Qatar to allocate more to non-oil sectors
Doha, March 27, 2014
Qatar’s general budget for 2014-15 will have a higher allocation for infrastructure, logistics, education and health sectors, as it diversifies its economy away from hydrocarbons, said a report.
The Finance Minister Ali Sherif Al-Emadi stated at the World Exchange Congress, which recently concluded in Qatar, that ample allocations have also been made for sports-related activities in view of the country’s hosting of the 2022 Fifa World Cup, said the Gulf Times report.
The higher allocations will encourage the private sector in a big way to contribute to Qatar’s economy, he said.
A delegate at the WEC pointed out that the proposed budgetary allocation is a well-planned move to give higher allocations for non-hydrocarbon sectors, especially considering that much of the growth is to come outside the oil segment.
The Qatari economy has witnessed several important developments, mainly the increasing contribution of non-oil sectors in the economic growth as a result of the policies and strategies adopted by the government, which were mainly based on enhancing the private sector's contribution in the economic development, said the report.