Qatar is soon to be on the world stage with the long-awaited prestigious football tournament, the recently announced North Field South (NFS) expansion underway, a new global sporting event on the horizon with the recent award of the 2030 Asian Games, and the strategic national goal of diversifying the economy away from hydrocarbons. Foreign direct investments (FDIs) in Qatar have exhibited a significant compounded annual growth rate (CAGR) of 32% in projects, 28% in jobs and 19% in CapEx.
As we turn our gaze toward the future of the Qatari economy, EY Consulting LLC is leveraging its network to provide thought-provoking insights about the economic and investment outlook of executive decision makers in some of the leading businesses in Qatar. This study is based on extensive one-on-one discussions EY have had, from Q4 2021 to Q1 2022, with executive decision-makers across the largest businesses in Qatar.
Economic outlook
According to the interview, executives were overall bullish with around 82% expecting the economic growth of the coming five years to meet or exceed forecasts.
Oil and gas and consumer services had the highest bullish sentiments, with respectively 64% and 45% of interviewees expecting the sectors to outgrow the general economy over the next five years.
Around 55% of interviewees had bearish sentiments relating to the growth of the construction sector, especially since most of the mega projects will be either complete or nearly complete in the coming months. New mega projects such as the Sharq Crossing, the planned airport expansion and the development of the Lusail City project, may help alleviate some of the worries surrounding the sector’s prospects.