Qatar's economy has shown remarkable resilience in sustaining the setback from the diplomatic row with neighboring Gulf nations, with the country's GDP projected to grow by over 10 percent by 2022, Sheikh Ali Alwaleed Al-Thani, the CEO of the Qatari Investment Promotion Agency (IPAQ), told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 02nd December, 2019) Qatar's economy has shown remarkable resilience in sustaining the setback from the diplomatic row with neighboring Gulf nations, with the country's GDP projected to grow by over 10 percent by 2022, Sheikh Ali Alwaleed Al-Thani, the CEO of the Qatari Investment Promotion Agency (IPAQ), told Sputnik.IPAQ, launched by Doha this summer, is tasked with attracting foreign direct investment to the Gulf country in line with the goals outlined in the Qatar National Vision 2030. According to the agency's figures, investment flow to Qatar increased by over 6 percent year-on-year in the first quarter of 2019.
"Qatar has already demonstrated remarkable strength and resilience during these diplomatic times; securing supply routes, maintaining a robust financial center and high credit rating, as well as continuing to honor all commitments ... GDP growth for 2018 was 1.4 percent with non-oil growth at 4.7 percent. GDP is forecast to grow by >10 percent by 2022," Al-Thani said when asked how Doha was going to ensure the resilience of foreign investment in Qatar since it could be impacted by the diplomatic crisis.
Doha has unveiled several policy changes to mitigate the potential economic impact of the Gulf crisis on its economy, the executive noted.
"Key economic enablement and policy making initiatives have also been introduced or accelerated, including new labor law, free zone law, real estate law, visa on arrival law, PPP [Public-Private Partnership] law, permanent residency law, commercial and industrial licenses, free-trade agreements, and international cooperation such as with the UN, IMF [International Monetary Fund], World Bank, and more," Al-Thani added.
Qatar has been under a diplomatic and economic blockade since June 2017 when the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, among others, cut off diplomatic relations and communication with Doha, accusing it of supporting terrorism and interfering in their internal affairs. Qatar has repeatedly denied all the charges related to terrorism, saying that the campaign against the country was simply "based on lies."�
