The ongoing economic blockade has given Qatar a remarkably good opportunity to be self-reliant, prominent Gulf and Qatari entrepreneur and jeweller Hussain Alfardan told Gulf Times on Wednesday.
"Qatar has proved over the last 6-7 months that it has the ability and competence to flourish further," he explained while asserting that the economy is sound and liquidity too is good.
"People have been spending like they always used to do and in a few months from now, Qatar economy is expected to experience a good situation on its own strengths,” said the chairman of the prominent Qatari business conglomerate Alfardan Group.
“His Highness the Emir Sheikh Tamin bin Hamad al-Thani and HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani have been working round the clock to keep everything in order and its results are already emerging,” he stated.
The veteran businessman said he had absolutely no doubt that this year’s Doha Jewellery and Watches Exhibition (DJWE) would continue to receive the same level of patronage that it had got since the start of the event some 15 years ago.
“Not only almost all the regular clients but several other newcomers have also responded positively to the DJWE 2018, “he said while hoping that more people would throng the Doha Exhibition and Convention Centre (DECC) where the event would kick off on February 21.
Alfardan said most of the major business groups have produced good results and people’s confidence in the Qatari economy has quadrupled as several investors are building good manufacturing facilities in the country.
“New businesses are attracted only because of the stability that Qatar is offering,” he said while expecting the same or even higher level of spending from the residents.
As far as the jewellery market is concerned, the country’s jewellers are also exploring chances to attract those segments which have the ability to possess jewels and ornaments showcased at the exhibition. “There has been remarkably good levels of inquiries from our clients,” he said.
With regard to the ongoing crash in the global stock market, the entrepreneur said it is only a temporary phenomenon and things would be back to normal soon.
“The stock markets in many countries experienced similar setbacks in the past as well. That would not have any bearing on the bullion business as the number of consumers, especially among women, is going up steadily across the world."
Alfardan also felt that if one looks at the developments at the new Hamad Port, he could easily understand how much the country has travelled since the blockade began in June.
"Now, the port is extremely busy and handling considerable quantities of exports and imports. The movement of ships to and from the port has shot up considerably in the last six months."