Global Finance magazine praised the State of Qatar’s efforts to consolidate its position as a global leader in the digital field as part of the country’s efforts to diversify economically and not depend on the hydrocarbon sector, which in turn enhances the pace of economic growth by constantly creating new opportunities for businesses and investors through a variety of initiatives and incentives. What international agency reports have confirmed is the strength of the Qatari economy in recent years.
The American magazine specialized in economic affairs stated in a report that the largest liquefied natural gas exporting country in the world seeks to benefit from innovation to achieve diversified growth and shift towards a “knowledge-based” economy, as the authorities have developed plans and invested strategically aimed at developing new industries and attracting… Foreign investment, creating a favorable environment for business outside the gas sector. Strong governance, a clear vision, and significant financial resources are key assets that Qatar can leverage as it seeks to achieve its goals for a technology-driven future.
According to the report, the latest opinion poll conducted by the international consulting firm PwC among CEOs indicated that 84% of senior business leaders in Qatar are “optimistic” about growth in 2024, and 71% of them expect employment to increase, while 68% of the CEOs surveyed expressed The survey expressed confidence in their companies’ revenue potential over the next three years, indicating bright prospects for Qatar.
Fastest growing economies
The report also indicated that by 2026, Qatar’s GDP growth is expected to reach 5.5%, up from the current 2.4%, which places it among the fastest growing economies in the world. Last November, Standard & Poor’s Global Credit Rating Agency reaffirmed its rating for the Qatari economy at AA/A-1+ with a stable outlook, noting that “Qatar’s financial position and balance of payments remain strong, supported by its large hydrocarbon reserves and its leading position.” In the global liquefied natural gas market, and the large assets accumulated in the sovereign wealth fund.
Renewable energy
The report stated: “While Qatar works to consolidate its position as a future technological leader, Doha is working to expand its renewable energy portfolio, through investments in photovoltaic facilities such as the Al Kharsaa solar power plant and the Dukhan plant. Solar energy is expected to make up 30% of the national energy mix by 2030. These projects will not only support households and businesses, but will also contribute to “clean” hydrocarbon extraction.
Leveraging its expertise in liquefied natural gas, Qatar is also exploring alternative energy sources, including hydrogen, methanol and ammonia – fuels that emit no carbon when burned, as long as they are produced without the use of fossil fuels. Qatar Energy Company is currently building the largest “blue” ammonia plant in the world in Mesaieed Industrial City. The ammonia plant is scheduled to produce 1.2 million tons annually by 2026.
Adopting digital technology
The Global Finance report also indicated that the financial sector in Qatar is also witnessing technological reforms. Recent regulatory changes made by the Qatar Central Bank, including electronic identification and cloud computing policies, are accelerating the adoption of digital technology. Institutional support from the QFC is also helping to test new ideas through the National FinTech Strategy and the Digital Assets Lab. The launch of the instant payment system “Fawra” also enhanced digital payments by enabling real-time transactions 24 hours a day, 7 days a week.
Building a digital economy
The report also stated that Qatar’s advanced digital infrastructure makes it a promising environment for startups that rely on technology and innovation. Qatar’s fintech sector is benefiting from broader GCC trends in adopting digital technology, with regional IT spending expected to reach $184 billion in 2024, promoting job creation, economic resilience and sustainable growth.