The Qatari government has been keen on creating opportunities for the private sector, attracting foreign direct investments (FDI), and the growth of the manufacturing, logistics, tourism, and ICT sectors, as well as financial services, HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani has said.
He made the statement during an on-stage conversation with Bloomberg Television anchor Francine Lacqua at the opening ceremony of the Qatar Economic Forum 2024 yesterday.
HE Sheikh Mohamed underscored Qatar’s infrastructure-related investments in its healthcare and education sectors. He said, “Healthcare has more potential in terms of its economic side, which is basically research and development and, hopefully, the pharmaceutical industry.”
He noted that Qatar has made great strides in its digitalisation strategy, citing the need for major investments in artificial intelligence (AI)-related infrastructure or applications.
The Prime Minister highlighted the role of educational institutions in pushing Qatar’s plans to maximise the use of AI.
During his speech, Sheikh Mohamed announced the launch of ‘Al Fanar’ or the Arabic Artificial Intelligence project. He said the project’s main objective is to collect quality data in the Arabic language, contributing to enriching large linguistic models and preserving the Arab identity.
Speaking on Qatar’s investment plans, HE the Prime Minister highlighted the country’s diversification strategy, including outward investments, making sure “there will be a high return.”
“We ensure that the balance is right within our portfolio. Of course, in the last few years, the US has been one of our main markets. Asia is an interesting market, and we have investments there, but we are also exploring opportunities and trying to expand to new emerging markets like the Central Asian region and Africa.
“Our focus as a sovereign wealth fund is for future generations, so we wanted to make sure that these investments are not high-risk, ensuring the stability of the jurisdiction where we are investing and ensuring sustainable income,” the Prime Minister explained.
Sheikh Mohamed said the recent launch of the country’s National Development Strategy is seen as the final phase of achieving the Qatar National Vision 2030. He emphasised that the government is now capitalising on the infrastructure that was built for the energy sector and for hosting the 2022 FIFA World Cup.
At the centre of this strategy, the Prime Minister stressed that Qatar is focusing on human capital, unleashing their potential, and opening up opportunities for the private sector.
On the regional level, HE Sheikh Mohamed underscored the importance of Qatar’s investments in its GCC neighbours, such as Saudi Arabia and the UAE, among others. He said there has been increased interest among Qatari companies to invest in other Gulf nations.