Experts and businessmen confirmed that the speech of His Highness the Emir Sheikh Tamim bin Hamad Al Thani, at the opening of the fifty-third annual session of the Shura Council, was comprehensive and comprehensive and emphasized the important and vital role of the local private sector in the national development process, pointing out that His Highness touched on The objectives of the third national development strategy, which include supporting the trade, industry, research and tourism sectors, digital transformation and information technology, developing financial and administrative systems, and promoting human development with the aim of achieving diversification and economic sustainability.
They explained to Al-Arab that the private sector will work to implement the royal directives regarding enhancing economic diversification and seizing investment opportunities that enhance local production, noting at the same time the need to take into account the quality of the local product and its competition with imported products to achieve self-sufficiency in goods and services and move towards global markets.
Hamad Al Hajri: An incentive for entrepreneurs and investors to expand their businesses
Mr. Hamad Mubarak Al-Hajri, founder and CEO of Sununu, said that His Highness the Emir’s speech before the Shura Council stressed the important and vital role of the private sector as one of the main pillars of the national economy and reflects the insightful vision of the wise leadership in this regard and represents an incentive for entrepreneurs and investors to intensify and expand their businesses and search for opportunities. Which contributes to supporting the state’s direction towards a knowledge-based economy and the localization of various economic sectors without regard to the hydrocarbon sector.
Al-Hajri added that His Highness the Emir’s directive to target a growth rate of no less than 10% annually in the value of local content, develop plans to localize various economic sectors, and work to establish mechanisms such as mandatory purchase lists and long-term contracts, with the need to take into account the quality of the local product and its competition with imported products, contributes to It is in the interest of the national economy, enhancing local production of goods and services, and providing more opportunities for the private sector.
He explained that the decline in the inflation rate during the current year to 1.4% until the end of July, while it was 5% and 3% during the years 2022 and 2023, respectively, confirms the success of the financial policies and measures implemented by the state to ensure the stability of supply chains, the availability of basic goods, and price control. This is confirmed by the International Monetary Fund’s estimates that the inflation rate will stabilize over the medium term at the level of 2%. These are factors that contributed to raising the country’s credit rating by international agencies while maintaining a stable future outlook.
Al-Hajri pointed out that the state is keen to harmonize the balanced spending policy, which has led to improving its financial position, and supporting national growth and development at the same time, by allocating the necessary financial resources to government initiatives according to priorities, and in line with the objectives of the third national development strategy, which includes supporting sectors. Trade, industry, research, tourism, digital transformation and information technology, developing financial and administrative systems, and promoting human development confirm the keenness to achieve diversification and economic sustainability.
D. Hashem Al-Sayed: An integrated road map for continuing construction and renaissance
Economist Dr. Hashim Al-Sayyid said that the speech of His Highness the Emir of the country constitutes an integrated road map to cross this delicate stage and continue the process of construction, reconstruction and comprehensive renaissance that the State of Qatar is witnessing. The speech included several axes that represent a safety valve for the present and future of the nation, starting from what has been achieved. Achievements, especially in light of the fluctuations in energy prices, geopolitical crises and supply chains that the world is experiencing, and the accompanying uncertainty that casts a shadow over all economic sectors and global markets.
Dr. added. Hashem Al-Sayed said that, given the vital role of the private sector and the importance it represents in the development process, His Highness the Prince stressed the importance of this sector and encouraged it to continue its vital role through legislative amendments, providing more opportunities for it, and supporting the competitiveness of national products.
He explained that economic diversification is one of the most prominent goals on which the State of Qatar is building its future vision for the year 2030, which aims to move the economy out of the cycle of dependence on the export of liquefied natural gas, and open other income doors capable of strengthening the local economy and raising it to the highest possible levels, which he confirmed. Therefore, His Highness, the state is serious about investing in the sectors of trade, industry, research, tourism, digital transformation and information technology, developing financial and administrative systems and promoting human development.
Dr. noted. Hashem Al-Sayed pointed out that His Highness’s speech carried many indicators of the strength and durability of the Qatari economy, as the local economy continued its growth process, and estimates indicate that the gross domestic product (GDP) at constant prices grew by 1.2%. Growth rates will increase during the medium term from 2025 to 2029, reaching 4.1% annually.
He continued: “Among the indicators of the strength of the national economy are also the state’s efforts and its successful policy in controlling inflation rates, as the inflation rate continued to decline during the current year, and the state was also able to reduce the level of public debt from approximately 73% of the gross domestic product in 2020 to Below 44% by the end of 2023.
Engineer Ahmed Al Kuwari: A balanced vision that blends economic growth and sustainable development
Businessman engineer Ahmed Ali Al-Bangith Al-Kuwari said that the speech of His Highness the Emir before the Shura Council came with a balanced vision that blends economic growth and sustainable development, and stressed the importance of the private sector in supporting this trend during the next stage.
Al Kuwari also praised the contents of the speech, the most prominent achievements it covered, and the clear directives it included for the private sector to enhance its pivotal role in comprehensive development, especially in light of the economic achievements achieved by the country, which contributed to strengthening Qatar’s position as an emerging economic power.
He explained that the directives provided by His Highness the Amir regarding the necessity of economic diversification and reducing dependence on oil and gas revenues constitute a strong message to the private sector to contribute to this transformation.
Al-Kuwari also stressed that the stable financial position and rankings of international institutions enhance the confidence of foreign investors in the Qatari economy, which supports efforts aimed at attracting local and foreign investments, and thus enhancing economic diversification plans, and that the economic developments witnessed by Qatar, including the development of infrastructure and vital sectors, It contributed to achieving a qualitative leap for the private sector, which played a prominent role in increasing the number of factories and companies.
He pointed out that His Highness the Emir’s focus on economic sustainability, reducing public debt and increasing reserves enhances the resilience of the Qatari economy in the face of global financial fluctuations.
Among the important aspects touched upon in the speech are investments in green finance and the issuance of green bonds, which reflects Qatar’s leadership in sustainability and enhances global confidence in its economic capabilities. His Highness the Emir also stressed the importance of innovation, digital transformation, and linking development with innovation to ensure comprehensive and sustainable development. Therefore, we find that His Highness the Emir’s vision combines economic growth, financial flexibility, and sustainability, which opens the door for the Qatari private sector to benefit from new opportunities, ensuring a prosperous future. For the State of Qatar.
Ayman Al-Qudwa: Strengthening and diversifying the concept of the national tourism economy
Tourism expert Ayman Al-Qudwa said that His Highness the Emir’s speech before the Shura Council confirms His Highness’s insightful vision in reading the future with the necessity of economic diversification. This vision in His Highness’s speech reflects the commitment and keenness of the wise leadership and the government to enhance the position of the State of Qatar as a distinguished, diverse and pioneering tourist destination in the region and the world, which helps To enhance and diversify the concept of the national tourism economy in general.
He stressed that His Highness’s speech came at an important time and represents evidence of the ambitious vision of the government of the State of Qatar and its support for the national economic and tourism aspect, and this is what the wise leadership has sought for a long time in order to diversify sources of income away from oil and gas, through a direct reference to targeting the rate of income. Annual growth of 10%, which in turn reflects the state’s commitment to promoting economic diversification and developing various sectors, most notably the tourism sector.
Al-Qudwa added that the impact of this expected growth on the tourism sector will contribute to increasing investments in infrastructure, and with increased economic growth, it is likely that the government will invest more in developing tourism infrastructure, such as hotels, entertainment centers, public facilities, beaches, parks, centers and exhibitions, the results of which will appear in an increase. In the number of visitors, the improvement and development of services and infrastructure will attract more tourists and the continuation of this momentum and this healthy and continuous flow of growth in the number of international visitors, which will strengthen the local economy and create promising opportunities for both local and foreign investors.
Al-Qudwa also pointed out that the continuation of the economic support approach will enhance the diversification of tourism offers and the State of Qatar can develop new and innovative tourism offers, from cultural events to conferences, exhibitions and international sports tournaments. He explained that through encouraging economic policies, the private sector can play a greater role in developing tourism, which contributes to innovation, growth and sustainability as well.
Dr. Al-Hoor: A balanced institutional proposal and a strategic vision consistent with state policies
Economist Dr. Abdul Rahim Al-Hoor said that His Highness the Amir’s speech in the Shura Council came with a balanced institutional proposal and a strategic vision consistent with the state’s comprehensive policies. He started from the economic reading and its consistency with the general trend, as His Highness emphasized achieving advanced growth rates despite expectations of a justified decline by the end. From World Cup and infrastructure projects.
Dr. pointed out: Al-Hoor pointed out that His Highness the Prince pointed out the very significant decline in the state’s public debt, which fell by more than 40% in one year, and this in itself is an exceptional achievement in light of the local and global economic data. His Highness proceeded in the economic context after the statistical analytical readings to the course of events. The most important of which is the economic vision of the hydrocarbon sector, the expansion, whether in the size of projects, increased production, the volume of investment, or the diversification of the carbon sector between the direct industries in oil and liquefied gas production and the subsequent investment logistics sectors, or the indirect industries related to it.
He continued: “Therefore, we conclude from His Highness the Prince’s speech to a very important distinguishing point, which is the balanced institutional strategy in the proposal, meaning the consistency of the proposals, whether analytical or strategic, with the comprehensive national vision, so that the researcher can see this consistency and harmonious institutional stability that His Highness referred to when He mentioned the stable future outlook from international credit rating institutions and how Qatar was classified on this basis, which was reflected and continues to be reflected in the quality of the flow of global investments and the preservation of local investments within a stable, incubating investment environment.
Dr. explained. Al-Hor said that during the speech, His Highness also stressed the commitment of the State of Qatar to the nation’s issues and Qatar’s Arab-Islamic Gulf affiliation, its continuous and consistent interaction with the active international group and the importance of the role it plays in this regard, which reflects the great Qatari interest in the nation’s issues.