Business & Economy in Qatar: Winter 2024/25

Business & Economy in Qatar

BANKING AND FINANCE ECONOMY

COMMERCE USEFUL NUMBERS INVESTMENT AND TRADE

THE HYDROCARBON INDUSTRY INFRASTRUCTURE IN QATAR

A YEAR IN REVIEW

INTERNATIONAL RELATIONS

HH The Amir at the United Nations

This year, Qatar continued to welcome visitors from around the world at world-class events, offering something for everyone. The State was once again a key player in international affairs, while domestically raised the bar in sports and healthcare.

By Sarah Palmer

HH The Amir visits Europe and Canada

The Amir, HH Sheikh Tamim bin Hamad Al Thani was busy meeting with world leaders in 2024. In June, HH the Amir made his first visit to the Netherlands, the main purpose of which was to further strengthen the broad relations between the nations. Discussions covered a number of areas, including the water, sustainable energy, food and maritime sectors.

In September, HH the Amir embarked on an official tour to the Kingdom of Sweden, followed by the Kingdom of Norway and the Republic of Finland. The purpose of the tour was to increase trade and investment cooperation with the three nations, given their strategic location in the European market.

This was followed just a couple of weeks later by the first official visit to Canada, where HH the Amir discussed with Prime Minister Justin Trudeau ways to boost cooperation in energy, education, trade and natural resources.

The Amir, HH Sheikh Tamim bin Hamad Al Thani delivered a speech at the General Debate of the 79th session of the United Nations General Assembly in New York City in September. HH the Amir addressed important regional and international issues, specifically the Palestinian issue, but also the situations in Lebanon, Yemen, Syria, Sudan and Libya, highlighting Qatar’s mediation efforts and its role in bringing conflicts around the world to an end.

HH the Amir also met with HE United Nations Secretary-General, Antonio Guterres, to discuss ways to boost cooperation between the State of Qatar and the UN, and the latest regional and international developments, especially the deteriorating humanitarian situation in the Gaza Strip and the occupied Palestinian territories. HE the UN Secretary-General renewed his praise for Qatar’s efforts to achieve a ceasefire in the Gaza Strip, the diplomatic endeavours to end regional and international conflicts and wars, reduce climate change impacts, and its support for humanitarian and development projects.

On the sidelines of the 79th UN General Assembly, HE the Minister of State for International Cooperation Lolwah bint Rashid Al Khater represented Qatar at the Ministerial Meeting for Key Partners in Support of the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), pledging a further USD100mn in response to the humanitarian crisis in the Gaza Strip, including backing UNRWA.

Qatar appreciates Ukraine and Russia cooperation in reuniting children Qatar helped broker deals to reunite Ukrainian children with their families, mediating to reunite 16 in April and 6 in May, while another 14 children in Ukraine and Russia were reunited with their families in September.

Ukrainian President Volodymyr Zelenskyy met HH the Amir during a visit to Qatar in June, thanking Doha’s support for Ukraine’s ‘sovereignty and territorial integrity’. Qatar hosted a Ukrainian delegation in October, led by HE Ukrainian Parliament Commissioner for Human Rights Dmytro Lubinets, to address urgent humanitarian concerns arising from the Russia-Ukraine conflict. The discussions resulted in agreements to support those affected, including streamlined processes for the recovery of personal documents for displaced individuals and the exchange of lists of missing soldiers. Letters from prisoners of war were shared, a vital communication channel for affected families and much-needed support for those impacted by the conflict.

Constitution amendments overwhelming endorsed

The nation went to the polls in early November 2024, voting in the general referendum on changes to Qatar’s permanent constitution, deemed necessary following the fast development of the country and mainly in regard to the Shura Council, but also covering official language and religion, foreign policy, and delegation of duties held by HH the Amir and other members of the ruling family. These amendments obtained an approval rate of 90.6% of the total valid votes – a participation rate of 84% of eligible citizens, with 89% voting in favour, 9.2% against, 1.8% of votes being invalid – and were later ratified by HH the Amir. Qatar’s first-ever legislative elections were held in 2021, with Qatari nationals voting for 30 of the 45 members of the Shura Council. However, the eligibility criteria, which limited voting rights to Qataris whose families had been in the country since before the 1930s, sparked tensions among various tribes. Citizens voted overwhelmingly in favour of replacing Shura council elections with appointed seats.

Successful Expo 2023 Doha comes to a close

The Expo House in Al Bidda Park hosted the closing ceremony of Expo 2023 Doha in March, attended by guests including HE Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiya, pavilion directors and delegations representing the participation nations. Held under the theme ‘Green Desert, Better Environment’, the record-breaking Expo 2023 Doha was the first AI-generated expo. Over the 179 day-long event, more than 4.2 mn visitors from across the world participated in workshops and educational activities on modern agriculture, technology and innovation, environmental awareness and sustainability.

Third

National Development Strategy 2024-2030 launched

The Third National Development Strategy (NDS3) 2024–2030 was launched in January, the final stage to achieve the goals of Qatar National Vision 2030, launched in 2008. The new strategy will give priority to competitiveness, enhancing innovation, and supporting institutional excellence while achieving a balance between sustainable growth and social cohesion. Qatar wants to accelerate economic growth at an average annual 4% until 2030 by expanding gas production and accelerating the growth of activities related to economic diversification. This economic diversification agenda aims to make Qatar among the top 10 destinations in the world for investors and companies to create specialised economic clusters and to build a vital innovation system that relies on the private sector. Throughout the year, the Ministries of Health, Education and Labour issued their own 2024–2030 strategies, as did the National Cyber Security Agency and Qatar Central Bank.

HEALTHCARE

Precision health: the future of healthcare in Qatar

HH Sheikha Moza bint Nasser, Chairperson of Qatar Foundation (QF), formally launched Qatar Precision Health Institute (QPHI) in May 2024. QPHI is a national centre for research and implementation and part of QF. Its primary focus is to enhance precision healthcare quality and value through comprehensive study of genomics and multi-omics (a biological analysis approach in which the data sets are multiple ‘omes’, eg the genome, proteome, transcriptome, epigenome, metabolome, and microbiome). QPHI will leverage more than 10 years of valuable data collection, research, and ecosystem development accomplished by Qatar Biobank and Qatar Genome. The goal is to lead in preventing and curing health issues through personalised approaches, and empower and enable precision health practices leading to healthy and vibrant communities. QPHI is hoping to collect 100,000 unique genetic maps from the local population, of specific diseases like COVID-19, autism, diabetes, cancer and cardiovascular disease.

Qatar supports the World Health Organization

HE Dr Hanan Mohammed Al Kuwari, Minister of Public Health and Chair of the Executive Board of the World Health Organization (WHO), announced in May that Qatar will continue its support of WHO in 2024 with a voluntary contribution of USD4 mn. In October, a joint report was released by Qatar and WHO, in collaboration with FIFA and Qatar’s Supreme Committee for Delivery and Legacy, titled ‘Changing the Game: Strengthening Health and WellBeing through Sport Events’, showing lessons learned and recommendations for staging healthy and safe mega and grassroots sporting events around the world, following the successful staging of FIFA World Cup Qatar 2022TM EDUCATION

In September, the Education Above All (EAA) Foundation, Qatar’s Ministry of Finance, and the World Bank announced a partnership to expand access to quality education globally, due to urgent challenges that have increased the number of out-of-school children and the pervasive learning deficits worldwide. The partnership will focus on enhancing access to quality education in developing countries and fostering job creation for youth, particularly in the Middle East and North Africa region.

TRAVEL, TOURISM AND HOSPITALITY

Hamad International Airport (HIA) celebrated its 10th anniversary this year. Since opening in May 2024, HIA has welcomed 325.1 mn passengers, seen 2.1 mn aircraft movements, carried 20.5 mn tonnes of cargo and processed 258 mn bags.

Qatar Duty Free (QDF), the owner and operator of catering outlets at HIA, won seven awards at the 2024 Food & Beverage (FAB) Awards in California in July, including for the world’s first Louis Vuitton Lounge for Airport Lounge of the Year (International).

In June, HIA received ‘Best Airport in the Middle East’ for the 10th consecutive year and ‘World’s Best Airport Shopping’ for the second year in a row, at the 2024 World Airline Awards, managed by Skytrax.

Qatar Airways won the ‘World’s Best Airline’ for an unprecedented eighth time, alongside ‘World’s Best Business Class’, ‘World’s Best Business Class Airline Lounge’, and ‘Best Airline in the Middle East’. Qatar Airways was also voted the ‘World’s Best MICE Airline’ and ‘Middle East’s Best MICE Airline’ for the second time at the World MICE Awards™ in Ho Chi Minh City, Vietnam in September.

In July, the Qatar Airways Group reported record-breaking net profits of QAR6.1 bn for the 2023/24 financial year. Total revenue was QAR81 bn, up 6% year-on-year.

The Group’s airline business carried more than 40 mn passengers during the financial year, leading to passenger revenue increasing by 19%.

Later in the year Qatar Airways acquired a 25% stake in South Africa’s leading independent carrier Airlink, while in October it was announced the Qatar Airways Group intends to acquire a minority 25% equity stake in Virgin Australia from Bain Capital (subject to FIRB approval).

Celebrating 20 years of operation in 2024, Qatar Airways Cargo maintained its position as the world’s leading air cargo carrier. A strategic focus on digitalisation, sustainability and growth increased its market share to 7.1% in 2023/24, up 0.04%.

Visitors continue to enjoy easy entry to the country. Nationalities from 102 countries can enter visa-free, while all can apply for an e-visa using the online Hayya Portal. Qatar Tourism announced that the number of

visitors by the end of October 2024 had reached 4 mn, matching the total visitor count for 2023.

The Qatar Tourism Awards 2024 were held in October, recognising the best in the industry. The categories covered everything from Service Excellence to Gastronomic Experiences and Digital Footprint, and a new category, Tourism Influencer Award. Winners included Mandarin Oriental, Doha, Zulal Wellness Resort By ChivaSom, Waldorf Astoria Doha West Bay, Sheraton Grand Doha Resort & Convention Hotel, and Old Doha Port.

There were many new hotel and resort openings in 2024, including The Plaza Doha, LXR Hotels & Resorts, Marriott Executive Apartments City Center Doha, Rixos Premium Qetaifan Island North in Lusail City, and Our Habitas Ras Abrouq in Dukhan.

BUSINESS

Qatar has taken a more conservative approach to the 2024 budget, with an oil price assumption of USD60 per barrel, down from USD65 in 2023, based on international estimates for oil prices in 2024 and conservative estimates for oil and gas revenues. According to HE Ali bin Ahmed Al Kuwari, the Minister of Finance, the 2024 budget continues to focus on achieving the goals of Qatar National Vision 2030 (QNV 2030), with 20% going to health and education, and allocations for the communications and IT sector doubled.

Amiri Decision No 13 of 2024 establishing National Planning Council was issued in May, replacing the Planning and Statistics Authority. The new council’s mandate covers devising and implementing national development visions, strategies and plans, and ensuring the realisation of QNV 2030

This year QatarEnergy celebrated its 50th anniversary. The state-owned company, now one of the largest exporters of natural gas, unveiled a slew of projects throughout 2024. The North Field development project is still in progress to the south and east, and in February a new North Field West expansion project was announced. In June, plans were announced for an innovative salt plant in the Um Al Houl area, while in September, there was news about a new 2GW solar power project in the Dukhan area and a world-scale urea (fertiliser) complex in Mesaieed Industrial City.

There were changes announced for the national workforce during the year. Law No 12 of 2024, pertaining to the nationalisation of jobs in the private sector was promulgated by HH the Amir in September. The law aims to significantly increase the effective participation of the national workforce in the private sector, with new employment and career opportunities for Qataris and the children of Qatari women.

In the same month, the Council of Ministers approved the flexible and remote work system in government agencies, provided that the number of official hours is met and does not affect work requirements.

SPORT AND LEISURE

The AFC Asian Cup Qatar 2023™

The AFC Asian Cup Qatar 2023™ was hosted in January 2024, with Qatar having previously held the competition twice before, in 1988 and 2011.

The 18th edition of Asia’s flagship men’s national team competition was the first ever to use FIFA World Cup™ venues. Records were broken throughout the tournament: new spectatorship records for an opening match (82,490), overall attendance (over 1.5 mn), stadium capacity (73%), and a record number of goals across the 51 matches (132). As with the FIFA World Cup Qatar 2022™, a number of breakthrough innovations were introduced, with the successful staging of the first-ever AFC eAsian Cup, and the debut of the Semi-Automated Offside Technology (SAOT) and Video Assistant Referee (VAR) systems. Women match officials were also appointed for the first time.

Qatar’s Akram Afif, the Most Valuable Player, made the first ever hat-trick in an AFC Asian Cup™ Final, leading the hosts to a second title and only the fifth team in history to record back to back triumphs.

There was plenty of praise for the most successful ever edition of the AFC Asian Cup™. In October, the AFC Asian Cup Qatar 2023™ Local Organizing Committee (LOC) received two Qatar Tourism Awards for Premier Sports Events of the Year and Accessibility Initiative of the Year. Later in the month, the Qatar Football Association (QFA) was honoured with the inaugural AFC Asian Cup Host Appreciation Award in October, at the AFC Annual Awards Seoul in South Korea.

Qatar at the Olympic Games Paris 2024

In July, Nasser Al Khelaifi, Chairman of the European Clubs Association and President of PSG, carried the Olympic flame during the torch relay ahead of the Olympic Games Paris 2024. Team Qatar participated with 14 athletes competing across five sports: athletics, swimming, weightlifting, shooting, and beach volleyball. Despite an injury concern in the qualification round,

Mutaz Barshim won bronze in the Men’s High Jump with a height of 2.34m, his season’s best. Barshim became the first high jump athlete to ever win four medals across four Olympic Games, having won gold at Tokyo 2020 and silver at Rio de Janeiro 2016 and London 2012. He won Qatar’s first medal at the Olympic Games Paris 2024 and is now the most decorated Qatari athlete in Olympic history. After collecting his medal, he stated that these would be his final Olympic Games.

Qatari security forces participated in the security of the Paris 2024 Summer Olympics and Paralympics, reflecting the growing strategic partnership between the two countries, and part of an administrative agreement on security cooperation signed in February 2023.

Other notable sporting achievements in 2024

• Nasser Al Khelaifi won the Football Leadership Award at the inaugural KAFD Globe Soccer Awards Europe in Sardiniads in May. The award was bestowed for leading PSG to achieve the domestic double, winning both the French league and the French Cup. Under

Al Khelaifi’s leadership, the club has now won 10 French League titles, 7 French Cup titles, and 6 French League Cup titles.

• The Qatar Olympic Committee (QOC) held a ceremony in May to celebrate the 45th anniversary of its establishment in March 1979. The QOC has played a prominent role in spreading sports awareness in the country, developing the Olympic movement according to the Olympic Charter, and supporting and developing sports performance. This has led to a flourishing sports movement during the last 45 years, with accomplishments including eight Olympic medals –two gold, two silver, and four bronze.

• In June, HE Sheikh Joaan bin Hamad Al Thani, President of QOC, honoured Qatari mountaineering legend Sheikha Asma bint Thani Al Thani for becoming the first and only Arab person to climb two 8000ers without oxygen.

• The Creating Pathways Program was launched in September as part of Qatar Foundation’s (QF) FIFA World Cup legacy plans, to encourage activity in sports for girls aged 12–16. The Women’s Track and Field Program is the first of five elite sports programmes to be launched, led by Olympic medalist Elizabeth McColgan, Director of Athletics at QF’s CEO Office. Sifan Hassan is an ambassador – the Dutch middle- and long-distance runner won one gold and two bronze medals at the Paris 2024 Olympics, and is the first athlete to win gold in the 5,000m, 10,000m, and marathon events.

• In October, Nasser Saleh Al Attiyah claimed his ninth career victory at the Cyprus Rally with Italian co-driver Giovanni Bernacchini and driving a Skoda Fabia R5. Brothers Abdulaziz and Nasser Al Kuwari, also from Qatar, finished third in their Skoda Fabia R5 and were crowned FIA Middle East Rally Champions for the first time, ending Al Attiyah’s streak of 13 consecutive championships. m

Business and Economy Business and Economy

Feature – Lower Fees, Easier Procedures, and More Categories For Home Businesses

The Ministry of Commerce and Industry has implemented a number of changes for some commercial services and business activities.

Banking and Finance

• Useful Numbers: Banks and Exchange Houses

• The Banking Network • Currency • The Banking Sector

• Qatar Central Bank • Qatar Credit Bureau

• Loans, Bank Charges and Interest Rates • Accounts

• Islamic Finance • Financial Services and Insurance

• Anti-Money Laundering/Combating the Financing of Terrorism

Economy

• Economic Growth and Gross Domestic Product (GDP) • Trade Surplus

• The Budget • Inflation and Cost of Living • Population and the Labour Force

Commerce Useful Numbers

Investment and Trade

• Overview • Incentives • Investment Regulations • Choosing a Business Structure

• Company Structures • Commercial Registration • Export and Import

• Taxation • Intellectual Property • Regulatory Bodies and Government-owned Entities

• Qatar Investment Authority • Qatar Financial Centre • Qatar Stock Exchange

• Real Estate • Developers and Real Estate Agents Selling Property

• Business Etiquette

The Hydrocarbon Industry

• Overview • Qatar’s Energy Companies • International Companies

Infrastructure in Qatar

A summary of local infrastructure, ongoing megaprojects and new developments.

Founder & Managing Editor

Hilar y Bainbridge

Editorial

Sarah Palmer (Editor)

Ola Diab (Deputy Editor)

Terr y Sutcliffe

Adver tising

Howard Bainbridge

Marrian Magtira

Retail Sales

Ayen Molina

Online/Digital

Weslee Dizon

Patrisha Manzon

Char lotte Wright

Design and Ar twor k

Dick Tamayo

Mar Principe

Marhaba endeavours to quote accurate information and updates each of its sections every issue. However, the company accepts no responsibility or liability for any false, inaccurate, inappropriate or incomplete information presented, whether in print, on the website, or on social media channels.

© 2024/25 Marhaba Information Guide. All Rights Reserved. No part of this magazine may be reproduced, in any form, without written permission of the publishers.

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Lower Fees, Easier Procedures, and More Categories for Home Businesses

By Sarah Palmer

The Ministry of Commerce and Industry (MOCI) has drastically reduced licensing fees for home businesses and simplified procedures, to encourage expansion and investment in the local market.

HE Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, issued Ministerial Decision No 60 of 2024, reducing the fees for services provided by the ministry to commercial, industrial, business development and consumer protection sectors, some by as much as 90%. The decision came into effect on 11 July 2024, after its publication in the Official Gazette.

The ministerial decision aims to support economic growth in the country, encourage national and foreign enterprises, and create an attractive business environment for investment.

HE the Minister stated that the decision to reduce fees is part of the ministry’s strategy aimed at enhancing the investment environment and developing the trade and industry sectors in Qatar. It aims to implement the objectives of the Third National Development Strategy 20242030, to achieve sustainable economic growth and diversification, and the development and enhancement of the business environment, as per Qatar National Vision 2030.

The decision to reduce service fees will support national enterprises and entrepreneurs, individuals and companies equally. It will allow investors to obtain high-quality services at reduced fees, enhance the competitiveness of individuals and companies to support new enterprises, and encourage investors to expand their businesses in various sectors.

A major part of the initiative is to attract more foreign investment in Qatar and boost the role of the private sector in achieving economic diversification and a sustainable economy. HE the Minister said that the ministry will continue to develop services to provide a lucrative experience for local and foreign consumers and investors, and ultimately posit Qatar as an attractive investment opportunity.

The decision has been based on studies conducted by the Ministry of Commerce and Industry of the business environment and investor needs. The reductions are across all the business sectors and include services like commercial registration, commercial licences, commercial agents’ registry, corporate services, investment business services, auditors, copyright and neighbouring rights, patents, protection of designs and industrial models, industrial development and quality licences.

The reduced fees will have a positive impact on the market, especially regarding services for company formation, issuance of commercial registrations, and licensing of commercial outlets.

A new commercial registration and/or licence for a single activity, and the annual renewal fee for maintaining this registration, have both been reduced from QAR10,000 to QAR500.

Commercial registration has been reduced from QAR5,000 to QAR500 and licensing fees from QAR3,000 to QAR300. Licensing renewal fees have been reduced from QAR2,000 to QAR200.

These new fees will inevitably encourage the start of many new commercial ventures in the country thanks to its affordability.

Full details about the reduced fees for services can be found online at moci.gov.qa

New categories added for home businesses

The Ministry of Commerce and Industry has announced the addition of 48 new activities under the home projects licence, bringing the total number of activities to 63.

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Some of the new activities include: roasting and packaging nuts • tailoring and sewing men's clothing • repairing and maintaining leather products such as luggage and bags • maintaining electrical appliances • repairing document copying machines

• repairing and maintaining computers • trading dates and their by-products • trading computers and their accessories • designing and programming custom software • trading men, women and children’s clothing • trading shoes • renting travel supplies • translation activities • trading men's accessories and perfumes • designing jewellery

• photography activities • trading women's cosmetics and beauty and hair care products

• interior decoration design activities

These new activities join the existing categories, which include the preparation of Arabic sweets, making and preparing coffee, spices and seasonings, tailoring and sewing women’s clothing, and website design.

Applying for a licence

The Ministry of Commerce and Industry has seen a large increase in the number of applications for licences after simplifying the procedures.

In order to ease the process, licence applications can be made electronically at moci.gov.qa and by selecting 'E-services'. This will allow users to access the Single Window portal, where the applicant will need to log into the national authentication system, and select a home licence. The applicant needs to scan the electronic code to register. There will be no need for a paper application if applying online.

The applicant must produce the QID of the owner of the home, the QID of the applicant (if different), and proof that the home address under Onwani (My Address) matches with the QIDs –all buildings have a plate with this information. Other requirements include a building completion certificate or land plan, a no objection letter from the owner of the property, and a 'To Whom It May Concern Certificate' from Kahramaa.

Each and every business activity requires a separate licence, so entrepreneurs must ensure they are running their businesses legally if offering multiple services.

The licence for home-based business activities will only be issued providing there is no impact on local traffic, does not disturb neighbours, or involve the use of dangerous equipment or materials. There may be further inspection by the Ministry of Public Health for food and healthrelated licences, to protect consumers.

The Single Window initiative has extensive information about starting a business in Qatar, visit sw.gov.qa

Corporate social responsibility is now a global mindset, affecting stakeholders, shareholders, consumers, suppliers, and employees, transforming from a mere stakeholder satisfaction to a crucial factor.

mubadara.social

CSR benefits businesses, society, and the environment by enhancing brand reputation, building stronger customer relationships, fostering a positive work culture, achieving cost efficiencies, attracting investors, and ensuring long-term profitability and positive societal impact.

Banking and Finance

Bank Telephone Website

Regional Banks

Ahlibank

4420 5222 ahlibank.com.qa

Commercial Bank of Qatar 4449 0000 cbq.qa

Doha Bank 4445 6000 qa.dohabank.com

Qatar Development Bank 4430 0000 qdb.qa

Qatar National Bank 4440 7777 qnb.com

Branches of Foreign Banks

Arab Bank Qatar 4438 7777 arabbank.com.qa

Banco Santander ¥

Bank Saderat Iran 4441 4646 bsi.com.qa

BNP Paribas 4453 7115 mea.bnpparibas.com

HSBC 4442 4722 hsbc.com.qa

Mashreq Bank 4408 3333 mashreqbank.com/qatar

Standard Chartered Bank 4465 8555 sc.com/qa

United Bank Limited 4444 1314 ubldirect.com

Islamic Banks

Dukhan Bank * 800 8555 dukhanbank.com

Lesha Bank § 4448 3333 qfb.com.qa

Masraf Al Rayan # 4425 3333 alrayan.com

Qatar International Islamic Bank 4484 0000 qiib.com.qa

Qatar Islamic Bank 4402 0888 qib.com.qa

Investment Banks

QInvest 4405 6666 qinvest.com

* Prev. Barwa Bank; merged with International Bank of Qatar in April 2019

# Merged with Al Khalij Commercial Bank in November 2021

§ Prev. Qatar First Bank; name changed in October 2022

¥ Representative office incorporated in the QFC in March 2024

The Banking Network

Currency and Exchange

Alfardan Exchange 4453 7777

alfardanexchange.com.qa

Al Jazeera Exchange 4436 3822

aljazeeraexchangeqatar.com

Al Mana Exchange 4442 4226

almanaexchange.com

Al Sadd Exchange 4432 3334

Al Amir Street

Arabian Exchange 4443 8300

arabianex.com

Gulf Exchange 4438 3222 gulfexchange.com.qa/en

Travelex Qatar 4443 4252 travelex.qa

Unimoni Exchange 4436 5252

unimoni.com/qat

Western Union

Send money online and via the app, or find a branch at westernunion.com/qa/en

Bank branches and ATMs can be widely found across the country, at malls, hotels, souqs, hospitals and petrol stations. Visitors can usually access funds in their home accounts by using their cards here, with some ATMs allowing the withdrawal of USD and Euro – check for commission or exchange rate fees. Major credit cards are widely accepted. Exchange houses provide remittance services and foreign exchange and are licensed by Qatar Central Bank (QCB). There are no exchange control regulations, but movement of money in and out of local accounts is monitored and a declaration of origin for large cash deposits may be required. Cash transactions above QAR50,000 are now prohibited. The GCCNET system is a single ATM network linking all GCC point of sale switches – in Qatar this is NAPS (National ATM & POS Switch).

Branch opening hours: Generally Sunday – Thursday 7:30 am – 1 pm. Many banks have extended branch operations, particularly at malls; check the bank's website for timings and locations of branches and ATMs. Digital branches and services: HSBC Msheireb Downtown Digital branch • QIB Video Banking via the QIB mobile app • Virtual assistants: Dukhan Bank (Rashid), Qatar Islamic Bank (Zaki)

E-payment services: QCB authorised digital payment services via the Qatar Mobile Payment system, the first instant national interoperable switch for mobile payments. Participants: • Qatar National Bank • Qatar Islamic Bank • Doha Bank • Dukhan Bank • Qatar International Islamic Bank • Arab Bank • HSBC • Masraf Al Rayan • Ahli Bank • Commercial Bank of Qatar • Ooredoo Money • Infinity Payment Solutions (iPay) by Vodafone Qatar. Global digital wallet services: Apple Pay, Google Pay and Samsung Pay are available and accepted in Qatar.

Himyan: QCB's first national prepaid card, accepted at all ATMs, POS and online stores. Instant payment service: FAWRAN fast, secure payments to individuals via Qatari mobile number or alias name. PayPal: Goods and Services only – Friends and Family is not available.

The Ministry of Commerce and Industry mandates all commercial outlets in the country must provide an electronic payment service to customers without additional charges, nor impose charges for the use of debit/credit cards.

Currency

The unit of currency is the Qatari Riyal (QAR), divided into 100 Dirhams (Dh), issued by Qatar Central Bank (QCB). It is pegged to the US dollar at a fixed exchange rate of USD1 = QAR3.64. The fifth series of notes were introduced in December 2020. A new QAR200 note joins the QAR1, QAR5, QAR10, QAR50, QAR100 and QAR500 notes. The old notes ceased to be legal tender on 31 December 2021, although the public can change the old notes at QCB for another 10 years. Banknotes incorporate security threads, as well as special features for recognition by the blind and visually impaired, and the new QAR500 note features a holographic security thread, the first in the Middle East to do so. Coins remain unchanged at Dh5, Dh10, Dh25 and Dh50.

Four GCC countries support the creation of a Gulf Monetary Union (GMU) – Qatar, Saudi Arabia, Kuwait and Bahrain; the UAE and Oman have withdrawn entry. The GCC Supreme Council in 2008 approved the Monetary Union Agreement and the Statute of the Monetary Council. The headquarters of the Gulf Monetary Council opened in Riyadh in 2013 with monetary union proposed later that year. Qatar, Kuwait, Bahrain and Saudi Arabia subsequently agreed to establish a unified central bank with currency pegged to the USD. There has been no further action since 2013.

The Banking Sector

Overseen by Qatar Central Bank (QCB), the sector comprises a number of regional, foreign and Islamic banks. State-owned Qatar Development Bank provides financing to SMEs, while QInvest focuses on investment banking, asset management and investing its own capital.

Barwa Bank and International Bank of Qatar (IBQ) signed a final agreement in August 2018 to merge the two banks, the first in Qatar's banking history, to create a Sharia-compliant financial institution with more than USD22 bn in assets. The legal merger was completed in April 2019, trading as Barwa Bank, with IBQ products converted to Shariacompliant equivalents. Barwa changed its name to Dukhan Bank in October 2020.

In June 2020 negotiations began for another merger between Masraf Al Rayan and Al Khalij Commercial Bank (al khaliji). Masraf Al Rayan was previously involved as a third bank in the merger between Barwa Bank and IBQ. Masraf Al Rayan and al khaliji's merger agreement in January 2021 was completed in November 2021. al khaliji's business was absorbed into Masraf Al Rayan's, with the latter becoming the remaining legal entity operating in accordance with Islamic Sharia principles. It is now one of the largest Sharia-compliant banks in Qatar and the region.

The Cabinet approved a draft resolution in December 2021 allowing a non-Qatari investor to own up to 100% of the capital in four banks: Commercial Bank of Qatar, Masraf Al Rayan, Qatar Islamic Bank, and Qatar National Bank.

A new loan-to-deposit requirement of 100% came into effect in 2018. The adoption of International Financial Reporting Standard (IFRS) 9 by QCB has strengthened the provision coverage at Qatar’s

commercial banks – under the IFRS standard, banks and financial entities have to set aside a certain proportion of profit against losses for unseen reasons. QCB set up the Supreme Emergency Committee in 2018 to monitor the day-to-day activities of financial institutions in the country, addressing emergency matters and easing the flow of work.

In May, the IMF stated in its 2024 Article IV Mission to Qatar that 'Monetary policy has been consistent with the currency peg to the US dollar. The QCB has improved liquidity management through carefully calibrated T-bill issuance, contributing to greater monetary policy transmission. Supported by IMF technical assistance, the QCB is looking to further upgrade its liquidity management framework. Banks remain well-capitalised, liquid and profitable.'

Qatar Central Bank

Under Law No 13 of 2012 Qatar Central Bank and the Regulation of Financial Services, QCB is deemed an autonomous corporate body, with a capital of QAR50 bn and under the direct control of The Amir. It is headed by a governor appointed by The Amir, and primary goals include financial stability, supporting developmental activities and strengthening the national economy. The law covers banks, insurance companies, exchange houses, Qatar Exchange and QFC-registered entities. Amiri Decision No 65 of 2021 appointed HE Sheikh Bandar bin Mohammed bin Saoud Al Thani as Governor of QCB. qcb.qa

Under Law No 13 of 2012, the Financial Stability and Risk Monitoring Committee shall study existing and future risks related to all banking, financial, insurance and stock market activities. The panel works closely with the Ministry of Finance to frame general policies.

The law provides strict penalties for anyone accepting deposits from the public without a valid licence from the banking regulator – violators can face a jail term of up to five years and/or a fine of up to QAR5 mn. Refusing to accept the legal tender of Qatar incurs a jail term of three years and/or a fine of up to QAR5 mn, while issuing forged currency means 10 years in jail and/or a fine of QAR10 mn. Manipulating accounts incurs a prison term of up to three years and/or a fine of up to QAR200,000.

Regulations in 2013 curbed investment options for local banks. Equities and bonds can account for up to 25% of a bank’s capital and reserves; debt issued by the government and national banks are exempt. There is also a limit on the amount placed with individual companies and unlisted securities: a maximum of 5% of capital and reserves for foreign investments and 10% domestically. Total foreign equities is capped at 15%.

The Qatar Renminbi Centre opened in 2015 and is the first in the region to offer Renminbi (RMB) clearing and settlement, increasing financial connectivity between China, Southwest Asia and the MENA region. The centre provides access to China’s onshore RMB and foreign exchange markets to local financial institutions, facilitating trade with Chinese companies. qatarrmbcentre.com

Third Financial Sector Strategic Plan: This was issued in November 2023 to create a financial and capital market that leads the region in innovation, efficiency and investor protection and positions Qatar to unlock its full economic potential in line with its National Vision 2030. The strategy is based on four fundamental pillars: the banking sector, the insurance sector, the digital financial services system, and capital markets. These pillars support five common themes:

• Governance and regulatory oversight of financial sectors.

• Enhancing the role of Islamic finance.

• Digital innovations and advanced technology.

• Environmental, social, institutional governance, and sustainability.

• Talent and capabilities.

'Buy Now Pay Later': QCB has approved five companies to offer 'Buy Now Pay Later' (BNPL) services: Spendwisor Inc; Qaiver FinTech LLC; HSAB for Payment Solutions; Mihuru LLC; and Pay Later Website Services. According to QCB, 'this does not constitute a full-scale licensing approval; however, the applicant is considered an Authorised FinTech Sandbox Participant for regulatory activities by the fintech entity.'

BNPL is a short term interest free credit facility, allowing the customer – a Qatari resident aged 18 and above – to split the transaction amount into instalments to be repaid over a maximum of 12 months, via a merchant's online and offline store, or a BNPL Provider's digital platform that aggregates multiple merchants.

The BNPL regulations apply to any provider operating in Qatar set up under the Ministry of Commerce and Industry, Qatar Financial Centre, Qatar Science and Technology Park or any other free zone authority/commercial licensing entity, but not banks or finance companies licensed by QCB.

Fintech regulations: Noting the increasing growth and popularity of fintech, QCB has established the Fintech Regulatory Sandbox and launched the Qatar FinTech Hub (QFTH) to boost financial innovation. The regulatory sandbox, co-founded by Qatar Development Bank, invites entities to safely livetrial their services in the digital payment services space. fintech.qa, sandbox.qcb.qa

QCB launched the National Fintech Strategy 2023 in March 2023 to 'support and reinforce a diversified economy and investments in Qatar based on financial technology and technological innovation,' according to the QCB Governor.

The strategy has four pillars to boost Qatar's economic growth:

• Establishing infrastructure eg advanced regulatory rules and electronic platforms to develop financial technology.

• Prioritising innovation and financial technology sector growth, especially Islamic financial technology and sustainable development, as well as insurance technology.

• Empowering companies and enhancing their performance by using financial technology solutions and making the State of Qatar a financial technology hub.

• Providing a smooth mechanism and support for the transition towards cash-less transactions.

This strategy will add to the number of initiatives already in place to support the fintech sector, such as electronic wallets, instant payments and transfers, and the first local prepaid electronic payment card (Himyan).

In April 2024, QCB issued its Cloud Computing Regulations, seeking to regulate the use of cloud computing in the financial sector, protect financial data, and promote digitisation and innovation, while in September the Artificial Intelligence (AI) Guideline was issued, to regulate the use of Al within the financial sector, increase customer satisfaction and reduce costs.

Qatar Credit Bureau

Bad loans have been reduced since the Bureau started operations in 2011. The centre cannot grant credit facilities to individuals nor impose restrictions on banks. The Bureau provides analytical data and supports banks’ use of advanced techniques in risk management, as well as support sustainable growth of credit in Qatar. It provides banks with information on customers' total exposure in the market and the loans they hold, enabling banks to choose prospective customers. cb.gov.qa

Loans, Bank Charges and Interest Rates

Loans: Under QCB rules, the default period for a substandard loan is three months or more, for a doubtful loan six months, and a bad loan nine months. Banks have to closely monitor loan disbursement and forward reports on customer creditworthiness to QCB. There is also a duty to track and follow defaulting customers and seek resolution – if this fails, they will take legal action. Non-payment of loans could lead to a travel ban for Qatar and possibly the GCC.

QCB has imposed ceilings on the amounts a bank can lend as a personal loan to citizens and expatriates. Banks cannot lend more than QAR400,000 to an expatriate, over a maximum repayment period of 48 months, against a max 50% of total monthly salary, and at a max 6.5% interest rate. For Qatari citizens there is a max loan of QAR2 mn over a max 72 months. Banks cannot use post-dated cheques for the loan value.

Mortgages: New rules were introduced by QCB in July 2023, to be applied by Qatari banks and subsidiaries within the country. Branches and subsidiaries of Qatari banks outside the State of Qatar should comply with the instructions and conditions of the host regulatory authorities as long as the collaterals and financed properties are outside the country.

There are three categories:

• Ready and under construction residential properties for individuals, whose repayment sources are linked to the client's own sources, salary or any other non-real estate sources:

ø For Qataris, proprieties up to QAR6 mn –maximum loan-to-value (LTV) of 80% and max tenure of 30 years; above QAR6 mn – max LTV 75%, max tenure 30 years.

ø For residents, for properties up to QAR6 mn –max LTV 75%, max tenure 25 years; above QAR6 mn max LTV 70%, max tenure 25 years.

• Financing ready properties for individuals and

companies for investment and commercial purposes, with the repayment depending mainly on real estate revenues:

ø For Qatari citizens and companies, which Qatari partners own not less than 51%, for property value up to QAR10 mn – max LTV 75%, max tenure 25 years; over QAR10mn – max LTV 70%, max tenure 25 years.

ø For residents (individuals or companies), for property value up to QAR10 mn – max LTV 70%, max tenure 25 years; over QAR10 mn – max LTV 65%, max tenure 25 years.

ø For non-residents, property value up to QAR10 mn – max LTV 60%, max tenure 20 years; over QAR10 mn – max LTV 60%, max tenure 15 years.

• Financing real estate under construction for investment and commercial purposes with the repayment depending on the property revenues in whole or in part:

ø For Qatari citizens and companies, which Qatari partners own not less than 51 – max LTV 60%, max tenure 20 years.

ø Foreigners (residents and non-resident) – max LTV 50%, max tenure 15 years.

QCB rules for granting mortgages for salary customers states the debt burden ratio should not exceed 75% of the total salary for Qataris, and 50% for expatriates. If the customer obtains permanent residence in Qatar as a result of owning the property, the mortgage providers can extend the tenure to be similar to that of residents.

The amendments also state that for underconstruction property financing, the grace period, if granted, should not exceed three years and be within the overall tenure, with regular interest payments during this period on a monthly or quarterly basis.

Documents usually required: Valuation Report from an approved real estate agent • Salary assignment letter if the home loan is the first facility with the bank • ID for Qataris or passport and valid residence card for expatriates • Copy of the Title Deed and map • Building insurance cover. Discuss provision for life assurance against any loan amount taken and consider updating your will.

Bank charges: Banks must prominently display all interest rates on personal loans and credit cards, as well as publish them in local newspapers.

Credit cards: Max 12% annual interest rate and usually only issued when customers transfer their salary or have an adequate deposit at the bank.

Interest rates: Announced by QCB on overnight deposit and loan transactions between QCB and

local banks via the Qatar Money Market Rate Standing Facility, a monetary instrument through which local banks can request access to loan and deposit facilities with QCB at daily interest rates. QCB and Bloomberg jointly launched the first Qatar interbank offer rate (QIBOR) fixing in 2012 – the interest rate charged by banks in Qatar for interbank transactions.

Given the fixed parity between the Qatari riyal and the US dollar, QCB short term interest rates policies are subordinated to the fixed exchange rate policy, making QCB overnight interest rates closely related to its USD counterpart, the Fed Funds Rate. Following adjustments by the US Federal Reserve, in September 2024 QCB cut the overnight lending to 5.70%, the deposit rate to 5.20% and the repo rate to 5.45%.

Accounts

Standard bank facilities: Debit/credit cards, standing orders, money transfers, personal loans, vehicle loans, and mortgages on current and savings accounts (including joint accounts). Some accounts offer longer terms, higher interest and the option to save in USD, GBP and Euros.

24/7 telephone and internet banking services and apps offer additional options, while some services such as ordering a cheque book can be accessed via the bank's ATM network. With mobile banking a customer relations officer can visit you at home or work to assist with banking requirements. Most banks offer premium banking services.

The Wage Protection Scheme (WPS) is an electronic salary transfer system that ensures workers are paid as per their employment agreement, initiated by the Ministry of Labour and QCB. Employees therefore need a local bank account in order to receive their wages from the employer.

International bank account number (IBAN):

Adopted in 2014 as a standard for identifying and numbering all bank accounts in Qatar. The system applies to all accounts in banks operating in the country, and can be found on bank statements or online in account details. The existing account number is not replaced; additional characters appear in front of the account number to form a 29‑character IBAN. All incoming and outgoing transfers to and from banks and financial institutions must use IBAN.

Opening an Account: Documents usually required:

• A valid residence card or work visa. A worker’s dependants (eg spouse and family) can open an account but may require his permission as he is their sponsor (check with the individual bank).

• Valid passport.

• For current accounts, a letter from the employer/ sponsor confirming the monthly salary in Qatari Riyals, with the company’s official stamp. You may have to transfer your salary to the new account.

• Some banks may ask to see your tenancy agreement to establish your residential address.

• Take copies of these documents, along with identity photographs. Ask for photocopies of any documents signed.

Cheques: A chequebook can be issued with a current account. They are not widely accepted for instant payment; post‑dated cheques are commonly used for house rental payments. The onus of responsibility is on the banks not to encash cheques before the designated date. Issuing a cheque without the necessary funds in your account is a serious criminal offence and the bank or creditor may notify the police, leading to possible prosecution. Punishment for causing a cheque to bounce due to insufficient funds can be severe: jail terms of between three months and three years, and/or fines of between QAR3,000 and QAR10,000. Cases being filed are on the rise in the country, mostly for cheques for large amounts, and the Capital Security Department records all cases electronically to speed up the process.

Under QCB instructions, the Qatar Credit Bureau lists individuals and companies who have issued at least one bounced cheque. Banks are not obligated to issue new cheque books to these customers unless the amount has been settled and their name removed. Banks must also report any customer who has issued a bounced cheque.

Credit cards: Widely available with all the usual privileges, with the credit limit determined by the cardholder's salary or savings balance. Family members may also be eligible for a card. Check at the time of applying for issuance and renewal fees, conversion charges, and payment options.

Since 2014 all card transactions made using the magnetic stripe inside and outside of Qatar will be declined. However, as certain countries (eg the US, India and the Philippines) still use the magstripe for transactions, customers should activate their card before travelling.

Offshore banking: Offshore banking can be a secure anchor for an expat's finances while out of their home country. Check with local banks for availability of international bank accounts in USD, GBP, or Euros.

Complaints: Unresolved consumer complaints can be made online to QCB's Consumer Protection Department. qcb.gov.qa

Islamic Finance

Current Islamic institutions include Dukhan Bank, International Islamic, Masraf Al Rayan and Qatar Islamic Bank. Lesha Bank – regulated by the QFC Regulatory Authority – is the first independent, Sharia compliant investment bank.

Banks were required by QCB to separate their Islamic and conventional lending operations by 31 December 2011. Islamic banking by other conventional banks is now barred from Qatar's market. QCB took this action due to certain supervisory and monetary issues, namely that holding both Islamic and non-Islamic deposits incurs different risks and reporting methods.

Law No 13 of 2012 requires that Islamic banks must have a Sharia board with at least three qualified members approved by the shareholders. Neither they nor members of their family may be employed or hold shares in the entity.

Institutions and services must abide by regulations set out in the Holy Quran and Sharia (Islamic Law). Charging riba (interest) is haram (forbidden). Islamic banks charge fees for services and engage in profit sharing, enabling them to offer comparable facilities to those of conventional banks. Under a mudharabah (profit sharing) contract, the rabbul maal (owner of the money) authorises the bank to invest funds as per Sharia to make justifiable returns. Other concepts of Islamic banking include wadiah (safekeeping), musharakah (joint venture), and ijarah (leasing). Bai (saving) is halal (allowed).

Financial Services and Insurance

QCB is the supreme authority with overall control, regulatory responsibility and supervisory powers for all financial services providers in Qatar, including banks, Islamic financial institutions, insurance and reinsurance companies and other financial institutions. The provision of any financial service or the conduct of any financial activity or business (including insurance and reinsurance) is prohibited unless a licence is granted by QCB.

Financial services are provided by entities registered with the Qatar Financial Centre (QFC). Insurance products are widely available from local and international companies (see Living in Qatar).

Under Law No 13 of 2012 QCB and the Regulation of Financial Services, only local insurance providers are permitted to underwrite any kind of risk against properties in Qatar. Decision No 1 of 2016 issued by the Governor of QCB provides instructions related to licensing, regulation and controls, risk management, accounting, and other

requirements. Listed companies must have capital in excess of QAR100 mn or a risk-based capital, while unlisted companies must have capital higher than that set by QCB or their risk-based capital.

Decision No 7 of 2019 set out further instructions for licensing, organising and supervising the services of supporting insurance providers. It set out the competencies and expertise, the nature of the work, areas of responsibility and functions, and the establishment of professional and ethical codes of conduct.

QCB continues to regulate and develop the insurance market under the National Fintech Strategy 2023 launched in March 2023.

Anti-Money Laundering/Combating the Financing of Terrorism

Qatar is a founding member of the Middle East and North Africa Financial Action Task Force (MENAFATF), and also a member of the Financial Action Task Force (FATF).

Law No 20 of 2019 on Combating Money Laundering and Terrorism Financing was issued in September 2019, replacing Law No 4 of 2010, with implementing regulations following in December. The law is in accordance with the latest standards adopted by major international organisations including FATF, highlighting Qatar's regional role in setting standards in its legal and regulatory framework for AML/CFT.

The Qatar Financial Information Unit (QFIU) is a government regulatory agency responsible for financial intelligence efforts to combat money laundering and financing terrorism. Banks, investment companies, insurers and other financial institutions must report suspicious financial transactions, which are analysed by the QFIU and disseminated to law enforcement authorities for further investigation and action. qfiu.gov.qa

The QFIU is part of the National Anti-Money Laundering and Terrorist Financing Committee (NAMLC), which works closely with financial regulators and other authorities in Qatar, alongside international bodies, to ensure the effective implementation of Law No 20 of 2019, as well as other legislation. The NAMLC is chaired by the Deputy Governor of QCB. namlc.gov.qa

In March 2023, the FATF report on Qatar’s initiatives for anti-money laundering claimed that Qatar has made substantive improvements to its system to combat money laundering and terrorism financing and its technical compliance with FATF requirements is strong. m

Economic Growth and Gross Domestic Product (GDP)

The economy weathered the impact of both the COVID-19 pandemic and the blockade that was imposed on 5 June 2017, with positivity after borders reopened following the AlUla Declaration in January 2021.

The 2024 Article IV Mission to Qatar by the International Monetary Fund (IMF) issued in May states, 'Qatar launched the Third National Development Strategy (NDS3) with bold initiatives, aiming at boosting non-hydrocarbon productivity, enabling private sector-driven growth, and enhancing climate sustainability. The strategy’s emphasis is in line with past IMF advice and very much welcome. The post-FIFA World Cup Qatar 2022™ growth normalisation is expected to bottom out in the near term. The medium-term outlook is more favourable, as average growth is expected to be lifted to around 4½% by the significant LNG production expansion and initial gains from implementing NDS3.' imf.org

One of the main aims of Qatar National Vision 2030 is to diversify the economy and reduce dependence on the hydrocarbon industries. As per the IMF report, NDS3 2024–2030 provides an opportunity to accelerate economic transformation toward a knowledge-based and inclusive economy supported by private-sector led growth.

According to the National Statistics centre at the General Secretariat of the National Planning Council (formerly the Planning and Statistics Authority, psa.gov.qa), the quarterly GDP estimates at current prices in Q4 2023 is estimated at QAR194.779 bn, a decrease of 10.4% year-on-year (y-o-y), and a decrease of 2.0% compared to Q3 2023.

The quarterly GDP at constant prices decreased by 0.04% y-o-y (QAR176.780 bn versus QAR176.858 bn), and a decrease 0.6% compared to Q3 2023.

Export, Import and Trade Surplus

For Q2 2024, data stated the merchandise trade balance surplus – the difference between total exports and imports – was QAR54.5 bn, down from QAR57.6 bn y-o-y.

Total exports of goods (including exports of goods of domestic origin and re-exports) amounted to QAR85.0 bn, a decrease of 0.4% y-o-y, and a decrease of 3.0% against Q1. Imports of goods was QAR30.5 bn, an increase of 10.0% y-o-y and a decrease of 11.5% against Q1.

Asia was the principal destination for exports and origin of imports, at 76.6% and 39.5% respectively, followed by the GCC and the EU.

The Budget

The State Budget for 2024 was announced in December 2023, with total revenue expected to be QAR202.0 bn, a 11.4% decrease compared to the 2023 budget total revenues estimates. HE Ali bin Ahmed Al Kuwari, the Minister of Finance, stated this decrease in revenues was due to assuming an average oil price of USD60 per barrel for 2024 instead of USD65 per barrel in 2023, based on international estimates for oil prices in 2024 and conservative estimates for oil and gas revenues. The estimates of total oil and gas revenues for 2024 amount to QAR159.0 bn (a 14.5% decrease) with the estimates of non-oil revenues for 2024 at QAR43.0 bn, an increase of approximately 2.4% against 2023.

Expenditures is increased by 1.0% to reach QAR200.9 bn, due to a rise in the allocations for salaries and wages to QAR64 bn. Allocations for both current expenditures and secondary capital expenditures are also increased by 6.4% and 27.5% respectively. Major capital expenditures are decreased by nearly 8.3% due to the completion of many economic and infrastructure projects.

According to HE Al Kuwari, the 2024 budget continues to focus on achieving the goals of Qatar National Vision 2030, namely the development of human capital by focusing on the health and education sectors – allocations for these two sectors constitute 20% of the total budget. Additionally, the goals relating to diversifying the local economy and enhancing its competitiveness sees allocations for the communications and IT sector doubled compared to 2023.

The state has a commitment to pay the equivalent of approximately QAR7.3 bn of public debt dues in 2024. Therefore, the cash deficit for 2024 at the oil price of USD60 per barrel is estimated at approximately QAR6.2 bn. This can be covered from the surplus of in addition to using domestic and external debt instruments as required.

Inflation and Cost of Living

In July 2024, the Consumer Price Index (CPI), used to calculate inflation rates in Qatar, reached 107.11 points, a decrease of 0.38% m-o-m, and an increase of 0.22% y-o-y.

Population and the Labour Force

Total population in July 2024 was 2,787,575: males 2,044,163; females 743,412. The World Bank states Qatar has one the lowest percentages of unemployed people, declining over the last 30 years from 0.81% in 1991 to 0.17% in 2021. Youth unemployment is just 0.5% of total population.

Commerce

Qatar is a member of the World Trade Organisation and its trade policies create a competitive international trading market. The government supports the growth and success of businesses in a bid to diversify the economy. Qatar is a member of the Gulf Cooperation Council (GCC), which also includes Bahrain, Kuwait, Oman, Saudi Arabia and the United Arab Emirates. Following the ending of the blockade in 2021, Qatar has resumed trade with Saudi Arabia, the UAE, Bahrain and Egypt, and has continued to strengthen relations with a number of other countries such as Turkey, Oman, Kuwait, India, China, the UK and the US.

can provide valuable information on commercial activities and can connect you with their business council/chamber of commerce – see the Discovering Qatar section for contact details. Translation services can be found in Day-to-Day Qatar in the Living in Qatar section.

Over 30 Years Supporting Trade between UK and Qatar

QBBF remains the largest & most active Business Forum in Doha. Official Partner of the Global Network of the British Chamber of Commerce working collaboratively with the Department for Business & Trade, British Embassy Qatar.

Over 20 events delivered in 2024 inc. visiting VIPs at inc. MP Gregg Hands & Jersey Minister Elaine Millar. Speakers inc. H.E British Ambassador Neerav Patel, Ian Mason, Director of the DBT, Daniel Rathwell Head of UK Export Finance, Ahmed Halel from Global Counsel, Dr. Ghada M. Darwish Karbon from Qatari Businesswomen, & Waseem Kotoub from the British Council.

Membership Benefits:

• Access to the British business community in Qatar

• Access to a broad range of business and social events

• Inclusion in our online and printed business directory

• Member discounts in hotels, restaurants etc.

Strengthening Bilateral Ties Between Australia and Qatar

AQBA was launched in September 2024 by the Australian community and business leaders in Qatar, connecting two leading nations through networking opportunities, educational resources, and exclusive benefits. By strengthening bilateral and trade relations, AQBA works to support the long-term economic vision of each country.

Membership Benefits:

Access to the Australian business community in Qatar

Access to a wide range of networking events

Exclusive membership discounts

To register your interest, please contact info@aqba.qa

I New Government Initiative to Boost Qatarisation in the Private Sector

By Sarah Palmer

n September 2024, the Ministry of Labour threw the spotlight on Law No 12 of 2024 on Job Nationalisation in the Private Sector, recently promulgated by HH The Amir, Sheikh Tamim bin Hamad Al Thani.

The new legislation aligns with Qatar National Vision 2030, in particular the pillar of human development, by enabling strategic investment and creating opportunities for the employment and training of Qatari citizens.

It also supports the Third National Development Strategy, which aims to produce a more productive labour market by focusing on highskill jobs. This transformation will be achieved by leveraging a highly skilled Qatari talent pool while also attracting foreign talent with advanced skills.

The law looks to significantly increase an effective participation of the national workforce in private sector institutions and companies. This will open up new employment and career opportunities for Qataris and the children of Qatari women, and therefore maximise the utilisation of qualified national competencies.

In a statement, the Ministry of Labour clarified that the primary objectives of the law, which includes:

• Enhancing the attractiveness of the labour market to the national workforce

• Increasing the ability of companies to attract and integrate citizens

• Encouraging Qatari participation in the private sector, ensuring job stability for nationals

• Developing the professional skills of the national workforce, meeting the labour markets demand for qualified personnel

• Incentivising private sector companies and establishments to increase the participation of the national workforce

According to the Ministry, the entities subject to nationalisation under the law include:

• Employers who are natural persons managing private establishments registered in the commercial register

• Commercial companies operating in the state, whether state-owned, state-participated, or privately owned

• Private non-profit institutions, sports institutions, associations, and similar entities

The Ministry will develop a job nationalisation plan for the private sector by classifying entities based on size, workforce and job types, with the plan encompassing policies for training, employment, qualification and university scholarship programmes. The provisions of the Job Nationalisation Law address a number of challenges that have previously hindered nationalisation efforts. It will establish the conditions and procedures necessary to make the private sector more attractive to Qataris and the children of Qatari women, while fulfilling their professional and career aspirations.

Some of the the key provisions of the law are:

• Granting financial incentives to beneficiaries, including Qataris and the children of Qatari women

• Offering various benefits, facilities, and privileges to entities covered by the nationalisation scheme under the law

• Employing, training, and qualifying Qataris and the children of Qatari women seeking employment in accordance with the policies, plans, and programmes established by the Ministry of Labour

The law empowers the Ministry of Labour to provide these incentives and privileges, as well as sponsor

Qatarisation over the years

citizens for the completion of their university studies to prepare them for roles in the private sector.

There is a mandate for the issuance of standard employment contract templates for job nationalisation, to ensure job security for Qatari citizens and provide a stable work environment. This will be binding on entities subject to the law's provisions.

The law is expected to take effect six months after its publication in the Official Gazette. Privately owned companies will need to ensure they comply with the Qatarisation policies once in effect to meet requirements.

Qatar has one of the lowest unemployment rates in the world, at a mere 0.1%, according to the CIA World Factbook, the World Bank, and statistical agencies. The United Nations classifies Qatar as a country with high human development. It is one of the wealthiest countries in the world with a high GDP per capita and rapid economic growth, thanks to its oil revenues. All of these factors means Qatar continues to score highly on economic performance, and is placed 11th out of 64 countries in the World Competitiveness Yearbook 2024, issued by the International Institute for Management Development (IMD) in Switzerland.

Qataris have traditionally taken government positions, while the majority of non-Qataris work in the private sector. It is estimated that just 10% of Qataris are employed in the private sector. Traditional roles for Qatari females are administrative and teaching, while the primary positions for Qatari males are in admin, oil and gas, and security and safety.

Qatarisation was first mooted under Law No 3 of 1962, which stipulated that Qatari nationals be given first priority for filling vacant positions in the workforce. Many laws and decrees have been issued since, stating that the government must provide employment opportunities for Qatari nationals, and that priority must be given to nationals. In later years these laws have been reinforced by the concept of improving the prospects for Qatari nationals, by further education and training schemes.

Qatar's energy sector has been running a successful Qatarisation programme since 2000, looking to achieve the target of 50% Qatarisation in permanent positions. These include those in key or sensitive positions, and those tied to company business plans. Due to huge growth over the last 20 years the energy sector has became one of the biggest employers of Qataris. Partnerships have been forged with the education sector and local community groups, while development processes assess efficiencies and reward young employees to ensure continuous support throughout their careers. There are training programmes and a summer internship to help bridge gaps in academic studies and assist with the transition from college or university to the workforce. qatarization.com.qa

Each year, the Annual Qatarization Crystal Awards are given to companies in recognition of achievements in four categories. In 2024, recipients at the Energy Sector’s 24th Annual Qatarization Review Meeting were Qatar Shell for 'Support and Liaison with the Education Sector', Qatar Chemical Company (Q-Chem) for 'Supporting Qatarization', North Oil Company for 'Support for Learning and Development', and Qatar General Electricity and Water Corporation (Kahramaa) for 'Best Qatarization Progress'. Annual Qatarization Certificates, recognising companies with the most significant improvements since the previous year, were awarded to Qatar Petrochemical Company (QAPCO), Qatar Aluminium Ltd (Qatalum) and QatarEnergy LNG.

Many other entities have Qatarisation plans, including Vodafone Qatar, Qatar Airways, Qatar Foundation, and banks. The Regular Forum for Job Localisation in Private Sector was launched in 2022 to review projects and encourage participation with private sector companies and institutions, with representatives from ministries, Qatar Chamber, Katara Hospitality, Qatar Central Bank, and more. m

Investment and Trade

Qatar has one of the fastest growing global economies thanks to the third largest concentration of natural gas reserves in the world. Recent legal liberalisation, economic diversification and an expanding economy provide many investment opportunities for non-Qataris. Investors can enjoy unrivalled world connectivity via Hamad Port, one of the largest in the region, and the world’s best airport, airline and air cargo carrier. Profits can be repatriated as can proceeds of sale and capital on liquidation. Major investment sectors are construction, oil and gas, education, and financial and legal services, with opportunities in ICT, sport, leisure and healthcare.

Under Qatar National Vision 2030, several strategic initiatives have been launched to diversify the economy and attract foreign direct investment. The Third National Development Strategy (NDS3) unveiled earlier this year states that Qatar is aiming for a 4% growth in non-hydrocarbon gross domestic product (GDP). Qatar ranks first among the world’s top destinations for foreign direct investment (FDI), thanks to strong economic and investment momentum, according to the Investment Promotion Agency Qatar (IPA Qatar). There are now increased investment opportunities on offer for investors thanks to the recent decision of the Ministry of Commerce and Industry to reduce fees by up to 90% for certain services.

Qatar Development Bank (QDB) launched the GEM – Qatar National Report 2023/2024 in August 2024, in collaboration with the Global Consortium of Global Entrepreneurship Monitor, led by Babson College in the US and London Business School. The report shows significant growth in entrepreneurial activity in Qatar, and highlights achievements within Qatar’s entrepreneurial ecosystem, where the country is ranked third in the MENA region and fifth globally in the National Entrepreneurship Context Index – Qatar achieved a score of 5.9 against the global average of 4.7. The State also ranks third regionally for social and environmental values, while 82.2% of participants view Qatar as a desirable career choice, the highest percentage recorded in the past five years.

Visit qdb.qa/en/insights-and-publications/entrepreneurship-reports for more information.

Incentives

The government welcomes foreign participation in joint ventures, with a number of incentives for investment:

• A developed infrastructure and ICT network.

• Easy access to world markets with good sea and air connections, continuously being upgraded.

• Natural gas, electricity, water and petroleum at subsidised rates.

• Land for development in the Industrial Area near Doha for nominal fees – companies can submit a request to the Ministry of Municipality for a lease contract of a plot under the Doha, Al Khor, Al Thakhira and Al Shamal Municipalities.

• Loans available from Qatar Development Bank.

• Fixed parity between the Qatari riyal and US dollar (USD1 = QAR3.64).

• No customs duty on the import of plant machinery; exemption from export duty.

• Five-year renewable tax holidays (based on government approval).

• No income tax on the salaries of expatriates.

• Tax on the profits of foreign-owned stakes in Qatari companies applied at a flat rate of 10%.

• Employment and immigration rules enabling the import of skilled and unskilled labour.

Investment Regulations

There are primarily two regulatory jurisdictions for foreign investors seeking to conduct commercial business in Qatar: the regulations of the State of Qatar, and the rules and regulations of the Qatar Financial Centre (discussed in more detail below).

Qatar also recently introduced new free zones designed to encourage certain bespoke investment vehicles to bring their businesses to the region.

Non-Qatari investors may only invest in Qatar in accordance with Foreign Investment Law No 1 of 2019:

• In January 2019 the Amir promulgated the new foreign investment law of 2019. According to the new law, foreign investors are permitted to hold more than 49% in commercial companies with special permission from the Minister of Commerce and Industry (MoCI) (subject to some prohibitions set out below). Under the former law such increased ownership was limited to those businesses operating in a specific set of sectors.

• Non-Qatari investors are prohibited from being appointed as commercial agents under Commercial Agencies Law No 8 of 2002, but the former prohibition preventing foreigners from investing in real estate businesses has been removed under the new Foreign Investment Law.

Approval from the Council of Ministers is required for foreign investment in banking and insurance.

• Foreign capital is protected against expropriation (although the State may acquire assets for public benefit on a non-discriminatory basis, provided the full economic value is paid for the asset).

• Subject to Ministerial approval, a foreign company performing a specific contract in Qatar may set up a branch office if the project facilitates the performance of a public service or utility.

• A non-Qatari company operating in Qatar under a Qatari government concession to extract, exploit or manage the State's national resources is exempt from the Foreign Investment Law. In practice this covers all large oil and gas companies.

• A company formed by a non-Qatari entity with the government or a government entity ('Article 207 Company') may be subject to special rules and exemptions from the Commercial Companies Law No 11 of 2015.

• All international companies securing mega infrastructure development work must share at least 30% of the contract with local entities.

• Law No 7 of 1987 governs the practice of commercial activity by GCC citizens in Qatar, and was amended in April 2017 under Law No 6 of 2017. GCC citizens as individuals or legal personalities can practice retail and wholesale trade in Qatar. However, the GCC citizen engaging in the activity must be directly responsible for it. Those undertaking retail business must do so via direct sale to customers in a shop, and those in wholesale trading are required to import and export the goods. NB: following the signing of AlUla Declaration regarding the blockade against Qatar, legal advice is recommended for this type of commercial activity.

• Law No 12 of 2020 regulating the partnership between the public and the private sector became law in July 2020, as per one of the following regulations: Allocation of land through a rental or usage licence, for development by the private sector; build-operate-transfer (BOT); buildtransfer-operate (BTO); build-own-operate-transfer (BOOT); operations and maintenance (OM); or any other form adopted by the Prime Minister, upon the proposal of the relevant minister. The Government or other administration may, on its own initiative or at the suggestion of the private sector, identify a project for its implementation through partnership.

Choosing A Business Structure

To conduct business in Qatar on a regular basis, foreign investors are required to establish or register a legal presence from the following options:

• Incorporating as a company under the Commercial Companies Law which allows full access to Qatar's market and to work on an unlimited number of projects. A Qatari partner is required to own 51% of the capital of the company, except in the circumstances mentioned above. Various exemptions are available to attract foreign capital.

• Obtaining a licence for a branch office or trade representation office which does not require a Qatari partner. The licence for a branch is granted in respect of a specific project for a government client. The existence of the branch office is dependent on the duration of a particular project: once the project is completed, the branch office must close unless it has secured additional qualifying projects. Branch offices are only permitted to perform a specific contract and may not engage in general commercial activities with the larger local market. The branch will be fully taxable unless granted a special exemption. Trade representation offices are only permitted to market goods and services; they are not permitted to engage in commercial activities.

• Under Law No 7 of 2017 companies in GCC states can now establish companies in Qatar, subject to having had a commercial registration in one of the GCC states for at least three years, and be fully owned and managed by a GCC citizen. Refer to the preceding caveat in Investment Regulations regarding the blockade.

• Appointing a commercial agent means a nonQatari company does not establish a presence in Qatar; instead a 100% owned Qatari entity or Qatari national is appointed as an agent to market the relevant goods and services. Commercial agencies must be exclusive and registered in order to be afforded the protections provided under the Commercial Agents Law No 8 of 2002; non-registered distributorships are subject to the Commercial Law No 27 of 2006.

• There is a separate regime for establishing an entity in the Qatar Financial Centre (QFC). This allows 100% foreign ownership and aims to attract international financial services companies and some professional support companies to invest in Qatar. The number of permitted activities in which a QFC firm may engage has been increased to include a broader spectrum of investment options.

• The Qatar Science and Technology Park, a free zone in Education City, allows companies to engage in research and development, again with full foreign ownership.

• The new Qatar Free Zones have started accepting applications and international investors, at these zones:

ø Um Alhoul, a 30 sq km site adjoining Hamad Port, south of Al Wakra – offers easy access to the water for maritime and logistics companies, and is a gateway for imports and exports. A port and marine cluster, 'Marsa', is able to support a wide range of marine businesses.

ø Ras Bufontas, a 4 sq km site adjacent to Hamad International Airport – a technology and manufacturing hub for businesses requiring international connectivity.

• The Cabinet has added some areas to the Free Zones Law, including Msheireb Downtown Doha.

• Under Ministerial Decision No 242 of 2016, the MoCI will grant licences for small businesses at home conducting certain commercial activities including sewing, events services, electronic services, business services, cosmetic activities and food activities. A single license is issued per activity, with an annual fee, and cannot involve direct sales to the public from the residence. A further 48 activities were announced in August 2024, bringing the total to 63. Applications can be made through the Single Window portal at moci.gov.qa

Company Structures

According to the Commercial Companies Law No 11 of 2015, the following structures are permitted:

• Limited liability companies (LLCs) – subject to the Foreign Investment Law can now be established by a single person owning the entire share capital (previously the minimum number of

shareholders was two). This replaces the single person company under the old companies law. Shareholders can determine the share capital of an LLC (previously the minimum share capital was QAR200,000 divided into equal shares).

• Article 207 company – a shareholding company where the Qatari government, a government owned entity or a public corporation must own 51% of the shares, unless the Council of Ministers consents otherwise. Certain provisions of the Commercial Companies Law are excluded from the company’s Articles of Association.

• General partnership – joint partners administer the affairs of the company, and trustee partners contribute to the company's capital.

• Simple limited partnership – a local entity formed by two or more Qataris.

• Limited partnership with shares – formed by joint partners, liable for the debts, or trustee partners, whose liability is limited to the share value.

• Unincorporated joint venture – formed by two or more people pursuant to specific contractual arrangements. The unincorporated joint venture does not have a separate legal personality distinct from its partners.

• Joint stock company (public or private) – the capital is divided into shares with a minimum of five shareholders. Permissible foreign share ownership depends on the type of company and is subject to Qatar Financial Markets Authority approval.

• Holding company – incorporated as a joint stock or limited liability company. The holding company must hold at least 51% of the shares in each of the companies under its control.

Commercial Registration (CR)

Virtually all companies use a government liaison officer or facilitator to assist with establishment formalities. Under Qatar Commercial Registration Law No 25 of 2005, companies must be approved or registered by one or more of the following entities: Ministry of Commerce and Industry (MoCI); Qatar Chamber; Ministry of Municipality; Ministry of Interior; Importers' Register/ Contractors' Register; and QFC Authority (where appropriate). Visit moci.gov.qa for details.

Amendments were made under Law No 20 of 2014 to expedite registration procedures, followed by Decisions 30 and 31 of 2019:

• The MoCI must respond to the applicant's request for registration on the same day.

• Reasons must be given for rejected applications. The Minister must accept or reject an appeal of the Ministry's decision within 15 days.

• Incorporated branches must be in the exact name of the principal company, and are not considered separate legal entities.

• Amendments have also been made to penalties for those operating commercial premises without a CR, misusing the CR, and providing false/ wrong documents.

• Renewals, trade name changes and other modifications are now online services only at investor.sw.gov.qa

Export and Import

Exports According to the National Statistics centre at the General Secretariat of the National Planning Council (formerly the Planning and Statistics Authority), Qatar’s total exports (including exports of domestic goods and re-exports) in Q2 2024 was QAR85.0 bn, mainly to Asia. There are no duties on exports.

Imports Imports in Q2 2024 was QAR30.5 bn, mainly from Asia.

Import tariffs Importers of goods into Qatar must sign up to the Importers' Register and be approved by Qatar Chamber (QC). Customs duty and legalisation fees are levied on all commercial shipments, irrespective of its value. All goods imported into Qatar are subject to customs duties, based on a percentage value of goods (usually 5%), or on a 'per unit' basis. Effective from May 2021, incoming parcels and personal shipments with a cost, insurance and freight (CIF) value exceeding QAR1,000 is liable to 5% customs duties (previously QAR3,000).

Customs duty tariffs fall under these categories:

• Personal effects and household items, imports of charitable organisations and returned goods, diplomatic and military exemptions, merchandise for ‘free zones’ and duty-free shops – exempt. Goods in transit may be accepted at designated stations without duty.

• General cargo, eg clothing, perfumes, cars, electronic appliances and devices – 5%.

• Steel – 20%.

• Urea and ammonia – 30%.

• Cigarettes, tobacco and its derivatives – 100% or QAR1,000 per 10,000 cigarettes, whichever is higher.

Law No 25 of 2018 on Excise Tax came into effect 1 January 2019. All businesses that import,

produce or store/stockpile excise goods must comply with the requirements stipulated under the law. The following goods are subject to Excise Tax:

• Tobacco products – 100% • Carbonated drinks (non-flavoured aerated water excluded) – 50%

• Energy drinks – 100% • Special goods – 100%

In accordance with the Gulf Cooperation Council (GCC) Customs Union, more than 800 goods are exempted from customs duties, alongside exemptions granted to certain bodies and persons under Customs Law No 40 of 2004. There are fees for the attestation of the Certificate of Origin (from QC) and a tariff for the attestation of the Commercial Invoice, based on shipment value.

Qatar implemented the World ATA Carnet Council in 2018, an international customs system with nearly 80 member countries, permitting the dutyfree and tax-free temporary import and export of goods for up to one year. The system is being implemented by QC alongside ICC Qatar and the General Authority of Customs (GAC).

Through the Authorised Economic Operator (AEO) launched in 2019, the GAC aims to develop partnership and cooperation with the private sector by granting customs benefits and facilities to companies involved in the supply chain in international trade, as per the World Customs Organisation (WCO) Framework of Standards to Secure and Facilitate Trade (SAFE). To date, there are 39 companies in the import/export category and 8 in the customs clearance category.

Import regulations All commercial shipments are examined by GAC prior to clearance. The Qatar Electronic Customs Clearance Single Window (Al Nadeeb) is a one-stop e-government system to facilitate international trade. customs.gov.qa

New regulations were introduced in 2013 to prevent fake products from entering the market. All general goods must have non-removable marking of their place of manufacture to be eligible for customs clearance. This applies to both air and sea freight. The import of vehicle tyres, spare parts and electrical home appliances has to be based on a 'certificate of conformity' issued by the authority concerned. All general cargo for customs clearance must be backed by an original commercial invoice on the shipper’s letterhead, with stamp and signature. They also require attestation by QC. The packing list of each consignment must have the number of pieces, weight and volume.

GAC requires all importers to obtain an HS Code, an international system for classifying traded products. This must be linked to the trader's Commercial Registration and import licence.

There are few restrictions on bringing personal effects into Qatar. However, anyone (importers, exporters or travellers) holding local or foreign currency, precious metals or jewellery worth more than QAR50,000 must complete a customs declaration form upon entry into or departure from the country. Banned imports include alcohol, pork and e-cigarettes. The import of pets is allowed, although certain breeds are not permitted.

Points of entry Imports and exports transit via Hamad International Airport, Hamad Port, Doha Port, Mesaieed Port, Ras Laffan and the Salwa Overland Terminal.

Taxation

There are no personal taxes or statutory deductions from salaries in Qatar. Under Law No 24 of 2018 on Income Tax ('the New Tax Law') and its executive regulations, companies must pay tax on all profits at a flat rate of 10%. This is on all corporate income from sources in Qatar, whether the entity has a physical presence in Qatar or not. The share of the profits due to a Qatari or GCC partner is exempt from tax.

Tax exemption applies for certain activities, and companies listed on the Qatar Stock Exchange are also exempt, but companies are required to pay a 2.5% contribution to charitable and cultural activities. Taxpayers need to register with the Public Revenue and Taxes Department. Auditors must be a firm based in Qatar and registered with the MoCI or approved by the QFC. Services are offered by the General Tax Authority via the Dhareeba portal.

In 2016 GCC members agreed to introduce VAT in early 2018. The Qatar Value Added Tax (VAT) Law and Excise Tax Law and Executive Regulations was approved in May 2017, based on the unified GCC agreement. To date, only the Excise Tax has been implemented.

Intellectual Property

Under Law No 9 of 2002, a trademark registration is valid for 10 years from the date of filing the application, renewable for further consecutive periods of 10 years. The court may be ordered to cancel a trademark registration if the owner fails to use it in Qatar within five consecutive years from the date of the registration.

Copyright Law No 7 of 2002 gives protection to authors of original literary and artistic works. Protected works include books, lectures, musical works, photographic works and computer software. The economic rights of the author/owner are

protected during the lifetime of the author/owner, and for 50 years after his death.

Patent Law No 30 of 2006 provides for the registration of inventions and foreign patents at the Qatar Patent Office; implementing regulations were issued by the Minister of Commerce and Industry under Decision No 153 of 2018.

Qatar announced its accession to the Patent Cooperation Treaty in 2011. The Law of Trademarks in the GCC Countries was promulgated under Law No 7 of 2014, and the same year Qatar signed a cooperation agreement with the World Intellectual Property Organisation (WIPO) to jointly improve services. There is an electronic trademark registration service via the MoCI website to expedite submissions and preserve IP rights.

Law No 10 of 2020 on the protection of industrial designs was issued in April 2020. This will offer more comprehensive protection for designs once the implementing regulations are issued, as previously protection was sought by publishing cautionary notices in Qatari newspapers.

In 2022 Qatar won the presidency of the International Union for the Protection of Literary and Artistic Works (Berne Union). The Berne Union is a UN agency under WIPO, and is an agreement by member states to protect works and the rights of authors, as well as giving creators the means to place autonomy over their works. Acting Director of the office of Qatar to the World Trade Organisation (WTO) Ahmed Essa Al Sulaiti is Chairman of the Committee of the Union for two years.

Qatar acceded to the Madrid Protocol in May 2024, and is the 115th Member of the Madrid System, a practical and efficient solution for protecting trademarks worldwide. This brings the total number of countries in which it is possible to secure trademark protection via a single application to 131.

The Madrid Protocol will come into force on 3 August 2024, and allows for the centralised filing of trademark applications across multiple countries. Companies and entrepreneurs in Qatar can now seek protection via one application in one language (English, French or Spanish). Trademark holders in any other Madrid System Member can seek overseas protection of their trademark in Qatar, while holders of existing international trademark registrations will be able to expand its geographical scope to include Qatar.

Trademark holders in four of the GCC countries –Bahrain, Oman, Qatar, and the UAE – can now use the Madrid System.

Regulatory Bodies and Government Entities

Investment and Commerce Court A4 Law No 21 of 2021 Establishing the Investment and Commerce Court was issued in October 2021, specialising in investment and trade issues and increasing the pace of resolving commercial disputes. Work commenced in May 2022 using a state-of-the-art electronic system, offering a range of services from registration to case management, scheduling hearings and other related procedures, up to the issuance of preliminary and appeal rulings. The court consists of primary and appellate circuits, and a circuit in the Court of Cassation that specialises in examining appeals against rulings issued by the court.

Investment Promotion Agency Qatar (IPA Qatar)

A4 Custodian of the Invest Qatar brand, IPA Qatar was launched in 2019 and is registered at the Qatar Financial Centre (QFC). The agency provides investment solutions in Qatar, attracting foreign direct investment in all of the country’s priority sectors. The Startup Qatar Investment Program, provided by Qatar Development Bank, aims to attract tech startups to establish or expand operations in Qatar, with funding and incentives. The Invest Qatar Gateway is the first digital platform for investors in Qatar providing information on partners, business opportunities and resources. invest.qa, startupqatar.qa

Ministry of Commerce and Industry (MoCI) A4 Creates commercial policy for both private and public sectors to boost regional and international trade relations and support business development. A number of services are available through the Single Window, part of the ministry's efforts to attract local and foreign investments. In line with Law No 1 of 2020 on the Unified Economic Register, the Qatar Business Map Portal was launched, a comprehensive database with information and data related to commercial establishments. moci.gov.qa, investor.sw.gov.qa, businessmap.moci.gov.qa

Ministry of Finance (MOF) C4 Prepares the State Budget and proposes objectives and tools of financial policy in line with Qatar National Vision 2030. Its Tahfeez programme enhances local services and products to strengthen Qatar's private sector. The General Authority of Customs monitors the import of all goods, and the e-services of the Unified Website of State Procurement include tenders and company registration. mof.gov.qa, customs.gov.qa, monaqasat.mof.gov.qa

Ministry of Justice (MOJ) C4 Records legal actions and documents, registers and protects IP rights, and reviews draft contracts and agreements

in accordance with the law. The Ministry has a real estate registration/authentication office at the QFC to provide services to QFC entities.

Ministry of Municipality C4 The Foras investment portal promotes PPPs for environmental, service and sustainability projects. The Ministry sets requirements for shops and establishments on commercial streets, and offers e-services regarding infrastructure and real estate. mme.gov.qa

Qatar Chamber (QC) D4 Provides services and support to local and international businesses, including QFC-licensed firms, like certificates of origin (COO) for import/export and ATA Carnet, acting as liaison for international business delegations, and providing training courses. QC became a member of the International Federation of Freight Forwarders Associations (FIATA) in October 2023. The Qatar International Center for Conciliation & Arbitration (QICCA), established in 2006 as part of QC, acts as an efficient and swift mechanism to settle disputes between Qatari enterprises, or between national companies and foreign counterparts. qatarchamber.com, qicca.org

Qatar Development Bank (QDB) D4 Has an active role in the economic and industrial development of Qatar in the private sector by promoting and financing SMEs. The bank is 100% owned by the State of Qatar and provides a wide range of financial and advisory products, such as funding, incubation, and support services. qdb.qa

Qatar Financial Markets Authority (QFMA) C4

An independent regulatory authority supervising the financial markets and firms authorised to conduct activities related to securities in or from Qatar, and empowered to exercise regulatory oversight and enforcement over the capital markets. QFMA was granted full membership of the International Organisation of Securities Commissions in 2013. New legislation in 2014 modernised the legal infrastructure, while listing rules and a governance code for funds were issued in 2019. In September 2023 QFMA launched the Single Window E-Portal to allow companies to deal with just one entity, negating the need to separately involve QFMA, MoCI, Qatar Stock Exchange (QSE), and EDAA (formerly Qatar Cental Securities Depository Committee). qfma.org.qa

Qatar Science and Technology Park (QSTP) C2

QSTP is a facility for international technology companies in Qatar, and an incubator of startup technology businesses, offering premises, services and support programmes. The free zone at Qatar Foundation's Education City allows foreign companies to set up 100%-owned businesses in Qatar free of tax and duties. qstp.org.qa

Qatar Investment Authority (QIA)

QIA A4 was established in 2005 as the country's sovereign wealth fund to grow and diversify Qatar's economy. QIA reports to the Supreme Council for Economic Affairs and Investments (SCAEI), the highest decision-making body concerning economy, energy, and investment of the State. The SCAEI approves QIA's investment policy and oversees QIA's performance.

QIA has two main objectives: to support the local economy; and provide liquidity when required to stabilise the local economy, supporting local economic development by investing in companies that fill market gaps. QIA is the owner or a key shareholder in domestic companies such as Qatar National Bank, Ooredoo, Qatar Airways, Mwani Qatar, Qatar Holding, Qatari Diar Real Estate Investment Company, Katara Hospitality, Barwa Group, and Qatar Sports Investments, which owns football club Paris Saint-Germain.

QIA has approximately USD475 bn in assets according to Sovereign Wealth Institute, although the fund does not publish its holdings. Direct investments are made in real estate, healthcare, retail/consumer, technology/media/telecoms, finance and industry. Following a restructure in 2016, USD100 bn of investments in local companies were placed in a new unit, Qatar Investments (known as QIA internationally).

QIA is a founding member of the One Planet Sovereign Wealth Fund Working Group, helping to produce a framework in 2018 to integrate climate change analysis into investment decisions. Further to this, in 2020 QIA embarked on a revised strategy promoting sustainability, with no new investments in fossil fuels.

Amiri Decision No 34 of 2023 was issued in May 2023 reorganising QIA, highlighting its mandate, primary roles and responsibilities, and strategic objectives. An enhanced governance framework will enable effective oversight, aligned with international best practices.

QIA announced the establishment of the Active Asset Management Initiative in January 2024, with Ashmore Group its first partner. At the Web Summit Qatar in February 2024, QIA disclosed a USD1 bn investment in international and regional venture capital (VC) funds to support entrepreneurs, Qatar's first VC Fund of Funds. qia.qa

QIA Portfolio (unconfirmed): 52 Champs-Elysées, Adecoagro, Agricultural Bank of China, Asia Square Tower 1, Banyan Tree, Barclays PLC, Barwa Bank, Brookfield Property Partners, Canary Wharf Group, Claridge's/The Berkeley/The Connaught hotels, Coveo, Credit Suisse Group AG, Deutsche Bank

AG, El Corte Ingles SA, Empire State Realty Trust, Fahrenheit, Glencore PLC, Grupo Santander Brasil, Harrods, Hassad Food, Heathrow Airport Holdings, Hochtief, Iberdrola SA, J Sainsbury PLC, Kahramaa, Lagardère, Le Brantano!, Le Tanneur, Lifestyle International Holdings Ltd, London Shard Tower, London Stock Exchange, LVMH, Masraf Al Rayan, Mowasalat, National Grid PLC, One Ocean Port Vell, Ooredoo, Oryx Midstream Services (Oryx), Pavilion, Pulkovo Airport, Qatar Exchange, Qatar Islamic Bank, Qatar International Islamic Bank, Qatar National Bank, Reliance Retail Ventures, Rosneft PJSC, Royal Dutch Shell, Siemens, Societe Fonciere Lyonnaise SA, The Bürgenstock Selection, Total SA, Turkuvaz, Valentino Fashion Group SpA, Vente-Privée, Vivendi, Volkswagen AG, Xstrata PLC.

Qatari Diar Real Estate Investment Company

Ongoing projects include: Lusail City; Simaisma (Qatar) • Chelsea Barracks; Chancery Rosewood (UK) • Qatar Railways Development Company (Qatar Rail), overseeing the Qatar Rail Development Programme: the Doha Metro, the Long Distance Rail, and the Lusail Tram. qataridiar.com

Qatar Financial Centre (QFC)

The QFC C4 was established in 2005 to attract international financial institutions and firms to establish business operations in a 'best-in-class' international environment.

Firms need to be incorporated or registered by the QFC Companies Registration Office, licensed by the QFC Authority, and for regulated activities, authorised by the QFCRA. Advantages of establishment in the QFC include:

• A separate legal, regulatory, tax and business environment.

• 100% foreign ownership, 100% repatriation of profits, and 10% corporate tax on locally sourced profits.

• A double taxation avoidance agreement network with more than 80 countries.

QFC assets amount to QAR28.3 bn, with more than 2,200 local and international firms registered on its platform. Companies comprise investment and private banking entities, and (re)insurance and asset management firms (each of which is regulated); and consultancy service providers, law firms and financial services recruitment firms (which are non-regulated).

The QFC is taking a major step in diversifying key economic sectors eg digital, financial services, sports, and media. An attractive incentives programme is available to multinational companies, offering free offices, highly-competitive tax incentives, and seed capital to cover five years

of operating expenses in return for a 10-year commitment. An enhanced registration sees complete registration applications reviewed and processed quickly, and firms have a dedicated Relationship Manager once registered.

Recent initiatives include the QFC Digital Assets Lab, the inaugural programme launched under the QFC Innovation Dome, powered by Qatar Central Bank (QCB). The Lab is a collaborative environment for start-ups, businesses and researchers, contributing to the growth of the digital economy and the adoption of emerging technologies across various sectors. The QFC Digital Assets Framework 2024 was launched in September 2024, in line with the Third Financial Sector Strategy issued by QCB. The framework establishes the legal and regulatory foundation for digital assets, including the process of tokenisation, legal recognition of property rights in tokens and their underlying assets, custody arrangements, transfer, and exchange. The framework also provides for the legal recognition of smart contracts. qfc.qa

The Qatar Financial Centre (QFC) Authority, the commercial arm of the QFC, leads the expansion of Qatar’s financial services sector and develops relationships with the regional and global financial community. The QFCA's strategy focuses on the creation of a global business hub for three core markets – Asset Management, Reinsurance and Captive Insurance.

The QFCRA is the independent regulatory body of the QFC, overseeing all firms conducting financial services in or from the QFC, as a combined banking, insurance and markets regulator. In 2012, the QCB Governor became the chairperson of QFCRA, as part of a plan to establish a single financial regime, comprising QFCRA, QFMA, QE, QCB, and the Supreme Judicial Council. qfcra.com

The Qatar International Court and Dispute Resolution Centre (QICDRC) was established by QFC Law No 2 of 2009 and consists of the QFC Civil and Commercial Court (First Instance and Appellate Divisions) and the QFC Regulatory Tribunal. The Court has consensual jurisdiction to hear disputes between parties from anywhere around the world and mandatory jurisdiction to hear disputes between entities registered in the QFC. There is a purpose built Alternative Dispute Resolution (ADR) centre.

Under Laws No 14 and 15 passed in 2021, the QICDRC's jurisdiction was expanded to include the Qatar Free Zones and the Qatar Free Zones Authority, as well as matters referred to the Court or Regulatory Tribunal by any law in the State. A new practice direction on small claims, No 1 of 2022, substantially shortens the time to reach

a judgment and offers a quick and efficient legal dispute resolution mechanism.

An additional practice guide was issued in May 2023, providing standard directions and notes for proceedings, with a framework of procedures for litigants or their legal representatives during pleadings. The guide is available online in English and Arabic at qicdrc.com.qa

Qatar Stock Exchange (QSE)

QSE C4 was created in 2009 between Qatar Holding (88%) and NYSE Euronext (12%) as the successor to Doha Securities Market; Qatar Holding purchased NYSE Euronext's stake in 2013. In 2012, regulatory authority passed to Qatar Central Bank (QCB) from Qatar Financial Markets Authority (QFMA), and a Memorandum of Understanding was signed with the Investment Promotion Agency in 2021 to boost the attractiveness of Qatar as an investment destination.

Trading in treasury bills began in 2011 and in 2012 the Venture Market for SMEs was launched. In 2016 QSE joined the Sustainable Stock Exchanges Initiative of the United Nations (SSEI). QSE migrated to a new trading system, Millennium, in June 2023, and is part of an agreement signed with the London Stock Exchange (LSEG) in 2022. The new system allows QSE to use LSEG's financial markets technology products to oversee trading, market data, analysis and surveillance. There are 52 listed companies on the main market and 1 on the venture market, and 7 brokerage firms (October 2024). While QFC companies are subject to separate rules and regulations, the listing and trading of shares in QFC companies still fall under the purview of QCB, QFMA and QSE. Residents, expats and individual companies are all able to invest. Traders must open an account with a brokerage firm, who will act as an intermediary for all transactions and provide a National Investor Number for a fee of QAR100. Investors can now trade from a bank account in Qatar or in the country of residence. EDAA (Qatar CSD) is licensed by QFMA to provide safekeeping, clearing and settlement of securities and other financial instruments listed on QE. qe.com.qa, qcsd.gov.qa

Real Estate

Under Law No 5 of 1963, only Qataris were able to own freehold estates. Law No 14 of 1964 established a system of registering legal instruments that affect land title.

Ownership was amended under Law No 16 of 2018 on the regulation of non-Qatari ownership and utilisation of real estate, implemented in

March 2019, whereby non-Qataris may own and use properties in Qatar 'in many areas according to conditions, regulations and procedures, which shall be determined by a decision of the Cabinet based on the proposal of the Committee for the Regulation of Ownership and Use of Non-Qatari Property'.

The real estate non-Qatari individuals and companies are allowed to invest in includes offices, shops, units and villas in residential complexes, and real estate development of land in specified areas, and is not limited to apartments and residential units. Cabinet Resolution No 28 of 2020, passed in October 2020, confirmed the areas in which nonQataris may own and benefit from real estate, and the terms, conditions, benefits and procedures for their ownership and use of them. This encompasses the right to free ownership of residential units inside residential complexes and shops inside malls. Owners of property worth more than QAR730,000 will be offered residency, as well as their family, for the duration of ownership, with residency given as soon as they finalise the purchase. Owners of property worth more than QAR3.65 mn will receive the same benefits as permanent residents regarding healthcare, education, and investment in some commercial activities.

Law No 5 of 2024 on real estate registration, or the New Real Estate Registration Law, has been issued to improve citizens’ access to real estate services, and introduces electronic registration for the first time. This law is the first of its kind since Law No 14 of 1964 and deals with enhancing real estate registration services, part of an initiative to align laws and regulations with the goals of Qatar National Vision 2030.

The law aims to improve the real estate services provided to the public, including registration, record-keeping, document generation, updating registration indices, processing applications for the registration of unregistered properties, objection processing, adjudication of ownership rights of unregistered properties and those expropriated for public benefit, setting out the procedures for updating real estate registry data, and others.

Business etiquette

Digital copies, procedures, requests and transactions conducted electronically will have the same legal validity as paper originals. This ease of facilitating transactions and reducing procedures should the benefit both individuals and legal entities such as companies.

The Ministry of Justice is the one-stop-shop for all transactions regarding non-Qatari ownership of real estate, and for more information regarding these laws and regulations.

Freehold developments Non-Qataris can own and use freehold property in nine areas: Al Qassar (administrative area 60) • Al Dafna (admin area 61) • Onaiza (admin area 63) • West Bay (66) • The Pearl Island (66) • Lusail (69) • Al Khraij (69) • Jabal Theyleeb (69) • Al Khor Resort (74)

Foreign companies can also own properties in these areas. The law offers an attractive new investment model to Qatar, offering 100% guaranteed return on investment in these areas.

Leasehold developments Non-Qataris can use real estate property for 99 years in 16 areas: Msheireb (13) • Fereej Abdelaziz (14) • Doha Al Jadeeda (15) • New Al Ghanim (16) • Al Refaa and Old Al Hitmi (17) • Aslata (18) • Fereej Bin Mahmoud (22 and 23) • Rawdat Al Khail (24) • Mansoura and Fereej Bin Dirham (25) • Najma (26) • Umm Ghuwailina (27) • Al Khulaifat (28) • Al Sadd (38)

• Al Mirqab Al Jadeed and Fereej Al Nasr (39) • Doha International Airport area (48)

For information regarding mortgages, see Banking and Finance in this section. m

Law No 22 of 2017 regulates the activities of real estate brokers, overseen by the Ministry of Justice. and covers licensing criteria, application process, and the scope of brokerage operations.

Doing business in Qatar relies on personal relationships as well as the quality of the company or service. Networking and exchanging business cards is important. Men should wear suits or smart/business casual, women should cover upper arms and knees. When meeting Arab people of the opposite sex it is best to wait for them to initiate a handshake. Some other cultural nuances: • Don't rely too much on email • Oral commitments at meetings may be deemed binding, written agreements may not • Appointments should be reconfirmed on the day • English is widely spoken, however the language of government is Arabic • Chat with your host on general matters before approaching business.

The Hydrocarbon Industry

Qatar has the world's third largest proven natural gas reserve and is the second-largest exporter of natural gas, according to the CIA World Factbook. Petroleum and natural gas are the basis of Qatar's economy: more than 70% of total government revenue, over 60% of gross domestic product, and around 85% of export earnings.

The State continues to focus on the energy sector as an important source of national revenue, increasing natural gas production levels and supplying 25% of the world’s total liquefied natural gas (LNG). This has positioned Qatar as the largest producer and exporter of LNG in the world and provides one of the highest per capita incomes in the world. This is due in part to the completion of Phase 1 of Qatargas' North Field gas development in 1991, leading to exports of liquefied natural gas (LNG). The North Field Expansion Project – the industry's largest ever LNG project – looks to boost production and revenues even further.

Many projects are joint ventures between the national corporation, QatarEnergy, and international entities. Under Qatarisation, joint venture industries and government departments aim to place Qatari nationals in senior management positions, an initiative that has been embraced by the hydrocarbon sector.

Qatar was a member of OPEC for nearly 60 years until January 2019. HE Saad Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, stated at the time that Qatar’s exit from OPEC was 'not political' and that 'the withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 mn tonnes per year to 110 mn tonnes in the coming years.' Qatar is the first Gulf country to leave OPEC.

Qatar's Energy Companies

QatarEnergy

Formerly known as Qatar Petroleum, the company rebranded in late 2021 to reflect its new vision of adapting its direction and strategic objectives. The integrated national oil corporation is responsible for the sustainable development of Qatar’s oil and gas resources. QatarEnergy (QE) is also spearheading the energy and industry sector’s Strategic Qatarisation Plan to maximise the employment of Qatari nationals.

The first well, Dukhan 1, was drilled in 1939. In 1949 the first crude exports began and the first offshore concessions were granted. In 1960, Idd Al Shargi and Maydan Mahzam fields were discovered. The largest offshore field, Bul Hanine, was discovered in 1970 and came onstream in 1972.

QatarEnergy’s activities encompass the entire oil and gas value chain locally, regionally, and internationally, and include the exploration, refining, production, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas-to-liquids (GTL) products, refined products, petrochemicals, fertilisers, steel and aluminium. Operations are onshore at Doha, Dukhan, Mesaieed Industrial City and Ras Laffan Industrial City, as well as offshore at Halul Island, offshore production stations, drilling platforms, and the North Field.

QE has signed Exploration and Production Sharing Agreements and Development and Production Sharing Agreements with major international oil and gas companies, including Elf Aquitaine/Total, Anadarko Qatar, Maersk Oil Qatar, Occidental Petroleum Qatar, Qatar Petroleum Development, Talisman Energy Qatar, GDF Suez, China National Offshore Oil Corp and Qatar Shell.

Ongoing projects include:

• The Barzan Gas Project to develop approximately 1.9 bn cubic feet per day (cfpd) of North Field wellhead gas, and 1.4 bn cfpd of sales gas for the domestic market in addition to associated condensate ethane, LPG and sulfur.

• Redevelopment of the Bul Hanine offshore oil field to prolong the field’s life by countering production decline and doubling oil production.

• A new petrochemicals complex in Ras Laffan Industrial City with partner Chevron Phillips Chemical Company LLC. The USD6 bn complex will have an ethane cracker with a nameplate capacity of 1.9 mn tons of ethylene per annum, making it the largest ethane cracker in the Middle East and one of the largest in the world.

• The North Field Expansion, the world's largest LNG project. The Amir, HH Sheikh Tamim bin Hamad Al Thani laid the foundation stone in October 2023. Under the first phase, North Field East (NFE), LNG production capacity will increase from 77 mn tons per annum (MTPA) to 110 MTPA. Second phase, North Field South (NFS), will increase LNG production capacity to 126 MTPA. A new third project was announced in February 2024, North Field West, which will increase LNG production to 142 MTPA by 2030.

• A new, world-scale urea production complex in Mesaieed Industrial City. The project will build three ammonia production lines to supply feedstock to four urea production trains and will double Qatar’s urea production from the current 6 MTPA to 12.4 MTPA. Production from the project’s first new urea train is expected before the end of this decade.

• The Dukhan Solar Power Plant with a production capacity of 2,000 megawatts (MW). This will more than double Qatar’s PV solar power production capacity to about 4,000 MW, around 30% of Qatar’s total electrical power production capacity. The project joins two solar power projects that QE is building in Ras Laffan and Mesaieed Industrial Cities with a total production capacity of 875 MW, and which are expected to start production before the end of 2024.

QatarEnergy’s Industrial Cities Directorate QatarEnergy's Industrial Cities are developed and operated according to international standards for the sector, with a focus on health and safety and sustainable development practices.

Ras Laffan Industrial City (RLIC) is 80 km from Doha along the northeast coast. It was established in 1996 and is now one of the fastest-growing industrial cities in the world. Industries in RLIC:

QatarEnergy LNG • Pearl GTL and Oryx GTL • Al Khaleej Gas • Dolphin Energy Limited • Laffan Refinery 1 & 2 • Ras Laffan Olefins Company • Ras Laffan Helium • Qatar Power • Ras Girtas Power and Ras Laffan Power • Erhama Bin Jaber Al Jalahma Shipyard.

Mesaieed Industrial City (MIC), 40 km south of Doha, is a hub for petrochemicals, chemical fertilisers, oil refining and metallurgical industries. Industries in MIC: QE Mesaieed Refinery • Qatar Petrochemical Co • Qatar Fertiliser Co • Qatar Chemical Co • Qatar Steel • Qatar Aluminium Co • Qatar Vinyl Co • Qatar Fuel Additives Co.

Dukhan Concession Area (DCA) is 80 km west of Doha and produces about 180,000 bpd of oil. Crude oil is exported through the terminal

operations department at Mesaieed and also supplied to the QE Refinery, while condensates are sent to the QE Refinery in Mesaieed.

Al Kharsaah Solar PV Power Plant (KSPP), inaugurated by the Amir, HH Sheikh Tamim bin Hamad Al Thani in October 2022, is 80 km west of Doha. It is the first in Qatar and one of the largest in the region, with a total capacity of 800 MW. KSPP covers 10 sq km with more than 1.8 mn solar panels utilising tracking technology to follow the sun's movement to maximise daily production. Robotic arms and treated water clean the solar panels at night to boost production efficiency. The power plant has been developed and is operated by Siraj 1, which is jointly owned 40% by a consortium formed by TotalEnergies (49%) and Marubeni (51%) and 60% by QE Renewable Solutions. The project includes a 25-year Power Purchase Agreement between Siraj 1 and Kahramaa. KSPP can supply 10% of the country's peak power consumption and will avoid 26 mn tons of CO2 emissions during its lifetime. qatarenergy.qa

North Oil Company (NOC)

A joint venture to operate and further develop the Al Shaheen oil field for the next 25 years, owned by QE (70%) and Total (30%). Al Shaheen oil field is in Qatari waters 80 km north of Ras Laffan with 33 platforms and more than 300 wells, producing around 300,000 barrels of oil per day from Qatar’s largest offshore oil field and one of the largest offshore oil fields in the world. noc.qa

ORYX GTL Ltd

Established in 2003 to develop, construct, and operate Qatar’s first GTL plant, converting natural gas into high quality GTL products including diesel, naphtha, and LPG. ORYX GTL is a 51:49 joint venture between QE and Sasol Middle East and India, manufacturing more than 32,400 bpd of high specification GTL diesel, naphtha and LPG. The naphtha is exported from Ras Laffan and marketed by Qatar International Petroleum Marketing Co (Tasweeq) to customers in the Middle East and Far East. oryxgtl.com.qa

Qatar Chemical Company Ltd (Q-Chem)

Owned by Mesaieed Petrochemical Holding Company QSC (MPHC) (49%), Chevron Phillips Chemical International Qatar Holdings LLC (49%), and QE (2%). MPHC is majority owned by QE. The Q-Chem facility produces high- and medium-density polyethylene (HDPE and MDPE), 1-hexene and other products, using technology provided by Chevron Phillips Chemical.

The Q-Chem complex in MIC has a production capacity of 453,000 MTA of polyethylene and a

production capacity 47,000 MTA of 1‑hexene. The adjacent Q Chem II facility produces 350,000 MTA of HDPE. Ras Laffan Olefins Company Ltd, owned by Q Chem II, Qatofin and QE, produces 1.3 MTPA of ethylene cracker and is operated by Q‑Chem II. qchem.com.qa

QatarEnergy LNG

Established in 1984 as Qatargas, production began in 1996. The company rebranded in September 2023 to QatarEnergy LNG. The largest LNG producer in the world, the company currently operates 14 LNG production trains. QatarEnergy LNG delivers cargos to more than 30 countries to meet the world’s demand for safe, reliable and clean energy, and is a leading exporter of natural gas, helium, condensate and associated products.

QatarEnergy LNG also operates the Jetty Boil Off Gas facility, Al Khaleej Gas, Barzan Gas, Ras Laffan Helium, the two Laffan Refineries (among the largest condensate refineries in the world), and the Ras Laffan Terminal. qatarenergylng.qa

Qatar Fertiliser Company (QAFCO)

Incepted in 1969 as a joint venture company to produce chemical fertilisers, the first significant step in Qatar’s industrial diversification programme to utilise its abundant natural gas resources.

QAFCO is now owned by Industries Qatar (IQ) (75%) and Yara Nederland BV (25%). The majority of IQ shares are owned by QE, making QE the ultimate parent of the company.

QAFCO inaugurated its first plant in 1973. Today there are six ammonia and six urea completely integrated trains, two urea formaldehyde plants and the Qatar Melamine Plant, the largest in the Middle East and one of the largest in the world, with a production capacity of 60,000 MTPA. QAFCO is the world’s largest single site producer of ammonia and urea, with an annual production capacity of 3.8 mn metric tonnes (MT) of ammonia and 5.6 mn MT of urea, exported via Muntajat Co. There are also two urea formaldehyde plants producing 60,000 MTPA of UFC85, the anti caking agent vital to urea production. qafco.com

Qatar Fuel Additives Company Limited (QAFAC) A Qatari joint stock company operating facilities at MIC for the production of methanol and methyl tertiary butyl ether (MTBE). Since the 1960s methanol has been produced from petroleum, naphtha and natural gas, and is a clean energy source and raw material for many everyday items. The QAFAC methanol plant can produce 2,950 metric tons a day of US Federal Grade AA methanol from the natural gas provided by QE. The majority is exported to the GCC, Far East, Europe, and India.

The QAFAC MTBE plant produces around 1,830 metric tons a day by processing methanol from the on site methanol plant and field butane from QE. It is then used by the QE Refinery at Mesaieed to replace lead in Qatar's gasoline. The main international markets are the Far East, Europe, South America and the GCC. qafac.com.qa

Qatar Fuel Company (WOQOD) QPSC

Distributes fuel products within Qatar – diesel and gasoline, marine fuel and aviation fuel – with fuel distribution depots in Mesaimeer and Ras Laffan. WOQOD has a fleet of road tankers, an extensive network of petrol stations, and vessels for supplying marine fuel. Qatar was the first GCC country to convert to fully unleaded gasoline and WOQOD’s diesel has the lowest sulfur content in the region. WOQOD also fulfils Qatar's energy needs with ecofriendly fuel products like LPG and compressed natural gas, and has also diversified into retail marketing with Sidra convenience stores at their fuel stations. woqod.com.qa

Qatar Petrochemical Company (QAPCO)

Established in 1974 and a joint venture between IQ (80%) and TotalEnergies (20%). QAPCO is one of the largest manufacturers of low density polyethylene (LDPE) in the region. Joint ventures include Qatar Vinyl Co, Qatofin Co Ltd, and Qatar Plastic Products Co.

QAPCO main facilities consist of an ethylene plant (cracker) with a production capacity of up to 830,000 MTPA, three LDPE plants with a total combined production capacity of over 795,000 MTPA, and a sulfur plant with a production capacity of up to 70,000 MTPA. As by products, the ethylene plant produces LPG with a capacity of up to 55,000 MTA and hydrogenated pyrolysis gasoline with a capacity of up to 45,000 MTA. qapco.com

Qatar Plastic & Wooden Products Co (QPPC)

Established in 1998 with commercial production commencing in 2000. The company is owned by shareholders QAPCO and Qatar Industrial Manufacturing Co. Around 90% of production is sold domestically with the remainder marketed in other Gulf countries and Europe. The production facility is located at MIC, producing plastic film for industrial packaging. The company produces form, fill and seal film, shrinkable film and hood, construction foil, greenhouse and agricultural film, general purpose film, heavy duty trash bags, and wood plastic composite.

Qatar Wooden Products Co commenced commercial production in 2013, a fully automatic wooden pallet production line and heat treatment facility able to produce 1.6 mn wooden pallets a year for QAPCO and other petrochemical companies. qppc.net

Ras Laffan Power Company Limited QPSC (RLPC)

Established in 2001 and the provider of electricity and water in Qatar. RLPC is a joint venture company owned by Qatar Electricity & Water Co (80%), QE (10%) and Gulf Investment Corporation of Kuwait (10%). RLPC has a 25-year Power and Water Purchase Agreement with Kahramaa and a 25-year Fuel and Seawater Supply Agreement with QE. The plant at RIC contributes 18% of the country’s power supply and 23% of the country’s water supply and is operated by Ras Laffan Operating Co WLL. rlpc.net

International Companies

ConocoPhillips

The world’s largest independent exploration and production company based on proved reserves and production of liquids and natural gas with operations in 13 countries. In Qatar, the QatarEnergy LNG N(3) joint venture provides stable production, while in 2022, the company was awarded interests in two new LNG development projects, North Field East (NFE) and North Field South (NFS). The ConocoPhillips Global Water Sustainability Center at Qatar Science and Technology Park (QSTP) focuses on solutions to aid water management in the oil and gas industry and beyond. CSR in Qatar includes the Kulluna Health and Safety campaign, in partnership with Hamad Medical Corporation. conocophillips.com

ExxonMobil

One of the largest publicly traded international energy refiners and chemical companies. In Qatar, ExxonMobil has partnered with QE to develop the North Field, participating in 12 of the current 14 LNG trains, 27 of the world’s largest LNG ships, and Qatar’s largest condensate refinery. ExxonMobil is the only foreign participant in Al Khaleej Gas and Barzan Gas domestic gas projects. ExxonMobil also has partnered with QE in two LNG receiving terminals in Europe, an export terminal in the US, and in energy projects around the world. The company provides technical and management

expertise to QE through technical services and secondment of ExxonMobil employees, while the ExxonMobil Research Qatar at QSTP conducts research in areas of mutual interest. exxonmobil.com.qa

Sasol

An international integrated chemicals and energy company that develops and commercialises technologies, and builds and operates world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity. In Qatar, Sasol is a 49% shareholder with QE in ORYX GTL, which uses Sasol proprietary GTL technology to convert natural gas into liquid fuel and chemical products. sasol.com

Shell

The largest international investor in Qatar. QE and Shell have jointly delivered two of the largest energy projects in the world in RLIC. Pearl Gas-to-Liquids (GTL) is the world’s largest GTL plant, costing USD19 bn, and the largest single investment in the Shell Group’s global portfolio. The Qatargas 4 LNG project (QE 70%, Shell 30%) combines Shell’s global leadership in LNG with Qatar’s position as the world’s largest LNG supplier. The Qatar Shell Research & Technology Centre at QSTP is a worldclass research and development facility and learning centre, with USD100 mn invested on programmes in support of energy and the environment. shell.qa

TotalEnergies

A broad energy company that produces and markets oil and biofuels, natural gas and green gases, renewables, and electricity. TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the wellbeing of people. In Qatar, TotalEnergies has been present since 1936, and is active in all areas of Qatar’s oil and gas sector – from exploration and production to refining, petrochemicals, marketing of lubricants, and solar energy. totalenergies.qa

QE also celebrated the naming of a second vessel, 'Umm Ghuwailina'. The 2 vessels are part of 12 conventional-size LNG vessels contracted with the Hudong-Zhonghua Shipyard and are set to be delivered ahead of their contracted delivery schedule, and are under long-term charter by QatarEnergy Trading (QET). m

QatarEnergy (QE) recently inaugurated the first conventional-size LNG vessel under its shipbuilding programme. The 'Rex Tillerson' was named after the former Chairman and CEO of ExxonMobil as a tribute to his life-long accomplishments in the energy sector.

Infrastructure in Qatar

Qatar National Vision

As arguably the world’s fastest-growing economy, Qatar recognises the importance of diversification and sustainability. It also acknowledges the inherent challenges of a rapidly-increasing population, further industrialisation, and the resultant need for an ever-expanding infrastructure.

To manage these challenges effectively, Qatar National Vision (QNV) 2030 was first published in 2008. Based on the guiding principles of the Permanent Constitution, it defines the nation’s medium-to-long-term objectives and creates a framework for sustainable national strategies. QNV 2030 rests on four pillars – Human, Social, Economic and Environmental Development – each with clearly defined individual long-term outcomes yet important inter-relationships.

Under QNV 2030, all new projects should provide a high standard of living for future generations, with investments in education, research, healthcare, transport and industry, to enable Qatar to sustain its own development by 2030. Plans include an integrated transport system, a major overhaul of roads and highways, drainage and sewage, and the renovation of downtown Doha.

The first wave of specific actions and targets were defined in the Qatar National Development Strategy (NDS) 2011–2016. NDS 2018–2022 has seen many of its goals achieved, despite exposure to abnormal conditions like fluctuating oil prices and the economic repercussions of the COVID-19 pandemic.

The Third National Development Strategy 2024–2030 was unveiled In January 2024, the final phase of QNV 2030, to strengthen Qatar’s ability to face challenges and transform it into an advanced society by 2030. The strategy aims to achieve sustainable economic growth, financial and environmental sustainability, a versatile workforce and cohesive society, a high standard of living, and distinguished government entities.

Economic Strategy

Qatar’s economic development aims to create and sustain a competitive and diversified economy capable of meeting the needs of, and securing a high standard of living for, its population now and in the future. The economy has historically been significantly boosted by growth in the oil, gas and petrochemicals industries. However the government is diversifying economic development elsewhere, especially in view of fluctuating oil prices.

Spending on infrastructural projects continues to be a focus in the State Budget for 2024, but also shifts to obligations under QNV 2030 and also for the education and healthcare sectors.

The State Budget was announced in December 2023 with figures based on an average oil price of USD60 a barrel (USD65 in 2023. Total revenue is expected to be QAR202.0 bn, a 11.4% decrease against the 2023 budget. Expenditures increases to QAR200.9 bn, due to a rise in the allocations for salaries and wages to QAR64 bn, while the health and education sectors will receive around 20% of the total budget.

Read more about the 2024 State Budget in Economy, in this section.

Conferences and Exhibitions

Annual business conferences and exhibitions include Project Qatar, Build Your House Exhibition, QITCOM, Cityscape Qatar, Arab Future Cities Summit, Green Building Expo, World Stadium Congress, and trade summits.

Aiming to be an influential player in the region’s MICE market, the first major facility opened in 2011. The Qatar National Convention Centre, a member of Qatar Foundation (QF) and located in Education City, is one of the largest, most technologically advanced venues in the Middle East, employing environmental and sustainability best practices including LEED gold certification. Designed by Arata Isozaki, the award-winning venue features a 3D representation of the Sidra tree, symbol of QF. The 200,000 sq m venue has a 40,000 sq m exhibition space, a conference hall for 3,800 delegates and a 2,300-seat theatre.

The 47,700 sq m Doha Exhibition and Convention Center opened its doors in 2015. The building includes a state-of-the-art exhibition hall, modular wall system, and high-tech meeting and conference rooms. Located in Al Dafna, the venue has five exhibition halls, which can be used as one 29,000 sq m hall thanks to a unique wall partition system. The 18-metre high ceiling is supported by a revolutionary cantilever roof and is pillar-free.

The Simaisma Project, located 40 km north of Doha

Spectacular Buildings

Dramatic changes to Doha’s skyline have seen glass and concrete towers built with materials imported from all over the world.

The population has increased from nearly 1.7 mn in 2010 to around 3 mn in June 2024, with people mainly living in and around Doha. Just 50+ years ago the 20,000 population of Doha lived and worked in single or two-storey structures on the narrow streets of what was just a small town on the southern shore of Doha Bay. In the 1970s, as the country changed from fishing and pearl diving to oil production and export, the decision was taken to reshape Doha Bay, extend the waterfront and expand the town area by reclaiming land. The area now known as Al Dafna (or ‘West Bay’) was dredged from the sea and the first building was the iconic Sheraton hotel.

Demand for town centre real estate has grown, with more luxurious living and working environments, forcing the city upwards. The traditional inwardlooking, small-windowed, courtyard dwellings reflect the limitations of building materials and technology at the time. Now developments in glass technology and energy-efficient, eco-friendly air conditioning allow Qatar to build green.

Developments to Infrastructure

Qatar continues to undertake projects to satisfy QNV 2030 and the football event's legacy mode, good news for local and international businesses.

Qatar is increasingly adopting sustainable practices and green building standards. Efforts like the implementation of the Global Sustainability Assessment System (GSAS) developed by the Gulf Organisation for Research & Development (GORD) oversees sustainable construction. According to GSAS, 75% of solid waste comes from construction and demolition; if the GSAS construction management system is adopted, 59% of the total solid waste generated in Qatar could be diverted.

GSAS has been incorporated into Qatar Construction Specifications and it is mandatory for all private and public sector projects to get GSAS certification. GSAS partners include Qatar Rail, Ashghal, Qatar Foundation, the Supreme Committee for Delivery and Legacy, the Primary Health Care Corporation, Kahramaa and Qatar Museums. gsas.gord.qa

The public-private partnership (PPP) law, approved by the Cabinet in 2019, also supports projects connected to QNV 2030. The PPPs will be used for a variety of sectors, including healthcare, education, sports, real estate and infrastructure.

Public Works Authority ashghal.gov.qa

The Public Works Authority (Ashghal) was established in 2004 for the planning, design, procurement, construction, delivery, and asset management of all infrastructure projects and public buildings in Qatar.

Ashghal strives to incorporate sustainability and environmental protection in its projects, as part of its commitment to play a vital role in QNV 2030. Three construction material recycling zones process waste materials like asphalt, concrete, and demolition waste, instead of sending it to landfill.

Ashghal’s key infrastructure projects include: Expressway Programme; Local Areas Infrastructure Programme; Drainage Networks; Buildings; and Projects of the Supervisory Committee of Beautification of Roads and Public Places in Qatar.

Ashghal's recent new projects include 22 buildings valued approximately QAR4.1 bn. Ten projects are under implementation, including the development of Hamad General Hospital, the establishment of the Madinat Khalifa Health Center and Qatar Sidra Academy, and the rehabilitation of the Ministry of Municipality's veterinary laboratory building. There are six other projects under design, which includes the courts complex and the Courts of Appeal and Cassation, the main post office building in Al Thumama, and the land transport customs building.

Qatar General Electricity & Water Corporation km.com.qa

The corporation, known as Kahramaa, was established in 2000 under the Ministry of Energy and Industry to regulate and maintain the supply of electricity and water to its customers. Kahramaa transferred ownership of its stations to Qatar Electricity and Water Company (QEWC) in 2002.

In 2018 the Minister of State for Energy Affairs, HE Saad Sherida Al Kaabi, assumed responsibility for Kahramaa as part of his remit to oversee the regular and sustainable supply of energy, power and water for domestic purposes.

Kahramaa has spent over QAR40 bn to meet increasing demands to the electricity and water supply. This includes five mega water reservoirs to be online by 2026 providing storage for 2,300 mn gallons of water, while the power generation phase will produce 2,520 megawatts of electricity. The plant will add around 30% water and 25% electricity for local demand once fully completed.

Installed under the Smart Metering Infrastructure Project, 600,000 advanced digital meters will allow customers to monitor their consumption. This is in line with the corporation's National Program for Conservation and Energy Efficiency (Tarsheed),

which celebrated its 10th anniversary in 2022 and saved QAR4 bn during its second phase. The third phase will run from 2022 until 2030.

In 2020, Kahramaa awarded a contract for the country’s first utility-scale solar photovoltaic (PV) project to Japan’s Marubeni and France’s TotalEnergies. The 800MW solar PV independent power producer scheme is on a 10 sq km plot in Al Kharsaah, west of Doha. The project is owned and operated by Siraj 1 SPV, a consortium owned by TotalEnergies & Marubeni (40%) and Siraj Energy (60%), the latter being a joint venture between QatarEnergy and QEWC. The solar power plant was inaugurated in October 2022.

Kahramaa launched the Qatar National Renewable Energy Strategy (QNRES) in April 2024, in coordination with 22 energy stakeholders, to achieve deliverables under Qatar National Vision 2030 and the Third Qatar National Development Strategy 2024–2030.

QNRES aims to increase and diversify renewable energy sources, specifically solar energy. Largescale renewable power generation will be increased to about 4 GW by 2030, with the installation of distributed solar generation up to around 200 MW by 2030. This distributed generation capacity will enable more localised power generation, reducing strain on the centralised grid infrastructure and enhancing energy resilience. It should see Qatar’s total annual CO2 emissions from the power sector reduced by 10% and the carbon intensity in annual CO2 intensity down by 27% for each unit of electricity produced.

and Legacy (SC) signed stakeholder agreements with Qatar Rail, Ashghal, Kahramaa, Aspire Zone Federation and Qatari Diar, for projects to deliver the infrastructure for the event.

The stadia were designed by the world's leading architects, incorporating Qatari culture, access and comfort, sustainability, and post-tournament legacy. Eight stadiums welcomed the world in late 2022: Khalifa International Stadium • Al Janoub Stadium • Al Bayt Stadium • Education City Stadium • Ahmad Bin Ali Stadium • Al Thumama Stadium • Stadium 974 (previously Ras Abu Aboud Stadium) • Lusail Stadium.

Sustainability was an integral part of the project. Optimum dust-control strategies were followed to reduce air pollution during construction, achieving a minimum four-star rating under the Global Sustainability Assessment System (GSAS) for design, construction and facility management, in addition to obtaining a gold certificate for its operations. More than 80% of waste from the stadiums, some 2,000 tonnes, was recycled or composted during the event.

Much of the State Budget was previously devoted towards stadium construction and associated infrastructure. Expenditure will now be allocated towards fulfilling legacy plans to create unique community hubs around the stadiums. The designs of the stadiums enable them to be easily converted into public facilities after the tournament and for parts of the stadiums to be sent overseas to those countries in need of sports infrastructure.

Ahmad Bin Ali Stadium is now home to Al Rayyan FC, while Al Wakra FC has moved to Al Janoub Stadium. There is much in use in the precincts at Al Janoub, Al Bayt and Ahmad Bin Ali Stadiums. On Qatar National Sport Day 2020, public parks at Al Janoub and Al Bayt opened with green spaces, play areas, exercise stations, restaurants, and cycling tracks. Ahmad Bin Ali Stadium is the home of Al Rayyan Sports Club, enabling amateur athletes and the public to use the running and cycling tracks, cricket pitches, tennis and padel courts, outdoor gym facilities, skate park and aquatics centre. Many of the stadia remain in use, hosting more sporting events such as the AFC Asian CupTM 2023 and AFC U23 Asian CupTM 2024.

Qatar Integrated Rail Project corp.qr.com.qa

Following its establishment in 2011, Qatar Railways Company (Qatar Rail) is leading one of the largest rail projects in the world to meet the demands of Qatar’s dynamic and growing population. The company is responsible for the design, construction, commissioning, operation and maintenance of the entire network and systems.

Selected Megaprojects in Qatar

The state-of-the-art railway network currently consists of Doha Metro, a rapid transit system connecting communities within Doha and its suburbs, and Lusail Tram, a service for convenient travel within the new city of Lusail.

The Doha Metro: Three lines cover the Greater Doha area with connections to commercial and residential areas throughout the city. In central Doha, the Metro network is mainly underground, while at the outskirts it is at ground level or elevated. The main interchange is at Msheireb Downtown Doha. Conducted over multiple phases, phase one has three lines now open to the public:

• The Red Line runs from Al Wakra in the south to Lusail City in the north, with a connection to Hamad International Airport and transfer to the Lusail Tram at Legtaifiya and Lusail stations.

• The Green Line runs east from Al Riffa to Al Mansoura in the west.

• The Gold Line runs from Ras Bu Abboud to Al Aziziya.

Lusail Tram: An integrated transportation system serving Lusail City, a state-of-the art tram based system connecting major points of interest in the city. The tram is designed to travel on streets, sharing road-space with other traffic and pedestrians. The project has four lines and 25 stations, with two interchange stations allowing passengers to access the Doha Metro.

Lusail City lusail.com

One of the largest projects in Qatar costing an estimated QAR163.8 bn, Lusail City is developed by Lusail Real Estate Development Company (LREDC), a subsidiary of the Qatari Diar Real Estate Investment Company, itself a subsidiary of Qatar Investment Authority. Spanning 38 sq km north of Doha, Lusail City can accommodate more than 450,000 residents and visitors.

Launched in 2004, features include residential and commercial areas, parks, marinas, five-star hotels, a luxury mall, beach clubs, a waterpark, supermarkets and abundant dining options. Read more about Lusail City in Discovering Qatar Hamad International Airport dohahamadairport.com

Qatar's world-class airport revealed plans for its second expansion phase in 2019. Phase A included increasing the terminal to 125,000 sq m, the indoor tropical garden ORCHARD, new lounges, increased retail and F&B areas, and a new transfer area at Concourse C to reduce connection times. This phase opened in late 2022, allowing annual passenger handling capacity to increase to 58 mn.

Phase B began in January 2023 and will extend Concourses D and E to increase capacity to over 70 mn passengers per annum. The expansion project also includes the construction of a new cargo terminal, which will boost handling capacity to 3.2 mn tonnes per annum.

The airport works with the Ministry of Municipality to achieve goals under QNV 2030. The ORCHARD, Oryx Garden Hotel and north plaza lounges, Al Mourjan Business lounge – The Garden, and the Remote Transfer Baggage Facility have achieved a 4-star rating under the Global Sustainability Assessment System (GSAS) from Gulf Organization for Research & Development (GORD).

Thanks to initiatives and environmental controls to reduce energy consumption, like cooling system optimisation, smart metering and LED lighting, the airport has achieved ACI ACA Level-3 Airport Carbon Accreditation and ISO 14001 Environmental Management Systems accreditation.

Simaisma Project

HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs, launched the Simaisma Project in June 2024. The QAR20 bn initiative, led by the Ministry of Municipality and developed by Qatari Diar Real Estate Investment Company, will span over 8 mn sq m, with a 7 km waterfront over Qatar’s eastern coastline.

The project is part of a continuing effort to diversify Qatar's economy and attract foreign investors, offering different investment opportunities for the private sector. There are 16 dedicated zones available for development, and will include an array of attractions designed to appeal to both locals and international visitors.

Marketed as the country's new cultural landmark, there will be luxury resorts across four areas, an 18-hole championship golf course, luxury residential villas, a yacht club and a marina, as well as restaurants and shops. Plans also include a 650,000 sq m theme park, bigger than Magic Kingdom at Walt Disney World.

The project will rely on sustainable construction and operation, incorporating cutting-edge smart systems and innovative technologies while prioritising the use of locally recycled materials. This aligns with the National Development Strategy 2024–2030, unveiled earlier this year. The strategy is focused on expanding the economy beyond its traditional reliance on fossil fuels and fostering greater foreign direct investment.