Doha: Qatar is embarking on a significant year with promising improvements in Foreign Direct Investment (FDI) projects. The latest data by Invest Qatar, a leading platform showcasing the country’s investment and business opportunities present vital information regarding the surge in potential global investments next year. “FDI projects are rising, reflected by Qatar achieving the strongest investment momentum score for 2023,” it stated.
During this year’s Q1, Q2 and Q3, the FDI made outstanding achievements and is progressing toward an exceptional period boosting foreign investments. The report said “Global FDI projects recorded a surge in the first nine months of 2022.
MENA demonstrated strong performance in 2022 and is expected to carry the strongest momentum into 2023, according to FDI’s inaugural FDI Standouts Watchlist 2023”. The projects reached an estimated $25bn in 2022 according to recent data.
With the successful conclusion of the mega football tournament this month, Qatar has recorded massive economic growth due to the investments, business projects and tourism in the country. IMF, in its October update, said that the Gulf State expects to grow by 3.4 percent in 2022. The data outlined that “Monthly indicators such as trade, business conditions, and credit growth also signal the continuation of economic activity.”
Last month, Qatar’s prolonged sovereign credit was rated from “AA-” to “AA” by S&P Global Ratings in their report. In addition to this, the State of Qatar significantly revamped its credit outlook from stable to positive by Moody’s Investor Service. Invest Qatar said that “Both upgrades were attributed to the government’s improved performance of its public debt management and fiscal position as the economy continues to record a fiscal surplus, reaching 47.3bn in the first half of 2022.”
The latest Gross Domestic Product (GDP) estimates by Planning and Statistics Authority (PSA) for 2022 Q2 delineated a solid surge of 6.3 percent year-on-year due to the resilient non-hydrocarbon industry growth of 9.7 percent annually in various sectors including construction, business, real estate markets and transportation.
In 2022, the foreign merchandise trade balance depicted a surplus of QR36.3bn, an increase of more than QR17bn or 89.9 percent compared to the previous year.
