Qatar’s new projects expected in H2 2024 to spur uptick in growth

Economists and leading industry experts in Qatar are anticipating that the second half of 2024 will see the announcement and release of new projects, leading to an uptick in growth.
This was expressed during a panel discussion titled ‘Sustainable Development in Qatar’, which was one of the highlights of the Qatar Financial Market Forum 2024, held on Tuesday under the theme ‘Trends Shaping Emerging Markets and Sustainable Infrastructure & Mobility’.
Karima Fenaoui, Global Content Research Analyst, Bloomberg Intelligence, moderated the discussion between Muhannad Mukahhal, CEO, Standard Chartered Qatar;
Henk J Hoogendoorn, Chief of Financial Services Sector, Qatar Financial Centre Authority (QFCA); Jody Sanderson, Chief Business Officer, Doha Bank; Michael Dean, Senior Global Auto Analyst, Bloomberg Intelligence; and Sonia Baldeira, Senior Global Construction Analyst, Bloomberg Intelligence.
According to Sanderson, there is optimism for consistent growth in Qatar from 2025 onwards, particularly in areas that have not historically been the focus, such as tourism and agriculture but are part of a diversified and sustainable economy.
Mukahhal noted that developments in Qatar’s energy sector and its global standing are “on track,” positioning it to attract more companies to join the ecosystem for expansion in this sector.
He also lauded the high standard of healthcare and education in Qatar compared to the region, suggesting that these are areas where Qatar needs to invest more in research and development, healthcare, and education to differentiate itself from other Gulf Cooperation Council (GCC) countries. “When considering these factors, Qatar would be highly ranked,” Mukahhal added.
Meanwhile, Baldeira provided an overview of the ongoing projects in Qatar, particularly the development of smart cities and real estate in Doha. She noted that there is growing attention to transportation projects, including the addition of more trains, light trains, and improved city connections, particularly between Lusail and Doha.
Baldeira also expresses interest in a potential high-speed train project linking Doha and Riyadh, which is expected to garner international attention and corporate interest. She added that commercial real estate remains a key component in the development of smart cities, underscoring the need for increased connectivity within Doha.
Hoogendoorn lauded Qatar for its strategic efforts to position itself on the map and gain international recognition, thus attracting foreign companies amidst the current competitive landscape in the region.
He emphasised that there has been a lot of interest from international entities, particularly from China and the US, adding that people are coming to Qatar to explore how they can benefit from the growth happening in the country.