Today, the Qatar Investment Promotion Agency revealed that the State of Qatar has achieved a boom in foreign direct investment, attracting $29.78 billion in 2022.
The agency’s annual report for the year 2022 stated that due to the great and stable economic growth in the State of Qatar and its potential to attract investment, 135 new projects were launched within foreign direct investment projects, which contributed to the creation of 13,972 new jobs during the year 2022, which doubled the volume of capital expenditure for investment. Foreign direct workers increased by about 25 times, and the number of jobs created doubled compared to 2021.
He added that these new jobs included many sectors such as oil and gas, software and information technology, as well as business services and the areas of original equipment manufacturing for vehicles.
The report also revealed that more than 800 new foreign commercial enterprises have been launched through business licensing platforms in the country.
Commenting on this, His Excellency Sheikh Mohammed bin Hamad bin Qassim Al-Abdullah Al-Thani, Minister of Commerce and Industry and Chairman of the Board of Directors of the Investment Promotion Agency in Qatar, said, “The year 2022 witnessed remarkable development in various sectors and industries, which proves the flexibility of our founding economy according to long-term strategies and contracts.” “One of the wise investments. The past year also provided us with valuable opportunities to highlight Qatar’s potential as a distinguished investment destination, and to consolidate our relations with partners and stakeholders from the concerned authorities around the world.”
For his part, His Excellency Sheikh Ali bin Alwaleed Al Thani, Chief Executive Officer of the Investment Promotion Agency in Qatar, commented: “The past year represents a strong starting point for the Investment Promotion Agency, during which we achieved more growth, deepened ties with the global investment community, and forged partnerships with many institutions.” Within the framework of the efforts of the State of Qatar to diversify its economic sources, and we continue to develop and expand the scope of our services to upgrade the national brand “Invest Qatar”, to embody excellence and long-term partnership with investors. I am sure that we will continue to support potential investors to come to Qatar through more opportunities that we seek to provide In 2023 and beyond, building on our successes over the past year.
The annual report of the Investment Promotion Agency for the year 2022 highlights the significant growth achieved by foreign direct investments in the State of Qatar, as well as the new projects and jobs provided by these investments in the local labor market, which places the country at the forefront of countries that attract foreign direct investment at the regional and global levels. .
The agency has adopted a multi-channel marketing approach, taking advantage of the great global interest that has been given to the State of Qatar as a result of hosting the first FIFA World Cup in the region, the “FIFA World Cup Qatar 2022”, aimed at enhancing the country’s attractions as a global business center characterized by rapid growth. , which resulted in increased interaction across global markets through 85 events and meetings with investors, trade delegations and representatives of other stakeholders, through which the Investment Promotion Agency sought to enhance investment opportunities in the country.
The agency has also held major partnerships and expanded other partnerships with organizations from the region and around the world, including the Iberdrola Group, Microsoft, Invest India, Business France, and others. In addition, the Investment Promotion Agency of Qatar issued the first investment guide in multiple languages, including three guides on “Business Starting”, “Employment” and “Life in Qatar”, in addition to 12 in-depth studies in different sectors, in addition to issuing reports and studies. Specialized in supporting policies to enhance the investment environment in Qatar.
As part of its efforts to encourage investment in the country, the Investment Promotion Agency also launched the “Invest Qatar Portal”, which is a digital platform that introduces foreign investors to business opportunities and facilitates business expansion in the State of Qatar.
Qatar was ranked first in the list of the best foreign direct investment destinations in the world for the year 2023 issued by the “FDI Intelligence” institution, due to the amazing expectations regarding the economy and investment in the State of Qatar during this year. The country’s GDP has grown rapidly, jumping from $125.12 billion in 2010 to $237.79 billion in 2022. This growth is expected to continue through 2023, driven by strong non-hydrocarbon sectors such as construction, trade and transportation.
The International Monetary Fund expects that the general budget indicators in Qatar will remain strong as well in the coming years. According to the “Foreign Direct Investment Report 2023 issued by the Investment Monitor: Focus on the Middle East and Africa,” the State of Qatar continues to strengthen its position as an attractive destination for foreign investment, with a remarkable increase in foreign direct investment that has reached six times, and it now ranks fifth on the list of the largest markets that attract foreign investment. Attracted foreign direct investment in the Middle East and Africa.
Despite the instability in the global economy in 2023, some regions have become conducive to witnessing positive growth in foreign direct investment. According to FDI Intelligence, the Middle East and North Africa region, in addition to India, is expected to continue its significant economic and investment activity throughout the current year. Countries with resilient growth catalysts, such as strong digital structures and openness of their markets, are also expected to see the greatest returns on FDI.
With this growth in foreign direct investment projects at a rate of 70% and a growth of more than 200% in capital expenditure for foreign direct investment between 2019 and 2022, the outlook for the economy and investment in Qatar still indicates that it is an attractive destination for foreign investors.
It is worth noting that the Investment Promotion Agency in Qatar supervises investment promotion activities under the brand “Invest Qatar” and acts as a national umbrella to attract foreign direct investment. Through its close coordination with the Qatari licensing platforms, the agency helps companies enhance their ambitions and achieve long-term success by providing support, advice and expertise.
The agency aims to highlight the State of Qatar as an exceptional investment destination, to introduce international investors to lucrative business opportunities, as well as to advance the country’s economic development and achieve the goals of economic diversification.
