Qatar Economic Forum discusses massive transformations in economies of GCC states

Doha, Qatar: A panel discussion was held at the Qatar Economic Forum (QEF) under the title: Reshaping Middle East Economies which discussed the mass...

Doha, Qatar: A panel discussion was held at the Qatar Economic Forum (QEF) under the title: "Reshaping Middle East Economies" which discussed the massive transformations the economies of the Gulf Cooperation Council (GCC) states have witnessed throughout the last years, especially after they made great strides in increasingly diversifying their economies to reduce dependence on oil and gas resources as a sole source of income.

Accordingly, the panelists tackled the experience of the State of Qatar and the Kingdom of Saudi Arabia in this field. They reviewed the manifestations of these transformation in numbers, whether in terms of increasing the involvement of the non-oil sector in the gross domestic product (GDP) of these countries, increasing the rates of Gulf womens engagement in development, or facilitating investment methods in those countries.

The Minister of Finance HE Ali bin Ahmed Al Kuwari inaugurated the panel discussion and afformed that the Qatar National Vision 2030 shaped the theme of these transformations in its economic pillar, adding that Qatar has reached an advanced stage of accomplishing this vision and set three phases, the first one focused on investment in infrastructure through Qatar Investment Authority (QIA) which included railway networks, transportation and hosting major sporting events such as the FIFA World Cup Qatar 2022.

After 2022, this economic and social momentum kept focusing on the private sector and economic development centers, including human capital, education, leveraging the cutting-edge technology, environment protection based on sustainable underpinnings and developing other critical sectors, such as industry, tourism and logistical aspects, His Excellency highlighted.

HE the Minister of Finance stressed that the energy sector achieved very crucial financial revenues, and all are of foremost factors which confirm that this economic development will help the State of Qatar achieve a bright future, particularly with the targeted increase in LNG production in 2030, which will almost double the current production levels of 77 million tons of LNG annually.