Why should you be looking to Qatar right now
It’s a new year, and we’ve had the best news to start 2021 off. The announcement of an agreement to end the dispute between Qatar and the quartet – Bahrain, Egypt, Saudi Arabia and the United Arab Emirates – should be welcomed by everyone, especially small to medium-sized enterprises. Qatar’s economy has arguably fared better than any other in the region. And the country has supported locally-based businesses throughout the pandemic.
Given Qatar’s aspirations and the size of its economy (the country’s gross domestic product last year was US$147 billion), the country is full of opportunities. Plus, given its location and mature infrastructure, it’s in easy reach of firms based across the Gulf.
Let’s talk now specifically about where the opportunities lie, so you can make the most of them.
Many agencies used to serve Doha-based businesses from their hubs in the Gulf. Given the restrictions that came into place (a one-way trip from Dubai would take upwards of ten hours when flying via Kuwait or Muscat), some agencies moved their client servicing to global centers such as London. With travel barriers gradually being removed, Gulf-based agencies will once again be able to travel to and meet with their Qatari customers. This will be a boon for marketing and communication agencies throughout the Gulf, as they seek to tap into new business opportunities.
With global events such as the 2022 FIFA World Cup and the 2030 Asian Games, Doha has become a top destination for some of the world’s largest activities. And for firms who are part of the sporting sector, they have to be in Doha. However, the occasions will benefit the wider economy, including hotels, hospitality businesses and airlines throughout the region. Qatar’s sports scene is one area that businesses regionwide should be tapping into.
Qatar is investing heavily in sustainability; the country is working diligently to reduce its energy usage, carbon emissions and water consumption. Organizations such as the Qatar Foundation are leading the way in greener living concepts. The Gulf is fast becoming a testbed for new sustainable technologies, and being able to pool these resources across the Gulf will mean we’re able to innovate with new sustainable concepts at a faster pace and at lower price points.
2020 fast-tracked our reliance on technology, and that’s even more true in the Gulf which has embraced new concepts hardware, software and services. Qatar has invested heavily in new technologies, particularly in emerging areas such as fintech. Easy access to Doha will allow the wider tech sector to grow even faster, thanks to new equity investments and investors as well as the opportunity to scale up with a market that is fast moving. Technology providers should be looking to do more in Qatar and push new concepts that will benefit the wider region.
This is just a taster of the business potential that should be tapped into for firms throughout the Gulf when it comes to Qatar. Let us know what you’re planning following the announcing of this agreement.