DOHA: The Ministry of Energy and Industry issued 266 licences for non-hydrocarbon manufacturing projects last year, giving a big boost to the country’s economic diversification efforts.
These industrial projects are expected to create about 12,000 jobs, reports Al Sharq quoting ministry sources.
Non-energy industries have been growing and have a share of over 10 percent in the national economy, or gross domestic product (GDP), said Sherida Al Ka’abi (pictured) , Chairman, Al Balagh Trading & Contracting Co.
Total investment in the non-oil industrial sector in 2014 reached QR17.3bn ($4.75bn), including in new and expansion projects andthe legal status of some units was changed. He said non-hydrocarbon industries are being given more emphasis to transform the country into a well-diversified and more sustainable economy.
“Qatar’s economy is steadily moving forward towards diversification and the oil and gas sector continues to remain the key driver of the economy,” Al Ka’abi said.
The country has made remarkable achievements in the non-oil industrial sector, which has enabled it to raise the contribution of this sector to a level higher than in the previous years. He said this sector’s share in the GDP was more than 10 percent.
Last year, some 358 preliminary approvals were issued, and registration of 38 industrial projects (that had received industrial licences earlier) with a total capital of QR847.8m ($232.8m) was done.
The government has allotted about 576 plots of land for setting up different types of projects in the industrial area, and infrastructure development works for these plots have already been completed.
Saad Al Hajari, Chairman of the Select Investment Group, said: “The contribution of the non-oil industrial sector to Qatar’s GDP is increasing. However, I urge the authorities concerned to continue their support in helping them to establish and sustain for a longer period because manufacturing industries need more time to yield benefits.”
He said investment in the manufacturing sector in the near future will represent about 20 percent or even more. Currently, real estate is the most attractive sector for local investors. The Peninsula
