Aamal Company Chief Executive Officer, Rashid Al-Mansoori.
The 2023 Budget of Qatar sets a roadmap for further economic growth and accelerated development throughout the year, Aamal Company Chief Executive Officer, Rashid Al Mansoori told The Peninsula yesterday.
He said the budgetary allocation to the health and education sectors for the current year is commendable and demonstrates Qatar’s commitment to these vital sectors. We are excited to see the opening of a number of new healthcare and school facilities as a result of this investment.
“All these efforts are to ensure the welfare and high standard of living for Qatar’s citizens, which will result in a strong and empowered generation of productive citizens that are able to lead the country’s growth. Qatar’s non-oil revenue budget of QR42bn will provide opportunities to the private sector in various fields in domestic and export markets,” Al Mansoori said.
On the company’s performance in 2022 he said Aamal has benefited from opportunities provided to the private sector during 2022 and overcame the many challenges presented by COVID-19. The Company delivered strong year-on-year revenue and profit growth in the first nine months of 2022, supported by Qatar’s strong and resilient economy.
Qatar’s budget for the first nine months of 2022 showed a strong financial surplus of over QR77bn, compared to QR4.9bn during the same period in 2021. This increase was mainly due to firmer controls over expenditure and the rise in revenues due to the recovery in oil prices. Qatar has been able to perform exceptionally well, navigate through the crisis and benefit from the global recovery which supports the country’s diversification strategy, Al Mansoori said adding that this was despite the effects of the COVID-19 pandemic and its extensive impact on global markets, including the disruption of supply chains, tourism and travel, as well as the drop in oil prices internationally.
This diversification strategy, which encourages the local economy to diversify away from the hydrocarbon sector, is successfully building a more resilient and sustainable economy that can turn challenges into opportunities. In addition, Qatar’s exceptionally high level of per-capita income, its vast hydrocarbon reserves and low extraction costs, the government’s robust net asset position, and its established track record of effective macroeconomic and fiscal management, all add to its considerable economic strength, he said.
Regarding the company’s plans for the new year he said Aamal is constantly striving to improve our operations, meet the expectations of our investors and create long-term value for all our stakeholders. This includes integrating the business models of our companies, adopting a strong corporate governance framework, and enhancing transparency across the company and all its subsidiaries.
We are constantly looking for investment opportunities that add value to our investment portfolio, that support our contribution to Qatar’s National Vision 2030, and that are in line with Qatar’s sustainable development plans.
One of Aamal’s great strengths is our diversified business model and we are aiming to leverage new business opportunities resulting from Qatar’s planned capex of QR9.9bn in 2023 for 22 new projects across a range of sectors. Aamal will continue to further expand across its 4 business sectors, with a key focus on high growth sectors such as industrial manufacturing, real estate, and healthcare.
“Aamal will also continue to adopt its ESG framework, which insures maintaining the highest standards in business ethics and transparency, through supporting our communities and workforce, and protecting the environment. Importantly, Qatar possesses all the essential pillars of a strong economy, including highly developed infrastructure, exceptional healthcare facilities, and an attractive investment environment, all of which are key factors to attract new investment opportunities for growth and development,” he said.
