The Public-Private Partnership (PPP) Law of Qatar is projected to improve opportunities in various sectors such as education, healthcare, real estate, tourism, power and utilities, according to a new report by PwC.
The report titled ‘Qatar Economy Watch’ states that the public sector procurement initiatives will contribute to private sector development including Qatar Petroleum’s flagship Tawteen localization program. This comes as the sector has been boosting its self-reliance recently, with success stories such as Baladna and Qatar Development Bank’s (QDB) work to develop small and medium enterprises.
Further, the report mentions the Qatar National Vision 2030 and the 2019 Economic Diversification and Private Sector Development (EDPSD) strategy which have provided the framework for the government’s efforts to diversify the economy, focusing on productivity, competitiveness, and private sector-led growth.
Qatar has taken notable steps towards diversification, including reforming the business environment and increased government spending on large-scale infrastructure development ahead of World Cup 2022.
The country has opened new paths or investments with the creation of institutional bodies like Qatar Financial Center, Qatar Free Zones Authority and Qatar Science and Technology Park (QSTP) along with the amendment of its laws surrounding foreign ownership.
The efforts of Qatar have been reflected in the 2019 World Economic Forum Global Competitive Report in which Qatar ranks second in the region and 29th globally for its overall competitiveness.
As the economies in the region come out of the aftermath of the pandemic, Qatar has already shown its resilience and the building blocks that have been put in place to help create sustainable growth in the future.
In the post-COVID-19 era, the Qatari government will have to step in with several policies, including those related to six transformation themes, diversification and private sector development, fiscal management and innovation, digitization, glocalization and talent attraction, value creation, energy transition and sustainability. “Each of these themes has relevance for the post-pandemic economy,” PwC noted.
Related: Qatar among Top 10 countries by Islamic Assets globally; Alpen Capital