His Highness the Amir inaugurates Qatar Economic Forum 2024
The fourth Qatar Economic Forum (QEF), Powered by Bloomberg, was inaugurated today under the patronage of HH Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar. Hosted under the theme ‘A World Remade: Navigating the Year of Uncertainty,’ the forum is being held at the Katara Towers.
During his opening address, HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs, said: “We are all proud that the State of Qatar has become a beacon of economic opportunity for many, attracting investors from around the world. It provides the economic foundation for success that can uplift the region so that prosperity can be enjoyed by all.”
HE added: “We are all hopeful for our peoples’ ability to overcome the challenges we face, and in Qatar, we are all determined to bring about change to establish a better future for all. We look forward to seeing new investment opportunities coming forth through this forum’s platform.”
During his address, HE the Prime Minister and Minister of Foreign Affairs affirmed that Qatar remains committed to a diversified economic infrastructure, driven by local and international private sector initiatives and supported by a series of regulatory reforms and investment incentives, which will advance Qatar as one of the top 10 countries for business environment.
HE explained: “The Qatari economy has continued to achieve indicators reflecting its stability and prosperity, with its real GDP growing by around 1.6% until the third quarter of 2023. This growth coincided with improved financial stability indicators, along with a flexible fiscal plan in response to energy price fluctuations.”
In the energy sector, HE underscored the country’s ongoing investment efforts, explaining that by 2030, Qatar will have completed its expansion in Liquefied Natural Gas production, thanks to the North Field Expansion Project, raising total production to 142 million tonnes per annum.
HE the Prime Minister and Minister of Foreign Affairs, also discussed the latest developments in the country’s journey towards comprehensive digital transformation, including investments in technology, innovation and artificial intelligence. HE announced that Qatar has allocated QAR 9 billion for incentives.
In addition, Qatar’s hosting of Web Summit for the first time in the Middle East and North Africa aims to enhance partnerships with major investors and exchange experiences with technology pioneers from around the world. HE noted that Startup Qatar, which was launched on the sidelines of the summit, contributed to the registration of more than 250 startups.
During his speech, HE the Prime Minister and Minister of Foreign Affairs announced the launch of Al Fanar, an Arabic language Artificial Intelligence project which will collect high-quality data in Arabic to enrich Large Language Models while preserving Arab identity.
Set to run until the 16th of May, the Qatar Economic Forum 2024, Powered by Bloomberg and hosted in collaboration with Media City Qatar, convenes thought leaders, industry experts and decision-makers from around the world in Doha to deliberate on pressing economic issues, explore opportunities for collaboration and exchange expertise.