Qatar holds a pool of investments worth $70 billion that are needed to meet the fastest growing economy in the region, Hamad Buamim, Director General of Dubai Chamber of Commerce and Industry, told Gulf News on the sidelines of Country Focus Briefing: Qatar 2012.
He said: “According to latest report by McKenzie, between 2014 and 2022 Qatar will invest around $70 billion across all business sectors to boost its economy.”
“The country will have investment opportunities in roads and transportation worth $21 billion, while $25 billion will go to infrastructure and hospitality, $10 billion in logistics and $4 billion in building stadiums.”
Buamim called on businesses to explore investment opportunities in Qatar and to employ their experience in getting benefit out of the country’s hosting of World Cup 2022.
“Qatar is heading for a remarkable growth which represents ample attraction for foreign investments and particularly for Gulf businesses.”
During this period Qatar needs to build 140 hotels with a capacity of 55,000 rooms, he added.
However, he pointed to the important role that the private sector can play to reach these targets.
“While Qatar has the resource and funding required to go ahead with these investments, private sector should be involved to achieve these mega projects.
“In any growing economy, the private sector should be allowed to take part in the development process otherwise the country can’t boost its economy,” he said.
Ali Bu Sherbak Al Mansouri, Head of Public Relations and Communications, Qatar Chamber, said: “Qatar has allocated huge investments in infrastructure projects and has formulated business-friendly measures to attract private investments.”
“The country’s economic diversification has opened the doors for investments in vital economic sectors while activating the role of the private sector in establishing a strong partnership between the public and private sectors.”
Dubai can assist Qatar with its own diversification plans and at the same time capitalize on the investment opportunities that exist in the country, Buamim said.
Dubai has a lot of experience and success in developing other industries to lead economic growth and it is now a world leader in terms of tourism, trade and logistics, he said.