Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding said Qatar was now reaping the rewards of the strategy, which was implemented to help ease the impact of the blockade and marked a shift away from previous practices among the GCC countries, when the primary aim had been preventing conflict or competition among member states.
In an interview given to the global research and advisory company Oxford Business Group (OBG), Sheikh Faisla noted that a range of initiatives introduced by the Qatari government helped make several sectors of the local economy self-sufficient.
“Major projects such as Hamad Port, Ruwais Port and Hamad International Airport provide additional access to the country, aiming to promote local and regional trade, as well as enhance the local economy,” he told OBG. “In addition, Qatar has established important strategic relationships with countries including Turkey, Georgia and Azerbaijan. This has led to Qatar developing long-term relationships that will last regardless of the blockade, and benefit the country’s economic growth and self-sufficiency.” Sheikh Faisal highlighted the opportunities emerging for businesses in Qatar as the country moves to launch collaborative initiatives between the public and private sectors, led by the food security project at Hamad Port.
Turning to the gap between demand and supply in Qatar’s real estate sector, he said prices had begun to correct themselves, which would stimulate buying and selling.
“Most companies have focused on the real estate sector during the economic boom,” he said. “The sector has started to see adjustments in prices, which have declined by varying degrees according to area. Property prices are expected to become reasonably stable in the near future, which will reinforce market activity.” Marking OBG’s 15th year of operations in the country, The Report: Qatar 2020 will contain interviews with high-level representatives from the public and private sectors, together with a detailed sector-by-sector guide for investors. It will assess trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others.