The Minister of Economy and Finance and Chairman of Qatar Financial Centre Authority H E Yousuf Hussein Kamal, addressing the 6th Annual Mena Investment Management Forum at the Grand Hyatt Hotel yesterday. (Salim Matramkot)
DOHA: The size of Qatar’s infrastructure investment is projected to exceed an estimated $200bn over the next ten years. The country has already decided to invest $140bn in the sector during the coming five years, H E Yousuf Hussein Kamal, Minister of Economy and Finance said here yesterday.
Delivering the opening address at the four-day Mena Investment Management Forum (MIMF) here, the minister said, with announcement of multi-billion development projects, Qatar has emerged as the global leader in the infrastructure investment.
“The investment in the infrastructure projects is a major source of Qatar’s economic diversification. The upcoming rail and metro projects, New Doha International airports and the Lusail City projects offer wide range of funding opportunities for the investors.”
With Qatar Investment Authority and its subsidiaries looking forward to forming well-picked portfolio of assets, the country is looking beyond domestic investments.
Qatar’s proposed development projects offer great opportunities for the potential investors and local banks. There is enough scope for the fund managers to tap various portfolios. The upcoming projects will not only benefit Qatar but would act as a great impetus to the growth agenda of neighbouring countries. The world of investments is fast changing. It is increasingly becoming a becoming a two-way investments, he said.
The Minister noted Qatar’s leading economic indicators are as strong as any developed economies. The country’s economy has been growing double digit over the past several years. Driven by huge increase in the prices of hydrocarbon, Qatar’s nominal GDP has grown to a high 36.3 percent, he said.
To support the growth in the dynamic private sector, Qatar has got one of the best legal and regulatory environments in place. The country’s tax system and institutional framework are ideal and conducive for the strong growth of the financial sector.
With its strong economic fundamentals and highest standard of transparency, Qatar offers great confidence to investors. A competitive tax structure and a legal system based on English common law are integral part of Qatar’s financial sector.
The international best practices being pursued by the Qatar Financial Centre has attracted many international companies that sought to get a base in the region, Yousuf Hussein said.
The regulatory authorities have taken series of steps to reform the financial market to help boost liquidity and determine a fair market price. Qatar has amended laws to encourage trade settlements and attract investments to Small and Medium-sized Enterprises (SMEs).