Board Member and Managing Director of Qatar Financial Centre Authority, Abdulrahman Al Shaibi, addressing the Bloomberg conference yesterday. Abdul Basit
DOHA: The hydrocarbons-rich Qatar has plans to invest about $200bn in infrastructure development over next 10 years, of that $140bn will be invested within next five years, according to the Minister of Economy and Finance H E Yousuf Hussein Kamal.
“Infrastructure is vitally important. We plan to invest $140bn over the next five years in projects such as a new airport, a new seaport and a rail and metro system. Total infrastructure investment, including the 2022 FIFA World Cup, will be about $200bn over the next 10 years… Qatar’s investment benefits the whole region, not just Qatar itself.”
The Minister’s keynote speech, at the opening of the ongoing ‘2nd Bloomberg Doha Conference’, was read on his behalf by Abdulrahman Al Shaibi, Board Member and Managing Director of Qatar Financial Centre.
Under the National Vision 2030, Qatar has a clear long-term strategy for the sustainable development of a diversified, knowledge-based economy. “The principal goal of the vision is the promotion of a substantial and competitive private sector supported by modern, progressive and pro-business public institutions.” Development of a vibrant asset management industry is an important element in Qatar’s strategy for diversifying the economy.
“Our infrastructure (development) programme will create a wide range of funding and investment opportunities for the private sector, such as project finance, bond and Sukuk issues and public-private partnerships,” he said.
He further added: “Our support for, and active participation in, the Bloomberg Doha conference is testament to our objective of building a thriving financial services industry.”
Highlighting macro-economic fundamentals, he said that Qatar is one of the world’s fastest growing economies with highest per capita income. Growth averaged 13 percent a year between 2008 and 2012.
“We have highest proportions of high net worth individuals and highest percentages of millionaire households. Moreover, the country’s standard of living has risen to a level comparable to the leading industrial nations,” said Kamal.
He noted that Qatar’s political stability and economic strength have helped the country to emerge as a regional leader.
“We are determined to maintain our leadership position in the GCC and to continue to grow our influence in the world beyond,” he said.
The Peninsula
