Sheikh Ali Alwaleed Al Thani, Investment Promotion Agency Qatar CEO
Qatar’s non-hydrocarbon sector creates wealth of opportunities for foreign investors and will help the country maintain long-term sustainable growth said a senior official in a report released by KPMG, recently.
The KPMG 2022 CEO Outlook draws on the perspectives of CEOs in Qatar to provide insight into their 3-year outlook on the business and economic landscapes. Sheikh Ali Alwaleed Al Thani, Investment Promotion Agency Qatar CEO said, “Qatar’s strategic investments and planning have enabled it to withstand external economic shocks while maintaining a resilient economy with sustainable growth that has averaged more than 5 percent (GDP growth) since 2009. The country’s economic diversification and business attraction efforts, as guided by the 2030 National Vision, have substantially strengthened the country’s economic prospects.”
“The legacy of the FIFA World Cup Qatar 2022 by raising the country’s profile and spillover effects on non-hydrocarbon industries such as real estate, hospitality, sports and healthcare will help Qatar maintain long-term sustainable growth and create a wealth of opportunities for foreign investors.
The hydrocarbon sector is also expected to continue to support the nation’s economy, particularly with the North Field Expansion. These are reflected in the positive long-termgrowth projections for Qatar by the IMF and World Bank, indicating Qatar’s strong long-term development prospects,” Sheikh Ali
added.
The outlook presents key themes and insights from Qatar’s CEOs. CEOs are ready and prepared to weather current geopolitical and economic challenges while still anticipating long-term growth.
The report noted that despite geopolitical and economic challenges, Qatar’s economic confidence over the next 3 years is 80 percent, down slightly from 2021 (84 percent) As companies continue to navigate the changing landscape resulting from the COVID-19 pandemic, 92 percent of Qatar’s CEOs report positive growth expectations in 2022 (88 percent in 2021),
It further said, “While confidence is up over the next 3 years, CEOs anticipate challenges in the shorter term. One out of 10 (12 percent) CEOs believe a recession will happen over the next 12 months, but 2 out of 5 (16 percent) feel it will be mild and short and 20 percent have plans in place to deal with it. In spite of short-term recession fears, the increased confidence CEOs have for the longer term indicates they feel well prepared to navigate their businesses through turbulent times.”
Compared to 2019 and 2020, CEOs are better prepared to weather short-term challenges with resiliency measures in place, while still anticipating long-term growth. The top three steps include: boosting productivity (60 percent), managing costs (36 percent) and reconsidering digital transformation strategies (52 percent), the report stated.
