Two news items, which came out yesterday in local media, provides a window into the present and future of Qatar’s economy and growth.
The first one is the 10th Financial Stability Report released by Qatar Central Bank in which the regulator revealed that Qatar’s economy has fully come out of the initial adverse impacts from the unjust economic blockade.
“The trade and current account surpluses and fiscal balance improved continuously. Capital flows normalised despite the ongoing economic blockade, getting more diversified and from relatively stable sources. There has been a significant rebuilding of foreign exchanges reserves and improvement in liquidity positions in the banking system,” the report said.
Like the financial sector, other sectors are also seeing steady rise and some even surpassed expectations growing exponentially. A stroll down the aisles of any supermarket will show us that the country has managed to attain self-sufficiency in many sectors with a plethora of made-in-Qatar products.
From importing almost 100 percent of consumer goods needed in the country to producing a good portion of them locally in such a short time is a tremendous achievement. The illegal blockade acted as a catalyst.
The second news points to the development Qatar is going to see in the future. It is about the agreement signed by United Development Company (UDC), developer of The Pearl-Qatar, for the development of 400,000sqm-Gewan Island.
What makes this piece of news important is that it proves Qatar has not slowed down in its march towards a better tomorrow, a future that doesn’t depend solely on hydrocarbon – a future where service sectors will also play an important role.
When UDC built The Pearl-Qatar decades back, it completely changed the skyline of the country. After that, Qatar has seen some world-class developments like the planned cities of Msheireb Downtown Doha and Lusail City. They are fast racing towards completion and promises to offer a modern state-of-the-art space for living and working in Qatar.
Once completed, the Gewan Island will accommodate 3,500 residents and 3,000 daily visitors. It will also have 11,000 sqm of retail space and a number of attraction for the residents and tourists.
This deal is very significant as this is a loud declaration that the illegal blockade has not managed to slow down Qatar and instead it is steaming ahead at full throttle. It also underscores the strength and resilience of Qatar’s economy and growth.
