The ‘London Summit of Leaders Achievements Forum 2018′ was held on 17th April 2018 at the Institute of Directors(IOD), 116 Pall Mall Street, London,UK. At the day function Doha Bank CEO Dr. R. Seetharaman showcased Qatar’s sustainability and resilience to European Business Assembly. It was also attended by key British and world expert’s members of the Oxford Speakers Bureau and Academic Union professors.
Dr. R. Seetharaman gave insight on Qatar economy. He said “Qatar economy expected to grow by close to 2.6% in 2018. Qatar will raise LNG production by 30% to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017. In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy. Qatar’s reserves are more than twice of its GDP and in terms of financial stability Qatar is strong, stable and functional. Qatar lending growth in 2017 was close to 8% and deposit growth more than 13%.Government, real estate and services sector were the contributors to lending growth. In Sept 2017 Qatar inaugurated Hamad port which will provides “a golden opportunity” for the private sector and Qatari businessmen to activate their business and promote the import and export of various commodities. Manateq Qatar has three special zones under its wing, which are geared to facilitate private sector growth and promote manufacturing in Qatar. A new law for Public Private Partnership (PPP) businesses in Qatar should provide an additional level of comfort to the private sector and foreign investors. Qatar ranked 25th in ‘the Global Competitiveness Report 2017-18’. Qatar 2018 Budget allocations for health, education and transportation reached QR83.5 billion or 41% of total expenditure. The transportation and other infrastructure projects were assigned the largest share in the 2018 budget with allocations of QR42.0 billion, 21% of total expenditure. Sports sector and 2022 FIFA World Cup projects amounted to a total allocation of QR11.2 billion. Qatari market is expected to become self-sufficient in dairy products, as Bandana will fulfil demands of the local market. Qatar has witnessed initiatives such as Single Window System and “Own your Factory in Qatar. Qatar’s landmark residency plan is a welcoming social and economic reform. It will attract skilled expats to have a career in Qatar. Qatar has also waived entry visa requirements for citizens of 80 countries.”