Qatar’s Public Private Partnership Law, issued in May 2020, is expected to enhance opportunities in various sectors including education, healthcare, real estate, tourism, power and utilities, PwC has said in a report.
Public sector procurement initiatives will also contribute to private sector development, including Qatar Petroleum’s flagship Tawteen localisation programme. This comes as the private sector has been boosting its self-reliance recently, with success stories such as Baladna and QDB’s work to develop small and medium enterprises, PwC said in its ‘Qatar Economy Watch’.
Qatar National Vision 2030 and the 2019 Economic Diversification and Private Sector Development (EDPSD) strategy have provided the framework for the government’s efforts to diversify the economy, emphasising productivity, competitiveness and private sector-led growth.
Thirteen years later, Qatar has made concrete strides towards diversification, including through reforming the business environment and increased government spending on large-scale infrastructure development ahead of World Cup 2022.
The creation of institutional bodies such as Qatar Financial Center, Qatar Free Zones Authority and Qatar Science and Technology Park (QSTP) together with the amendment of its laws surrounding foreign ownership have created new routes for investment.
These efforts have been reflected in the 2019 World Economic Forum Global Competitive Report wherein Qatar ranks second in the region and 29th globally for its overall competitiveness.
Looking forward, as the economies in the region come out of the aftermath of the pandemic, there is little doubt that they will need to move swiftly to tackle the challenges that lie ahead. Qatar has already shown its resilience and the building blocks that have been put in place will undoubtedly help create sustainable growth in the future.
To rebuild the economy, post-Covid-19, the Qatari government will have to step in with several policies, including those related to six transformation themes: Diversification and private sector development; fiscal management and innovation; digitisation; glocalisation and talent attraction; value creation; energy transition and sustainability.
“Each of these themes has relevance for the post-pandemic economy,” PwC noted.