Qatar's economy poised for strong growth: KPMG official

An expert from a leading international financial audit firm has voiced optimism for strong growth in the Qatar economy for several years to come on account of its huge investment in oil and gas as well as the Qatar National Development Strategy 2024-2030."We are very optimistic about Qatar economy because of the huge investment in oil and gas sector and development of more gas fields. Additionally, the 3rd Qatar National Development Strategy focuses on three key areas of tourism, logistics and manufacturing. This is the focus of Qatar right now and the leadership of the country has focused on the right areas,” Ahmed Abu-Sharkh, country leader partner, KPMG Qatar told Gulf Times at a recent event.Abu-Sharkh noted that tourism, logistics and manufacturing are the enablers that will fuel further growth for the country. " In addition, there is massive investment in technology, digital areas, education and human capital development. Qatar’s financial sector is very matured and focused. All these will make the country perform very well in the coming years,” said the official.According to Abu-Sharkh, the huge investment in hydrocarbon sector will benefit the country primarily in several areas. He said: "Investment in tourism will bring more people into the country. Similarly investment in the manufacturing and logistics sectors will encourage people to invest in several areas such as retail, technology and many other areas. This will also help the government to allocate more money into these sectors, leading to more diversification of the economy.”The KPMG official said tourism has been one of the major focuses of the government particularly in the last few years. "The plans to introduce Schengen type of common visa for GCC countries will be a major boost for tourism. We can create synergies with the UAE and other countries to attract more tourists to Qatar. The museums, beaches, the beauty of the city and other experiences can be great attractions for tourism in Qatar,” he remarked.Abu-Sharkh highlighted that banks in Qatar are very strong and are doing well. "Qatar Central Bank is enhancing the banking system and is providing enablers that can help the banks perform better. Further to that, the 3rd Qatar National Development Strategy is a fantastic one with major enablers such as financial service sector, digital advancements, technology and education which can fuel great financial growth in the country in the near future,” he pointed out."Qatar has been making huge investment in several areas especially in oil and gas. More investment in these areas will lead to more collaborations and will help form major partners from around the world. The core success of the country lies in human development and it is taking a great leap these days,” added Abu-Sharkh.