Economic Policy
The Qatari economy stands today as one of the most robust within the region and holds promise on the global stage. Throughout recent years, the State of Qatar has effectively strengthened its prominent position within the global economy, guided by the vision outlined by His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar. This vision propels Qatar’s national agenda forward, aiming to establish an economy characterised by diversity and competitiveness, rooted in knowledge and innovation.
“The State of Qatar pays considerable attention to national economic diversification and the goals laid out in the Qatar National Vision 2030 to transform the country into a sustainably developed, knowledge-based economy.”
Qatar recognises the importance of balancing its economic policies, which aim to create a diversified national economy while strengthening its natural resources and wealth. As such, non-oil revenues for 2024 are estimated to reach QAR 43 billion, a 2.4% increase compared to the 2023 general budget estimates.
Moreover, Qatar has continued to focus on the energy sector as an important source of national revenue by expanding the North Field, the world’s largest natural gas field. This expansion will increase the country’s capacity to produce liquified natural gas (LNG) by 46%, amounting to 126 million tonnes annually by 2027.
Such systematic economic policies have supported growth across all sectors, making them active contributors to strengthening the national economy and establishing trust for investors.
Consequently, by developing an administrative and legislative system that motivates business activity, Qatar provides a promising investment environment within its priority sectors. This environment is characterised by:
The State of Qatar has been focused on enhancing the appeal of its investment environment. To this end, it has established necessary legal and regulatory frameworks to create a secure environment for both local and foreign investments. Key initiatives include:
- The issuance of Law No. (1) of 2019, which regulates the investment of non-Qatari capital in economic activities to stimulate economic development, attract foreign investments and offer them the chance to fully own (100%) in various economic and commercial activities and sectors. This law features several investment incentives, such as allocating land to non-Qatari investors for their projects, the potential for income tax exemptions, exemptions from customs duties, protection against expropriation for foreign investments, the ability to transfer investment ownership and the flexibility to transfer investment returns.
On 7 January 2019, HH the Amir issued Law No. 1 of 2019, allowing for foreign investors to own 100% of projects, driving further economic growth in Qatar’s growing economy. #QatarMovingForward pic.twitter.com/FjCh9hup4I
— مكتب الاتصال الحكومي (@GCOQatar) January 9, 2019
- The issuance of Law No. (12) of 2020, regulating partnerships between the public and private sectors, aiming to broaden investment opportunities within the country and establish a legislative framework to enhance governance, risk management and the stimulation of competition and innovation. This law grants investors the chance to finance, develop and manage projects across multiple sectors, with a focus on priority areas such as food security, sports, tourism, health, education and logistics.
- The issuance of Law No. (16) of 2018, regulating the non-Qatari ownership and utilisation of real estate.
- The issuance of Cabinet Decision No. 28 of 2020, identifying the specific areas and zones where non-Qataris can own and utilise real estate, setting the conditions, regulations, benefits and procedures for ownership and usage following the law that regulates non-Qatari ownership and utilisation of real estate. The designated zones for ownership and use are recognised as models of contemporary international planning and urban development standards.
- The issuance of Law No. (8) of 2021, amending certain provisions of the Commercial Companies Law to support capital inflow and enhance Qatar’s international competitiveness in company formation, eliminating barriers and streamlining processes for investors, thereby attracting investment projects and raising Qatar’s ranking in global investment assessments and reports.
The State of Qatar’s ranking in the 2023 Global Competitiveness Report has increased, moving up to 12th place globally compared to 18th in 2022. This was out of 64 developed countries included by the International Institute for Management Development (IMD) in Switzerland. This progress is a result of the economic policies implemented by the State of Qatar, supporting an advanced and open business environment.
These policies ensure adherence to all trade agreements and the execution of adaptable economic strategies aimed at simplifying business operations in Qatar and encouraging investments. Moreover, the government offers a suite of incentives and advantages for foreign investors, which includes the potential for ownership of up to 100% and the opportunity for an income tax exemption covering up to 10 years.
The @GFmag has ranked #Qatar 1st in the Arab Region and 7th globally in terms of investment security, according to the Global Safety and Security Standards 2019. pic.twitter.com/JQxaet1xZJ
— مكتب الاتصال الحكومي (@GCOQatar) February 3, 2019
Qatar’s adoption of open economic policies and a diversified economy has made the investment environment more attractive, leading to partnerships between the private and public sectors, as well as investment opportunities in various sectors, including logistics, food security, education, health and sports.
Through its world-class infrastructure and dynamic private sector, #Qatar continues to deliver on its ambitious plans to ensure a steadfast and diversified economy. #QNV2030 pic.twitter.com/BSWuX1RqSW
— مكتب الاتصال الحكومي (@GCOQatar) September 18, 2020
Qatar has increased government spending on infrastructure projects to strengthen the competitiveness of Qatar’s economy on both the regional and international levels. Major infrastructure projects include Hamad Port, which is one of the Middle East’s largest shipping hubs, Hamad International Airport, the Doha Metro, along the Qatar Rail’s projects, which serve to link various key regions across the country. This connectivity is further enhanced by the provision of industrial zones, logistics zones and a significant collection of free zones, all designed to meet the highest international standards in this sector to fulfil the diverse needs of companies operating in the country’s primary industries.
Local development
Third Financial Sector Strategy
HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs, inaugurated the Third Financial Sector Strategy in November 2023. Launched by the Qatar Central Bank, the Strategy aims to develop the financial sector in Qatar, support the national economy and contribute to the growth of key sectors, in line with the Qatar National Vision 2030.
“We launched the Third Financial Sector Strategy plan for the State of Qatar, which aims at innovation and diversification to enhance our country’s position as an advanced global centre in the field of financial services. This plan is an extension of the first and second strategies, which are considered a roadmap for achieving a sound and flexible financial system that supports sustainable economic growth.”
Made in Qatar Exhibition
The Qatar Chamber, in collaboration with the Ministry of Commerce and Industry (MoCI), organised the 9th edition of the Made in Qatar Exhibition in November 2023, with the participation of more than 450 local industrial companies.
“The exhibition aims to support Qatar’s industrial sector and its development, promote the production and use of Qatari products, reduce dependence on imports and attract investors and entrepreneurs to invest in industrial projects in Qatar.”
Cityscape Qatar 2023
Qatar hosted the 11th edition of the Cityscape Qatar in October 2023, which featured the participation of around 90 real estate developers and 40 local and international participants.
During the event, visitors explored the existing developments and future targets of the Qatari real estate market, contributing to the Qatar National Vision 2030.
This event provided an important opportunity for real estate developers to learn more about the features of their current and upcoming projects and to identify investment opportunities in this growing field.
Qatar Economic Forum
Doha hosted the 3rd edition of the Qatar Economic Forum 2023, powered by Bloomberg, under the slogan “A New Global Growth Story”. The event, which featured the participation of 2,000 international business leaders, highlighted the latest trends in finance, energy, healthcare and technology and their role in driving future growth.
“Let us use this forum as an opportunity for dialogue, consultation and partnership to enhance our chances of working towards economic transformation and progress and towards a more prosperous and inclusive world.”
