A new report produced by Oxford Business Group (OBG) in partnership with Qatar Development Bank maps out the country’s efforts to focus on entrepreneurial activity and innovation for its long-term growth strategy.
The Business Journey Report highlights Qatar’s start-up and SME ecosystem, combining detailed analysis, key data and infographics relating to the socio-economic landscape in an easy-to-navigate and accessible format, according to a statement by OBG.
The key focus for Qatar’s vision 2030 is the country’s ongoing economic diversification and private sector development agenda, the statement said.
The report focuses on the measures implemented to nurture new growth engines, boost FDI and strengthen Qatar’s competitiveness, which would protect against future shocks to global energy markets, in case of the Covid-19-like pandemic.
It also highlights several segments of the economy which is earmarked for development including smart manufacturing, ICT, financial services, tourism, logistics, professional services and science-related industries.
The report talks about Qatar’s potential overseas growth opportunities by developing a more diverse export basket and encouraging SMEs to export products and services.
Abdulrahman Hesham Al Sowaidi, Acting CEO of QDB said, “QDB is focusing on various areas to help the SME ecosystem including digital transformation, achieving self-sufficiency in target industries, enhancing localization opportunities, and promoting healthy competition.”
Jana Treeck, OBG’s Managing Director for the Middle East, said that a combination of strong economic fundamentals and hydrocarbon wealth had enabled Qatar to weather the economic challenges of the pandemic relatively well, with the World Bank forecasting a robust near-term recovery.