Doha, Qatar: Resilient economic activities and soaring investments have ranked Qatar on top of the FDI Standouts Watchlist this year.
In a recent tweet, Qatar’s International Media Office said that the country’s thriving economy is “well-positioned” for the years ahead, which paves the way for businesses and investors to implement a diverse range of incentives and initiatives.
Several international agencies have rated and affirmed Qatar’s economic stand in recent years.
According to Fitch Ratings, the country has maintained its position with an AA- rating due to its strong sovereign net foreign asset position in addition to its flexible public finance structure and high ratio of GDP per capita.
Moody’s has also accentuated Qatar’s strong capabilities to withstand “economic shock” as the country is rooted in a robust sovereign balance sheet.
The International Media Office said that “Qatar continues to implement business-friendly measures to drive sustainable economic growth and develop its entrepreneurial environment.”
It also states that Qatar has adopted effective measures in order to attract foreign direct investment and international investors to enjoy competitive benefits and facilities offered.
Some of the common benefits include a legal environment based on English common law, transfers that can be made in any convertible currency, up to 100 percent foreign ownership, and repatriation of profits, the media office noted.
According to IPA Qatar’s annual report, the booming FDI ecosystem saw QR108.43bn ($29.78bn) in capital expenditure and nearly 14,000 new jobs created across 135 FDI projects last year.
The economy is driven by strong non-hydrocarbon sectors such as construction, trade, and transportation and the country’s GDP is expanding rapidly, jumping from QR455.56bn ($125.12bn) in 2010 to QR865.79bn ($237.79bn) in 2022.
However, the momentum is expected to continue in 2023 and 2024 eventuating Qatar’s economy to be the fastest in the GCC region, as per World Bank’s Global Economic Prospects report.
