Qatar's foreign direct investment projects surged by 70% from 2019-2022: minister

Foreign direct investment projects in Qatar witnessed a surge between 2019 and 2022 and are set to increase further this year, HE the Minister of Municipality Abdullah bin Abdulaziz bin Turki al-Subaie said at the inaugural Qatar Real Estate Forum Sunday.Speaking at the opening of the forum at the Sheraton Doha, HE the Minister explained that foreign direct investment projects in the country achieved a 70% annual growth during the 2019-2022 period, and are expected to grow by 2.4% by the end of 2023, putting the country on top of the list of recipients of foreign direct investment in the world."The real estate sector is one of the fastest growing sectors in Qatar, and ranks second after the energy sector, with investments exceeding QR82bn (more than $23bn) and the launch of 135 real estate projects in 2022. This is a big addition to Qatar's infrastructure achievements," he said.He attributed this achievement to Qatar's infrastructure that is among the best in the world, and its position as the world's safest country for the fifth year in a row. Also, Qatar has highly advanced health and education sectors with one of the most flexible and adaptive sovereign funds, as well as strong financial institutions and an environment that encourages business growth, and a steady rise in the volume of local investment, he explained.Besides, Qatar is the first country in the Middle East where all municipalities have been awarded the 'Healthy City' title by the World Health Organisation, he added.All of these accomplishments embody the great efforts made in all sectors of the country in providing sustainable options to achieve the health and well-being of the residents of Qatar in addition to striving to implement the comprehensive urban plan for the country, as well as effective and directed investment for infrastructure projects, HE al-Subaie noted."These are all in accordance with the Ministry of Municipality's national and sustainable development strategy aimed at the realisation of Qatar National Vision 2030,” he said.Further, HE the Minister stressed that the success achieved by the country in hosting the FIFA World Cup Qatar 2022 had a positive impact in terms of attracting a large number of foreign investors, thus enhancing the distinguished position that Doha occupies today as a thriving financial centre that leads dialogues and provides the possibility of exchanging views in order to enhance synergies among the main players in the economic arena at the local, regional and international levels.HE the Minister said that the first Qatar Real Estate Forum comes in the wake of Amiri Order No 28 of 2023, issued on April 11, establishing the Public Authority for Regulating the Real Estate Sector."This is a pioneering and important step to strengthen this vital sector and continue its development through organising, motivating and contributing to its advancement, in implementation of the country’s ambitious policies and directions within Qatar National Vision 2030, taking into account the economic and social development plans and achieving urban development in a balanced and integrated manner that preserves the quality of life and sustainability,” he explained.He expressed happiness at the opening of the first edition of the forum, which sheds light on regulations and legislation and their role in achieving a sustainable real estate industry, and reviews the best regional and global experiences and practices related to the real estate sector with the aim of creating an outstanding climate for the real estate investment sector.He also expressed gratitude for the great interest that Qatar has in developing the real estate sector, under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani.The forum stems from the importance of the real estate sector in Qatar and its pivotal role in comprehensive development, as it is one of the active and influential sectors in the economic development process, HE the Minister said. "The forum also contributes to real estate development and sustainable housing amid the country's development and economic diversification, with the aim of reaching a future vision for the real estate industry and finding solutions to the challenges facing the future of real estate in Qatar in order to achieve an attractive and vital real estate boom,”He expressed hope that the forum would be a favorable opportunity to lay out a roadmap for the path of real estate development in Qatar, which would reflect positively on the returns for the real estate sector across all sectors that enhance it.The two-day forum has been organised by the Ministry of Municipality in partnership with the Ministry of Commerce and Industry, Ministry of Justice and Ministry of Finance, in addition to Expo 2023 Doha and Qatari Diar, under the theme of 'Regulations and Legislations for an Optimal Quality of Life and a Sustainable Real Estate Industry'.Gulf Times is a media partner of the forum.