The US-Qatar Business Council’s Managing Director, Mohammed Barakat recently completed a weeklong, 5-city West Coast roadshow from March 26 - April 5 where he described Qatar’s growing business sectors to American businesses through speeches, and panel discussions. The trip was coordinated by the Middle East and North Africa Consultants Association and participants included Ambassador James Smith, President of C&M International, and Former US Ambassador to the Kingdom of Saudi Arabia; John Stables, Economic Unit Chief, Bureau of Near Eastern Affairs/RMA, US Department of State; Laura Lombard, Executive Director, MENA Consultants; Shireen Said, Commercial Attaché, Embassy of Oman; Charles Kestenbaum, B&K International, former US Commercial Service Officer, UAE; Lucy Emerson, Country Representative, Bahrain Economic Development Board.
During the roadshow, Barakat made stops in Seattle, Portland, San Francisco, Palo Alto, and Los Angeles, where he outlined opportunities for investing in and doing business in Qatar.
Barakat highlighted Qatar’s investment climate. He focused primarily on the ease of doing business in Qatar. The Gulf State has developed a strong infrastructure for foreign investors, including onshore/offshore economic free zones such as Manateq and Qatar Financial Center. In addition, he focused on the reformed regulatory systems that promote foreign investment.
Unlike many of the oil producing nations, Qatar remains an attractive destination for trade and investment. Barakat highlighted Qatar’s strategy of using the wealth that hydrocarbons have provided to build a diverse and dynamic economy that has helped Qatar successfully weather the storm of falling energy prices. The fall in energy prices has only solidified Qatar’s resolve to build a multifaceted economy that is appealing to foreign companies. In fact, now is actually a great time to invest in Qatar, and Barakat explained the business opportunities within Qatar at each one of his stops.
Qatar is moving forward with all 2022 FIFA World Cup projects, valued at $200 billion, and has also restructured and reorganized the process for planned projects. Barakat explained that, while it would appear projects are being put on hold, some of them are being reorganized to more seamlessly fit within the Qatar National Vision 2030. Qatar’s commitment to economic growth and development is unwavering, as shown through the new regulation reforms and the ongoing investment in ICT, education, healthcare, infrastructure and more.
Further, Barakat highlighted some of the major development projects underway in the Gulf State. This includes the $21 billion Doha metro project and the $7.5 billion New Doha Port Project. The New Doha Port is due to open this year, and to be fully completed by 2020. The project is the largest greenfield port project in the world and will make Qatar a logistics hub in the region.
In addition to developing its infrastructure, Qatar still intends to make significant foreign investments. Participants at each event on the roadshow were very pleased to hear that Qatar plans to invest at least $35 billion in the US over the next five years.
Yet, despite Qatar’s vibrant economy, news headlines remain focused on the working conditions of migrant workers. Barakat explained to the attending companies the many steps that Qatar has made to improve their working conditions including modifications to the “kefala” system, hiring more inspectors for work sites, revamping the Qatari banking industry to ensure that all laborers receive their wages on time, and more. Qatar is the first nation in the GCC to confront these important labor rights issues, and now their pioneering advancements and regulations will serve as a road map for other nation in the GCC and around the world who must address similar issues.
By the conclusion of Barakat’s successful road trip, numerous participants expressed interest in doing business in Qatar and commended Qatar’s efforts to foster foreign investment and build a dynamic economy.
