The state of Qatar is a relatively small country but has one of the fastest growing economies in the world. Qatar has significant oil and gas reserves and is the world’s largest exporter of liquefied natural gas. The majority of Qatar’s wealth and revenue is often attributed to its natural reserves, however Qatar’s economic policy is primarily focused on expanding and developing its non-energy related industries such as petrochemical, real estate, financial services, education, health, sports and tourism.
Since 2010 when the State of Qatar was awarded the rights to host the 2022 FIFA World Cup, the country has embarked on one of the largest and most ambitious infrastructure projects in the world, with a significant drive to diversify its economy away from oil and gas.
The FIFA 2022 World Cup which will necessitate major infrastructure works, including the construction of 8 new stadiums, new roads and transportation facilities. This will have an extremely positive impact on the country’s economy over the coming years.
Qatar’s 2020 budget demonstrates that there will be plenty of investment opportunities going forward, especially when it comes to infrastructure projects. Qatar opened its first two economic free zones in 2019, attracting companies to open there from around the globe – the Ras Bufontas Free Zone is located next to Hamad International Airport and Umm Alhoul Free Zone situated near Hamad Port.
Furthermore, this has been supported by the Qatar National Vision 2030 programme and a National Development Strategy where significant investments in transport and urban infrastructure have been seen, such as the opening of Hamad International Airport in 2014, alongside a raft of new hospitality concepts, hotels, resorts, malls and conference centres.
The FIFA 2022 World Cup will also put Qatar in the global spotlight and give the Gulf-state an opportunity to showcase its brand new, state-of-the art infrastructure and facilities. In doing so, Qatar will become the face of an Arab world that projects its real self – rich, bold and futuristic – a dramatic contrast to some current perceptions of this region.
It is anticipated by investors that Qatar’s amplified international stature will convert into significant economic gains, provide a boost to tourism and related industries such as hospitality and air transport.
This affluent market with a very high gross domestic product (GDP) and growing population offers various opportunities for local, regional and international businesses across a wide range of sectors and is preparing itself for an influx of visitors, investors and more ahead of the World Cup 2022.
Links Group specialises in helping foreign businesses and individuals establish a commercial presence in the GCC through corporate sponsorship structures.
If you would like to find out more about Qatar and the opportunities available for businesses to open there, please get in touch with a member of the team on info@linksgroup.com or +974 (0) 4 495 4666.
Disclaimer: All information provided in this article was correct at time of publishing. Dates are subject to change without notice, please check with the relevant local authority or your Links Group representative for further information.
