The QR48bn worth of funding expected to be awarded for projects in various sectors this year will push growth in the country, especially in non-oil sectors, according to Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani.
Sheikh Khalifa, who referred to Qatar’s 2019 budget as “a catalyst for more economic accomplishments,” said the government is on track in terms of completing major projects in the health, education, and transportation sectors, including those related to the 2022 FIFA World Cup.
In the January 2019 issue of Al-Moltaqa, the chamber’s monthly publication, Sheikh Khalifa said Qatar’s national budget for 2019 “confirmed the strength” of the economy despite an ongoing economic blockade imposed against the country in June 2017.
According to Sheikh Khalifa, the budget forecasts a surplus of QR4.3bn in 2019, “the first in three years, despite the increase in expenses by 1.7% compared to the past year.”
“It focuses on providing the necessary allocations for the completion of major projects that contribute to the sustainable development targets of Qatar National Vision 2030.
It also focuses on the providing support for enhancing food security projects, and the establishment of infrastructure and facilities in free zones, special economic zones, and industrial and logistics zones.
“This certainly will have a positive impact on the private sector and the economic activity of the country as a whole…this affirms that the country continues spending heavily on these projects in order to be completed on schedule, especially those that are related to hosting of the 2022 World Cup. In 2019, new projects valued at QR48bn are expected to be awarded in various sectors. These projects will boost growth in the country, especially in non-oil sectors,” Sheikh Khalifa stressed.
He added: “Therefore, this will underpin public-private partnership as the private sector is qualified and owns great potentials and experience to contribute to the implementation of these projects.
“The new budget clearly supports plans and trends adopted by the country in its march to achieve the sustainable development. It also emphasised the country’s sound fiscal schemes in dealing with fluctuations in oil prices (as oil price is assumed at $55 a barrel).”
Sheikh Khalifa stressed that Qatar’s economy continues to grow “at impressive rate in all sectors,” considering that the country’s non-oil sectors witnessed significant growth in the past years.
“This progress in mainly due to the effective policy of economic diversification pursuant to directives of His Highness the Amir Sheikh Tamin bin Hamad al-Thani. This has accordingly led to attracting more foreign investors to Qatar, especially in light of the pro-investment environment and legislations reforms that stimulated more investments,” he said.