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RIYADH: Qatar saw a 109.6 percent year-on-year increase in foreign direct investment projects in 2024, more than doubling the 2023 total, reflecting growing global confidence in its economy, according to a top official. 

Speaking to Qatar News Agency, Sheikh Ali bin Alwaleed Al-Thani, CEO of the Investment Promotion Agency, said the number of FDI projects reached 241 in 2024, up from 115 in 2023. 

He attributed this growth to strong investor confidence in Qatar鈥檚 economic resilience and long-term strategic direction. 

鈥淭his growth is attributed to targeted investment policies, a supportive business environment, and the state鈥檚 commitment to economic diversification in line with Qatar National Vision 2030," the QNA report stated. 

Most of the investments were concentrated in key sectors, particularly wholesale and retail trade, which accounted for 77 undertakings, and administrative and support services, which had 41. 

Greenfield projects, involving new ventures rather than expansions, comprised 74 percent of the total, highlighting Qatar鈥檚 appeal as a destination for sustainable, long-term investments. 

Al-Thani stated that these developments were driven by recent reforms, including simplified licensing procedures and enhanced digital services, aligned with the economic diversification objectives of the Third National Development Strategy. 

He also pointed to the Ministry of Commerce and Industry鈥檚 Strategy for 2024鈥�2030, which aims to boost the investment environment further by achieving 3.4 percent annual growth in non-oil sectors. 

The establishment of the National Statistics Centre was also highlighted as a milestone in enhancing data-driven policymaking and transparency, key enablers of a healthy investment climate, the official noted. 

Qatar鈥檚 global competitiveness continues to strengthen, Al-Thani said, citing its rise to 11th place in the International Institute for Management Development World Competitiveness Index for 2024. 

In terms of logistics and infrastructure, the country ranked 14th for logistics competence and 19th for infrastructure in the World Bank鈥檚 Logistics Performance Index. 

According to the agency, the new investment projects generated 9,348 jobs in 2024, a 122.7 percent increase from 4,197 jobs in 2023. 

These roles were largely in the same sectors that attracted the most FDI, including retail and wholesale trade, support services, accommodation and food services, and scientific research and development.

鈥淥ur strategy is firmly centered on attracting high-quality, knowledge-based investments that align with Qatar鈥檚 long-term economic diversification goals. We focus on sectors where Qatar offers a strong competitive advantage, and where innovation, technology and sustainability can generate real value for both investors and the local economy,鈥� he was quoted as saying by QNA.

He added: 鈥淎 core component of this strategy has been the development of strategic partnerships with leading global organisations. These collaborations go beyond job creation 鈥� they are focused on transferring knowledge, introducing cutting-edge technologies and embedding international best practices across key industries.鈥� 

He said this investment approach supports key national objectives, including achieving an average annual economic growth rate of 4 percent, increasing labor productivity, and attracting $100 billion in FDI by 2030. 

Qatar鈥檚 achievements have also been recognized globally. The country ranked first worldwide for tax policy and basic infrastructure in the IMD World Competitiveness Ranking 2024, second for general infrastructure in the Global Innovation Index, and fourth for information and communications technology development in the ITU ICT Development Index. 

Its commitment to entrepreneurship and innovation was underlined in the 2024鈥�2025 Global Entrepreneurship Monitor, where it ranked first globally in entrepreneurial intentions and employee activity, and ninth for start-up opportunities.