File photo used for representation only
Qatar’s economic transformation is on rapid growth and with more than two months after it successfully hosted the World Cup Qatar 2022, not only the country is reaping from the benefits of it but also the entire Middle East and North Africa region, said a top official from Qatar Financial Centre (QFC).
QFC Deputy CEO & Chief Business Officer, Sheikha Alanoud Al Thani said the success of the hosting of the World Cup is “one demonstration of the remarkable transformation that is underway for both Qatar and the entire Middle East and North Africa region (MENA).”
Sheikha Alanoud has also emphasised on the strong economic growth in MENA which is more than 6 percent in 2022 – an 18-year high and among the fastest globally. She said this in a recent Cartier VIP event held at Liwan Design Studios and Labs, in celebration of the International Women’s Day (IWD).
In Qatar alone, “we have experienced an incredible 70 percent annual growth in foreign direct investment (FDI) projects for the past several years and this is true throughout the region.”
She cited that four of ten countries with the brightest outlook for FDI in 2023 are in the GCC with Qatar topping the list. According to a report by fDi Intelligence “FDI Standouts Watchlist 2023,” Qatar is ranked first among the top 50 FDI destinations worldwide and is anticipated to have the strongest investment momentum this year.
Qatar achieved a 70 percent annual growth in FDI projects between 2019 and 2022, and its economy is expected to grow by 2.4 percent in 2023, with inflation forecast to stay below 3.3 percent, the report said.
With the recent launching of the National Strategy for FinTech this week, Sheikha Alanoud cited that the Qatari government is rapidly expanding online services for citizens, and the launching of the said strategy is a testament towards that mandate.
“Companies of all sizes are also deploying innovations that open-up entirely new areas for economic development. The digital economy is on track to double its share of GDP (Gross domestic product) by the end of the decade.” The QFC Deputy CEO and Chief Business Officer has highlighted particularly on the digital economy area as the theme for this year’s IWD is “DigitALL: Innovation and technology for gender equality.” The Qatar FinTech Strategy is aimed to support the diversification and innovation in the financial sector and investing in a knowledge-based economy.
Qatar Central Bank anticipated that the FinTech Strategy will provide tangible benefits over the next five years, as the number of FinTechs will proliferate and grow in Qatar. To date, there are six FinTech companies licensed and by 2027, it’s anticipated that number will increase three to five times. As for direct economic value add, a 40 to 50 times increase, and 20 to 50 times more additional employment will be created.
“Our ambition is to enable the digital transformation of the State of Qatar’s Financial Services ecosystem, promote economic diversification and attract FDI and build Financial Services skill sets of the future,” said Qatar Central Bank.
