Post-COVID Economy In Qatar

An interview with Princess Al Anoud bin Thani of the Qatar Financial Center about her work and her predictions for the future of Qatar’s economy.

Could you give a brief overview of your career path so far?

My career is devoted to inspiring and implementing socially conscious economic development and diversification through the public and private sectors and civil society.

I am currently Deputy Chief Executive Officer and Chief Business Officer of Qatar Financial Centre (QFC) Authority, where I play an integral part in achieving QFC’s vision of transforming Doha into a leading global financial and commercial hub through attracting FDI and developing a sustainable local economy.

Prior to joining the QFC, I served as the Qatar Country Representative and Director for Silatech, a Qatar-based social initiative that connects young people to employment opportunities across the Arab region.

Out of my deep belief in the need to support Arab youth empowerment, I greatly expanded Silatech’s operations within Qatar, helping connect thousands of young people to private sector opportunities and supporting economic development across the MENA region.

My efforts here extend several positions with UN agencies and international organisations specialising in economic development, education, and youth employment. A recipient of numerous honours and awards, including being named as a Global Shaper by the World Economic Forum, Young Arab Achiever, His Highness Sheikh Tamim bin Hamad Al-Thani Education Excellence Award, and was recently honoured as a 2021 Young Global Leader by the World Economic Forum.

Studying Economics and Political Science served as an important base for my career. However, the work that I undertook at United Nations Agencies and Amnesty International provided me with the opportunity to balance my economic and financial knowledge with the social and humanitarian awareness and ensured that throughout my career I have strived for responsible and ethical business development that assists those who need it most, expanding opportunity for youth in our region, advancing women’s role in society, while contributing to the goals and ambitions that my country is committed to achieving.

What does your work involve on a day-to-day basis?

My work pivots around growing QFC and building the company brand. If I am not planning strategies to create new business opportunities for QFC and attract foreign direct investment with my team or senior leadership, you will find me in meetings or correspondence with key stakeholders or potential partners working on securing new Business.

I often represent QFC in industry conferences, business development meetings with potential clients, and other outreach activities. I also maintain and develop key relationships with senior clients and other relevant stakeholders.

I am fortunate to work alongside talented and thoughtful colleagues, which means that amid my structured and rigid schedule, every day at work can mean getting a few surprises, new wisdom, and inspiration.

How does your work give you insight into the Qatar economy?

To be effective at my job, I must know Qatar’s economic landscape. That said, part of the job is to follow the economic developments in Qatar, the competition, and the markets we hope to penetrate.

As Deputy CEO & Chief Business Officer of the QFC, I am also in constant contact with Qatar’s business leaders which are great sources of insight and offer varying perspectives on Qatar’s different economic sectors and future growth.

How has the pandemic impacted the Qatar economy?

As with all economies worldwide, the restriction of population movement due to COVID-19 slowed down Qatar’s economic activities. Almost all sectors were affected, including construction, retail and trade, services, real estate, travel and tourism, and finance.

However, some service activities witnessed expansion in their use and increase in production. These include distance education programmes, healthcare, ICT, and e-commerce.

There was also an increase in the volume of trade and production of disinfectants and PPEs. Another positive effect of the COVID-19 pandemic is the increased adoption of new technology, which boosted the digital and fintech sectors.

Thanks to the government’s quick response to mitigate the health and economic impact of COVID-19, Qatar saw early signs of recovery from the global health crisis. Qatar’s GDP fell by about -2.6 per cent in 2020 but started to rebound this year. The World Bank forecasts Qatar’s economy to grow 3 per cent this year, 4.1 per cent in 2022, and 4.5 per cent in 2023.

How will the forthcoming World Cup affect the economy in Qatar?

The FIFA World Cup Qatar 2022 will undoubtedly boost Qatar’s economy, with about 1.5 million tourists bringing a significant income to the country. The increased economic activities during the mega event will raise Qatar’s GDP, which will likely remain high after the event, given the economic developments associated with hosting the event and global publicity, which can entice tourism and investment into the country.

The Qatar government has invested significantly to develop its tourism industry, with a focus on promoting luxury tourism. After the World Cup, Qatar is expected to receive about 3.5 million tourists, which can reach 7.4 million by the year 2030.

This spike in tourism will have a ripple effect on other sectors, increasing activities in retail, hospitality, service, and financial industries, spurring further Qatar’s economic growth.