*2019 budget to be announced in few days projects a surplus, according to HE the Minister of Finance Ali Shareef al-Emadi
Qatar’s general budget for 2019, to be announced in few days, will focus on further developing the health and education sectors and completing infrastructure projects, said HE the Minister of Finance Ali Shareef al-Emadi.Last updated: December 10 2018 09:38 AM
“The general budget for 2019 will include a projected surplus, ensuring the stability and strength of the State’s financial situation as well as offering a future perspective that believes in our capacity to continue to grow and achieve a sustainable development by focusing on developing the health and education sectors and by completing infrastructure projects,” al-Emadi said in his address at the opening session of the Euromoney Qatar Conference 2018 at the St Regis Sunday.
He said the data on the financial and economic sectors during the first six months of 2018 clearly pointed to a “strong national economy, and proved, once more, that we have long overcome the repercussions of the unjust blockade.”
The GDP has already increased by over 5% in the first half of 2018 compared to the same period in 2017.
The inflation has continued at reasonable rates, and Qatar’s stock market has fully recovered, with its performance rising among the best stock markets since the beginning of this year until now, which he said “reflects investors’ confidence” in the Qatari economy.
The data provided, again, indicates “successful state strategies and plans aimed at building a strong economy.”
Qatar, the minister noted, has started “several initiatives and measures” to develop the business and investment environment, to promote the economic growth and expand the role of the private sector across all fields, including by enacting laws allowing foreign nationals to invest and own enterprises, real estate and permanent residence in Qatar.
The government continues to work and coordinate with the business and investment community to improve businesses and investments as well as to amend legislation and simplify procedures in line with the best international practices, which provides an opportunity to expand businesses across all sectors for local and international investors.
“Qatar National Vision 2030 in its various economic, social, human and environmental pillars is the cornerstone of achieving sustainable development, which we have been working on since the implementation of the first National Development Strategy 2011-2016.
“This year we started the second National Development Strategy 2018-2022, which aims to promote the role of the private sector and to increase the contribution of non-oil sectors to the productive GDP.
“We are committed to exerting every effort in order to achieve Qatar National Vision 2030, which aims to position Qatar as a developed country capable of achieving sustainable development and allowing its people a decent living.”
Al-Emadi said Qatar offers many opportunities for investment and business development through initiatives promoting the investment and business environment and establishing free and economic zones that allow for full ownership by foreigners, a legal framework in line with the best practices in international financial centers, and a strong banking sector capable of providing funds for various projects.
“We also strongly support and encourage the private sector to build companies and joint projects with different countries in the world, thus enhancing bilateral relations and benefiting everyone,” the finance minister added.