Qatar’s commitment to sustainable development continues to be reflected on the 2019 budget, which focuses on healthcare, education and transport sectors besides projects relating to FIFA World Cup 2022 that the country is hosting.
The budget approved by His Highness the Amir Sheikh Tamim bin Hamad al-Thani envisages revenues of QR211bn and an expenditure of QR206.7bn, thereby generating a surplus of QR4.3bn.
In 2019, new projects valued at QR48bn are expected to be awarded out of a portfolio of committed projects worth QR421bn. These projects will fuel further growth in the country, especially in non-oil sectors.
Based on directives from His Highness the Amir, the budget, which is based on a conservative oil price estimate of $55 a barrel, is designed to achieve efficiency in current expenditure while maintaining the necessary allocations for the completion of major approved projects that contribute to the sustainable development targets of Qatar National Vision 2030.
These span economic, social, human and environmental development. The budget also focuses on providing the necessary funds for the development of new housing areas for nationals, enhancing food security projects, and the establishment of infrastructure and facilities in free zones, special economic zones, and industrial and logistics zones.
The allocation for the health sector has been set at QR22.7bn or 11% of the total. The education sector has been allocated QR19.2bn or 9.3% of the total. The infrastructure projects have been allocated QR33bn or 16% of the total.
HE the Minister of Finance Ali Sherif al-Emadi recently 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 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 co-ordinate 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 is the cornerstone of achieving sustainable development, which the country has been working on since the implementation of the first National Development Strategy 2011-2016.
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 centres, and a strong banking sector capable of providing funds for various projects.
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