DOHA:Qatar Chamber (QC) received preliminary approval from concerned authorities to establish its ambitious QR2bn private company. Expected to emerge as a key driver in the transformation of Qatar’s industrial economy, the new venture will act as an umbrella for Qatar’s start-up firms.
Mohammed bin Tawar Al Kuwari (pictured), Vice Chairman of QC, said the formal announcement of the launch would be made shortly. Initially, the capital would be raised through IPOs, which would be restricted to Qatari businessmen. As the next step, the company would go for listing on Qatar Exchange, he told Al Sharq in an interview.
The Qatar Chamber-supported company will be mainly focusing on non-oil industrial sector. The details will be announced within two months. The Chamber has already identified many project opportunities through this venture.
QC has conducted a detailed feasibility study of the proposed company, which has suggested how to make the new venture a profit-making one. The company needs a whole lot of support from various entities, Al Kuwari said.
The launch of the company is totally in line with Qatar’s development vision. He recalled the Emir H H Sheikh Tamim bin Hamad Al Thani’s recent speech at the Advisory Council meet that stressed the need for transforming Qatari entrepreneurs more productive. QC’s decision to launch the new venture is an attempt to live up to the Emir’s expectation, he noted.
The growth of Industrial sector is key for Qatari economy. Qatar’s private industrial sector is facing several challenges. We need to expand our Industrial areas. Compared to our neighbouring countries, the total area designated to private sector industrial projects are very limited. The QC vice Chairman also stressed the need for accelerating the pace of development of Qatar’s proposed free economic zones in three different areas.
We are expecting big support for our venture from various Ministries. QC expects more funding from Qatar Development Bank (QDB).
As the focus of the new company is expected to be on non-hydrocarbon sector, QC’s venture will be a big boost to Qatar’s economic diversification programme. The Standard Chartered in its latest research noted released Tuesday noted Qatar’s non-hydrocarbon spending should rise in 2014. With the country’s private sector growth dynamics expected to pick up significantly, Qatar’s non-oil sector will grow by 15 percent in 2014 versus 12 percent in 2013. Standard Chartered has also raised its 2014 real GDP forecasts to 5.5 percent on the back of the expected acceleration of Qatar’s non-oil dynamics.