Economic Overview and Business Opportunities in Qatar
A nation that is regularly ranked as one of the world’s top economies, Qatar has caught the eye of investors over the years. For anyone seeking business opportunities in Qatar, this guide is for you.
Qatar boasts a dynamic economy, which means investors have several prospects where business opportunities are concerned. One of the major allure factors that Qatar has is how investors are exempt from paying taxes. Investors don’t need to pay royalties, income taxes, or capital gains taxes.
Why? Because Qatar is a nation that is rich in natural gas deposits. Qatar’s economy is strong enough to allow these exemptions and establish certain free zones for investors. For example, there is the Qatar Free Zone, Qatar Financial Centre, and Qatar Science and Technology Park (QSTP). Here, investors are able to own 100% of their business and get capital repatriation.
Hosting the FIFA World Cup in 2022 saw Qatar’s economic GDP grow by 4.3%. Experts are forecasting that the economy is only going to strengthen as it moves forward, thanks to private consumption, ongoing gas sector investments, and higher energy prices. Qatar’s improving ties with its neighbours in the Gulf have also given tourism a boost.
With commodity prices on the rise, Qatar’s economy is expected to continue to reap its benefits until the year 2027. As for the Government, there is a long-term plan in place to create a favorable business environment in the nation.
Qatar’s Government has a vision for the nation. Under the Qatar National Vision 2030, the Government targets to achieve its long-term modernisation and strategic goals set under this place. To achieve this, certain business sectors are going to be the focus of attention.
One of the key focal sectors will be the Information, Communications and Technology (ICT) sector. This is because the Government aims to make Qatar a “Smart Nation” and has launched a program for it with an allocated budget of more than $1.5 billion. Business opportunities in logistics, environmental sectors, transportation, health, and sports are going to be abundant. Investors who hold a keen interest in these sectors can consider establishing a business within these fields.
The food and energy sectors are another area where business opportunities in Qatar will surge. The Government invests heavily in the food sector because they are keen for this sector to be given a boost, which is good news for business investors.
As for the energy sector, oil and gas production is where investors should be turning to if they are seeking business opportunities in Qatar. With the North Field LNG Expansion (NFE) project, natural gas production is expected to surge to 43% by 2026.
Qatar also has an emphasis on sustainability and climate change. This is another area where potential investors can keep an eye on, should they want to set up a business in Qatar. Clean technology, waste management, air quality, urban beautification, and sustainability are among the few sectors under sustainability where investors can explore potential opportunities.
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Usman Ishtiaq is a Managing Partner and Founder. As an acclaimed senior professional and a former partner in one of the prominent chartered accountants firm in the State of Qatar.
He is a chartered accountant from association of chartered certified accountants (UK) a certified financial modeller from CFA institute (USA). He has attended and been a speaker in various seminars, national conferences and workshops in general economy, public accounting, taxation and doing business in Qatar. He has 15 years of an enormous exposure working with big 4 firms in various industries and capital markets in leading end to end financial planning and control, Financial and management Advisory services to a broad range of internationals, locals and government organizations covering Audit and Assurance, Tax Advisory services, Strategic consulting services, Business valuations & financial modelling, business due diligence and feasibility studies, mergers & acquisitions, liquidation & arbitration services.
During the long stint of his career he have garnered extensive entrepreneurial experience in improving financial performance, heightened productivity and enhanced internal controls. His abilities lie in seeing the big picture and align financial, budgetary and cost control measures with strategic goals, demonstrating strong business acumen and commercial understanding. His solid credentials analyses business operations and finances to identify and deliver improvements.
- Website: https://www.axiom.qa
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