Qatar Special Report 2023: Making visions of the future a reality

A successful FIFA World Cup helped put Qatar squarely in the centre of the world stage. Now, with the tournament behind it, the country is moving forward with the next stage of its incredible economic journey.

The successful preparation and organisation of the 2022 FIFA World Cup — the largest event ever hosted in the region — led to strong economic growth. The momentum associated with the event contributed to an 8% year-on-year GDP growth for Qatar in Q4 2022, the strongest performance in more than a decade. Importantly, Qatar’s non-energy sector was particularly buoyed, with close to 10% growth during the same period.

After the successful World Cup, Qatar is diligently pursuing its National Vision 2030 through a multifaceted approach focused on a number of priorities. These include diversifying its economy through investing in infrastructure and sustainability projects, expanding its tourism sector, enhancing sports and cultural initiatives. The World Cup served as a catalyst for these efforts, helping Qatar transition into a more diversified and globally connected economy.

Supporting the next stage of Qatar’s economic journey is a priority for Commercial Bank, and we believe that the banking sector can play a pivotal role. We aim to provide tailored financial solutions that enable both local and international investors to participate in Qatar’s economic development. This includes offering competitive lending terms, structured finance solutions, and investment advisory services to help businesses thrive and expand. We empower SMEs — which are vital drivers of economic diversification and job creation - by providing access to capital, financial advice, and specialised banking solutions. Commercial Bank’s efficient and convenient digital platforms allow businesses and individuals to conduct financial transactions seamlessly. We aim to be a catalyst for economic growth, innovation, and prosperity in Qatar.

For a country with Qatar’s incredible fossil fuel resources, the move towards decarbonisation is a substantial challenge. But its leaders have acknowledged the importance of placing renewable power and sustainable economic growth at the forefront of the country’s strategy.

Following the 2022 World Cup, we are experiencing a transformative 2023. Slower credit growth is signalling a shift from rapid non-oil sector expansion, which was driven by extensive infrastructure investments tied to the event. The remarkable infrastructure built for the World Cup will find a new purpose, boosting the economy through international events. The tourism and hospitality sectors, along with upcoming events like the Asian Football Cup and Formula 1 Qatar Grand Prix, will enhance global attention.

The success of the FIFA World Cup has raised Qatar’s profile as a destination for tourism and foreign direct investment and highlighted its potential as a host for international events. The country invested more than $200bn in infrastructure for the World Cup, which is now expected to result in positive economic multiplier effects. The increase in FDI is a crucial component of economic diversification.