Yesterday, the Investment Promotion Agency of Qatar issued its annual report for the year 2022, which highlights the significant growth achieved by foreign direct investments in the country, as well as the new projects and jobs provided by those investments in the local labor market, which places the country at the forefront of countries attracting foreign direct investment. at the regional and global levels.
The State of Qatar achieved a boom in foreign direct investment, as it attracted $29.78 billion, which is the volume of capital expenditure for direct foreign investments during the past year. In view of the great and stable economic growth in the State of Qatar and its potential to attract investment, 135 new projects were launched within the foreign direct investment projects, which contributed to the creation of 13,972 new jobs during 2022. This doubled the volume of capital expenditure for foreign direct investment by about 25 times, and also doubled The number of jobs created compared to 2021. These new jobs included many sectors such as oil and gas, software and information technology, as well as business services and vehicle OEM fields. The report also reveals that more than 800 new foreign businesses have been launched through business licensing platforms in the country.
global attention
Capitalizing on the global interest in Qatar as it hosted the first FIFA World Cup in the region, the Investment Promotion Agency of Qatar adopted a multi-channel marketing approach aimed at enhancing Qatar’s attractions as a fast-growing global business hub, resulting in increased Interaction across global markets Through 85 events and meetings with investors, trade delegations and representatives of other stakeholders, the Investment Promotion Agency sought to enhance investment opportunities in the country.
The agency also held major partnerships and expanded other partnerships with organizations from the region and around the world, including the Iberdrola Group, Microsoft Corporation, Invest India Agency, Business France Agency, and others. In addition, the Investment Promotion Agency of Qatar issued the first investment guide in multiple languages, including three guides on “Business Set-up”, “Employment” and “Life in Qatar”, in addition to 12 in-depth studies in different sectors, in addition to issuing specialized reports and studies. On supportive policies to enhance the investment environment in Qatar. As part of its efforts to encourage investment in the country, the Investment Promotion Agency also launched the “Invest Qatar Portal”, a digital platform that introduces foreign investors to business opportunities and facilitates business expansion in the State of Qatar.
The development of various sectors and industries
His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Minister of Commerce and Industry and Chairman of the Board of Directors of the Investment Promotion Agency in Qatar, said: “The year 2022 witnessed remarkable development in various sectors and industries, which demonstrates the resilience of our economy, which was established according to long-term strategies and contracts. A wise investment. The past year also provided us with valuable opportunities to highlight Qatar’s potential as a unique investment destination, and to consolidate our relations with partners and stakeholders from the relevant authorities around the world.”
For his part, Sheikh Ali bin Alwaleed Al Thani, CEO of the Investment Promotion Agency in Qatar, commented: “The past year represents a strong starting point for the Investment Promotion Agency, during which we achieved more growth, deepened ties with the global investment community, and forged partnerships with many institutions in The framework of the efforts of the State of Qatar to diversify its economic sources. We also continue to develop and expand the scope of our services to upgrade the national brand “Invest Qatar”, to embody excellence and long-term partnership with investors. I am sure that we will continue to support potential investors to come to Qatar through more opportunities that we seek to provide in 2023 and beyond, building on our successes over the past year.”
Bright economic prospects for the State of Qatar
The State of Qatar ranked first in the list of the best foreign direct investment destinations in the world for the year 2023 issued by the FDI Intelligence Corporation, due to the amazing expectations regarding the economy and investment in the State of Qatar during this year. Qatar’s GDP has grown rapidly, jumping from $125.12 billion in 2010 to $237.79 billion in 2022. This growth is expected to continue through 2023, driven by strong non-hydrocarbon sectors such as construction, trade and transportation. The International Monetary Fund expects that the general budget indicators in Qatar will remain strong as well in the coming years. According to the “Foreign Direct Investment Report 2023 issued by the Investment Monitor: Focus on the Middle East and Africa,” the State of Qatar continues to strengthen its position as an attractive destination for foreign investment, with a significant increase in foreign direct investment that has reached six times, and it now ranks fifth on the list of the largest markets for foreign investment. Attracted foreign direct investment in the Middle East and Africa.
Despite the instability in the global economy in 2023, some regions are now conducive to witnessing positive growth in foreign direct investment. According to FDI Intelligence, the Middle East and North Africa region, in addition to India, is expected to continue its significant economic and investment activity throughout the current year. Countries with resilient growth catalysts, such as strong digital structures and openness of their markets, are also expected to see the greatest returns on FDI.
With this growth in foreign direct investment projects at a rate of 70% and a growth of more than 200% in capital expenditure for foreign direct investment between 2019 and 2022, the outlook for the economy and investment in Qatar continues to indicate that it is an attractive destination for foreign investors.
