​​​​​​​Qatar Chamber posts robust private sector performance in 2022

Qatar’s private sector has played a variety of key roles that contributed significantly in the country’s economic development in 2022, including other achievements in international trade growth and the recently concluded FIFA World Cup.Qatar Chamber Chairman Sheikh Khalifa bin Jassim al-Thani stated that the success of the 2022 FIFA World Cup will enable Qatar to position itself as a global business and investment destination amid several attractive legislative and regulatory reforms implemented prior to the tournament and advanced infrastructure."The national economy will continue its growth and development after the country hosts the tournament, considering the great leaps it has achieved over the past years, in light of the presence of attractions that enhance its growth process and increase global confidence,” stated Sheikh Khalifa’s exclusive interview with Qatar News Agency (QNA), which was published in Al Moltaqa, the chamber’s economic magazine.Citing a post-World Cup Qatar, Sheikh Khalifa stressed that growth drivers from 2023 onwards will include sectors, such as tourism, knowledge economy, agriculture, and industry, among others.He emphasised that the World Cup will have a positive impact on the tourism and trade sectors. Aside from witnessing significant growth, these sectors will attract more investors and tourists to Qatar, citing the role of the hospitality and tourism sectors, F&B, and sports facilities and stadiums as "important sources of income for the state.”Sheikh Khalifa’s QNA interview also stated that the non-oil sector will record a "2.8% to 4.7%” growth rate in 2022 as a result of World Cup-related activities. He said the non-oil sector achieved an average growth of about "2.9%” in the first nine months of 2021 buoyed by growth in the manufacturing, transport, and trade sectors.Sheikh Khalifa noted that manufacturing was among the leading industries of the private sector. This was enhanced by government efforts to support the competitiveness of national products, including other sectors in trade, industry, and building and construction. The agriculture sector was also at the forefront following the State’s keenness to enhance Qatar’s food security.In the second quarter of 2022, private sector exports stood at QR8.92bn, representing a 21% year-on-year growth. "This surge clearly confirms the ability of the private sector and the Qatari economy to adapt to normal and abnormal economic conditions and to achieve rising growth rates, especially after the Covid-19 pandemic,” Al Moltaqa reported.Al Moltaqa also published Sheikh Khalifa’s interview with Oxford Business Group (OBG) where he stated that small and medium-sized enterprises (SMEs) represent 97% of registered private sector companies in Qatar and account for some 15-17% of non-oil GDP.Sheikh Khalifa stressed to OBG the need for banks to offer solutions to entrepreneurs seeking to launch or expand their businesses. He also underscored the importance of enacting legislation that protects, promotes, and empowers SMEs, as well as services that facilitate the launch of businesses and provide training services, consultations, orientation, and incubation opportunities for entrepreneurs.He said the chamber is keen to help SMEs to compete in the national economy, citing the three editions of the ‘SMEs Conference’ and shared best practices from foreign partners. The chamber also supports owners of family businesses by promoting their products through exhibitions, such as the ‘Made in Qatar’ expo.Sheikh Khalifa also lauded the efforts of the Ministry of Commerce and Industry for launching the ‘1,000 Opportunities Initiative’ during ‘National Product Week’, offering SMEs the opportunity to develop their products and services and become more competitive in the Qatari market."This gives the private sector a good advantage to play a larger role in Qatar’s economic development,” Sheikh Khalifa emphasised.