A little more than a year back, some neighbouring countries were busy talking about how the blockade will hurt the Qatar economy and how they will manage to squeeze Qatari enterprises. Nothing like that happened.
The last year has been a trail blazing year for many Qatari companies and government enterprises. There have been fresh investments all over the world. New alliances formed, new funds setup, new mega projects announced – these were also answers to the doomsayers from the blockading countries.
Just a day back Qatari Diar Europe, globally renowned developer, broken ground at 30 Grosvenor Square – the former site of the historic US Embassy - as it commences construction on London’s second Rosewood hotel in the heart of Mayfair. Anticipated construction completion date of the asset valued at approximately £1bn has been set for 2023.
A few days before that leading global hotel owner from Qatar Katara Hospitality announced plans to set up a $1bn investment fund targeting the hotels and hospitality sectors in sub-Saharan African countries along with AccorHotels.
There have been many such investments from Qatari companies in strategic assets and funds around the world. And many big corporates are entering Qatar market with mega projects die to the stability of the economy.
The strength of the economy was evident from the fact that global rating agency Moody’s upgraded the rating of dozen Qatari companies and 10 Qatari banks. This comes after the agency changed the outlook on Qatar’s long-term issuer ratings to stable.
The strength and resilience of the Qatari economy was yet again the focus of attention in Washington when International Monetary Fund Deputy Managing Director Tao Zhang, in April this year, praised the economic policies taken by Qatar and its success in overcoming economic crises affecting the global economy.
The competitive advantages of the Qatari economy were discussed when the IMF organised a special seminar for the Qatari delegation at its headquarters in Washington, DC, to discuss the global economic situation.
With preparations for Qatar 2022 gaining speed, the economy is expected to gallop faster. Even top international financial bodies have said in various reports that Qatar economy is the most stable in the region.
During the last one year of blockade, Qatar has only increased their investment around the world.
As per a recent report Qatar is the second largest foreign direct investor in Tunisia, accounting for 16 percent of the country’s investments.
Qatar is also investing $500m in infrastructure and tourism projects in Jordan.
It is great irony that the very nations, which were aiming at squeezing Qatar’s growth, is now struggling to maintain the stability of their economies.
