Thursday 13 December 2018

Officials at the signing ceremony in Doha.

Qatar's non-oil economy set for solid growth

DOHA, January 21, 2017

Qatar’s efforts to broaden the economic base away from a reliance on hydrocarbons are gaining pace, as indicated by the country’s non-oil growth figures, said a new report by the global publishing firm Oxford Business Group (OBG).

The country's plans to implement major legislative and regulatory reforms as part of its bid to diversify the economy and counter the impact of low oil global prices will be analysed in the report on Qatar.

The Report: Qatar 2017 will provide in-depth coverage of the country’s proposed law on public-private partnerships (PPPs), which will be instrumental in boosting investment and increasing the part played by the private sector in the national economy.

The publication will also highlight the preparations under way for the introduction of a Value Added Tax (Vat), assessing its likely impact on both businesses and public resources.

With the private sector now expanding at a faster rate than the public sector, OBG’s report will highlight the areas of the economy proving to be ripe for growth. It will also explore the investment opportunities that the 2022 FIFA World Cup and long-term economic development plan, Qatar National Vision 2030, are making available.

PwC Qatar has signed a memorandum of understanding (MOU) with OBG for the publishing firm’s forthcoming report on the country. Under the MoU, the professional services firm will team up with OBG to compile and produce the Tax Chapter of The Report: Qatar 2017.

Wadih AbouNasr, Qatar’s country senior partner at PwC Middle East said that he looks forward to collaborating again with OBG and documenting the major reforms planned for the country.

PwC’s purpose is to build trust in society and solve important problems, he stated.

Established in the Middle East for 40 years, PwC has firms in Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, the Palestinian territories, Qatar, Saudi Arabia and the UAE, with around 4,000 people.

“Qatar’s efforts to broaden the economic base away from a reliance on hydrocarbons are gaining pace, as the country’s non-oil growth figures show,” remarked Wadih AbouNasr.

“With interest in the country’s investment opportunities stronger than ever, it will be a pleasure to support Oxford Business Group in its research and help readers to navigate Qatar’s changing tax framework,” he added.

OBG’s managing director for the Middle East, Jana Treeck, said that while lower oil and natural gas prices had resulted in budget constraints, sizeable foreign reserves, a growing population and ongoing diversification away from natural resources meant Qatar’s financial outlook remained bright.

“These are times of heightened activity in Qatar, with the final tenders for the 2022 Fifa World Cup set to be awarded in 2017-2018,” she said.

“The agreement on oil production between Opec and non-Opec members bodes well for the country, while the local and international environments are also positive,” observed Treek.

Welcoming PwC on board Treeck said she was confident that the firm would once again provide OBG’s readership with “unparalleled insight into Qatar’s tax regime at a time of tremendous change driven by the implementation of VAT”.

The Report: Qatar 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain contributions from leading representatives.-TradeArabia News Service

Tags: Qatar | Oxford Business Group | growth | Non-oil economy |

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