Doha: The development of the North Field, which will be a venue for sports competitions, will pave the way for the growth of Qatar’s economy. Various global events and expansion projects such as infrastructure construction, northern oilfield development, this year’s AFC Asian Cup and the hosting of the 2030 Asian Games are promising signs of economic growth.
Last year’s FIFA World Cup saw an increase in the number of tourists and investors, which benefited various sectors including real estate and retail. Notable initiatives such as hosting sporting events have made Qatar one of the most promising investment destinations in the Middle East.
Global data, a leading data-analytical firm, has reported that the economy will grow by 3.1 percent this year ahead of the upcoming global events. Qatar, which has a strong oil and gas industry, is expected to achieve stable growth this year as well. The country has been able to secure significant surpluses in its fiscal and current account balances in the last 2 years as well.
More surplus is expected for the current year as well. The expansion of the North oil field aims to increase the production of liquefied natural gas from the current 7.7 crore tonnes to 12.6 crore tonnes per annum by 2027. The current year budget is based on an oil price of $60 per barrel. Qatar is among the least risky countries in the Global Data Country Risk Index released in the third quarter of last year.
One of the safest countries to live, visit and invest. The country has the necessary legislation, infrastructure and incentives to build an investor-friendly environment.