How can your business can benefit from Qatar 2022?
Qatar’s economy has seen consistent growth in recent years and has been ranked the 29th* most competitive nation in the world. Qatar has supported both economic and population growth in recent years and has development plans in place to "transform Qatar into an advanced society capable of achieving sustainable development”.
In 2010, the State of Qatar was awarded the 2022 FIFA World Cup, the first of its kind to be hosted in the Middle East. Following the announcement, Qatar has invested exponentially in preparation for an amazing tournament.
Although Qatar is the smallest nation ever to host the World Cup, the state has seen major development and investment in preparation and have welcomed all enterprises that wish to help deliver the infrastructure with the ambition to leave a lasting legacy. With this comes a huge number of benefits, opportunities and advancements that businesses can leverage both now and in the years to come.
With an expected 1.5 million international visitors and over four billion television viewers tuning in to watch the World Cup, the global spotlight will certainly be on Qatar for a whole month. This in turn will lead to a significant increase in tourism and investment. Further, Qatar boasts ease of accessibility with its location between Asia and Africa, as well as it being a key destination for major European airports.
More than $200bn will be spent in total in preparation which covers not only stadiums but projects such as roads, airport expansion and hospitals. The biggest infrastructure projects include Al Bayt Stadium (60,000 seats), Al Wakrah Stadium (40,000 seats), Hamad International Airport expansion, Msheireb Downtown Doha ($5.5bn project redeveloping the historical heart of Doha), the Doha Expressway System providing vital transport links and the new Hamad (Doha) Port ($7.4bn project and expected to be one of the largest sea ports in the region).
It has been widely broadcast that the surge in infrastructure investment will not slow down after the tournament, as the country works towards the Qatar National Vision 2030. By 2030, Qatar aims to be an advanced society capable of sustaining its development and providing a high standard of living. Qatar’s National Vision defines the long-term outcomes for the country and provides a framework within which national strategies and plans can be developed.
Qatar is a lucrative destination for foreign companies and the Government have introduced number of incentives for investors. Furthermore, the Government have introduced tactics to simplify doing business in the country across many sectors including manufacturing, hospitality, real estate, energy, health and education.
What investment incentives does Qatar provide for companies?
Low electricity, water and gas rates
- Nominal lease rate
- Exemption from import taxes on heavy duty machinery, spare parts and raw materials
- No restriction on money exchange and transfer of profits abroad
- Flexible regulations and procedures to import skilled workforce
What are the top reasons you should be doing business in Qatar?
- Continued Economic growth - It is documented that Qatar’s gross domestic product (GDP) will grow 2% in 2019, 2.4% in 2022 and 2.3% in 2021. Future boosts to Qatar’s economy are expected in the form of the Football World Cup in 2022, the start of the delayed Barzan gas project by the end of 2019 and, further out, the expansion of the North Field gas project according to Economists. Qatar is also one of the nations with the highest population growth with an annual increase of 2.2% (vs 2018).
- Infrastructure and Investment - Construction is booming in Qatar and growth is largely driven by public expenditure. According to the Ministry of Development Planning and Statistics (MDPS), Qatar’s construction and building sector has shown strong growth since 2010.
- Qatar National Vision 2030 - Launched in 2008, the national vision will mean continued support for foreign investors as Qatar focuses on Human, Social, Economic and Environmental development beyond 2022.
Are you looking to start a company in Qatar?
If you’ve been considering starting a company or expanding to Qatar but are unsure about how to approach company formation, please speak to one of our Venture Partner Qatar experts for guidance and support.
How can Venture Partner Qatar assist with PRO Services?
Venture Partner Qatar can assist with company formation and business consultancy in Qatar. For more information, please speak to one of our team members on +974 4478 8765 or email firstname.lastname@example.org