and FactSet.
