QCB Governor: Non-Hydrocarbon Economy Now Nearly 70% of GDP

HE Sheikh Bandar bin Mohammed bin Saud Al-Thani, Governor of Qatar Central Bank and Chairman of the Qatar Investment Authority, said the contribution of the country’s non-hydrocarbon economy to GDP rose from 40 percent in 2011 to about 70 percent recently, supported by the accumulation of financial surpluses in recent years and the creation of reserves and funds that support the economy in facing challenges.

In an interview with Bloomberg TV on the sidelines of the Qatar Economic Forum, His Excellency explained that the non-hydrocarbon economy grew by 3.5 percent despite regional challenges. Qatar also succeeded in reducing its debt-to-GDP ratio from 60 percent to 40 percent while maintaining a sovereign credit rating of AA.

“Despite the damage to liquefied natural gas facilities, we are proceeding with our expansion plans and working on a new expansion project that will double our production capacity to 145 million tonnes annually by 2030,” he said.

He also noted that Qatar has a strong external financial position and large reserves at Qatar Central Bank, in addition to owning one of the world’s largest sovereign wealth funds, which strengthens its ability to face challenges and benefit from growth opportunities as conditions in the region improve.

He added that the Qatar Investment Authority has adopted a long-term investment strategy aimed at achieving sustainable value for future generations, with an increasing focus on technology, artificial intelligence and innovation, particularly in the United States, while continuing to invest in diverse sectors in support of diversification.

His Excellency explained that Qatar Central Bank is implementing 18 artificial intelligence projects, four of which have been completed so far. These projects have helped reduce costs and accelerate work, and the bank will continue investing in this technology and benefiting from its potential to develop its operations.

Source: QNA

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