Minister of Finance H E Ali Sherif Al Emadi (fourth left); QCB Governor H E Sheikh Abdullah bin Saud Al Thani (centre) and Sheikh Abdulla bin Mohammed bin Saud Al Thani (first right) Chairman of Ooredoo, at the Euromoney Qatar Conference held yesterday at
Project contracts worth QR46bn will be signed next year as the total cost of commissioned projects stands at nearly QR374bn, said Minister of Finance H E Ali Sherif Al Emadi. Speaking at an industry conference yesterday, he said Qatar will take more steps to boost business environment and to attract foreign investment in the future. These measures will support economic growth and increase activities in non hydrocarbon sector, helping in the diversification of the economy.
Qatar has achieved a healthy rate of economic growth despite steep fall in energy prices in international market in the last two years and the country is expected to register impressive growth next year, he added.
“According to IMF figures, Qatar is forecast to reach an annual growth rate of 3.4 percent in 2017, which is the highest forecast growth in the GCC,” said Al Emadi addressing the Euromoney Qatar Conference 2016.
“This has been achieved through a number of measures, including an increase in efficiencies in public spending, the growth of the financial sector and a rise in the private sector’s contribution to economic growth. The non-oil sector achieved a growth rate of 5.8 percent this year, demonstrating the success of our diversification strategy,” he added. The Minister said the 2016 National Budget for Qatar reinforces Qatar’s confidence for the future with dedicated investment in healthcare, education and transportation — along with investment in infrastructure for the 2022 FIFA World Cup- all likely to have a positive effect on the national economy.
The total budget committed for the development of key strategic megaprojects stands at QR374bn, with a further QR46bn set to be invested in 2017, he added. The Minister highlighted significant recent regulatory reforms, such as the enhancements made to the government’s tender and procurement process to improve transparency and to encourage small business participation.
Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saud Al Thani attended the two-day conference which is being co-hosted by QCB at The Ritz-Carlton Hotel.
