DOHA: A significant majority of business leaders in Qatar are very optimistic about the future business environment in the economy. They are upbeat about the performance of the Qatari economy for the period after the blockade, which is significantly high compared to responses received before the blockade.
Some 91 percent of respondents said they felt positive or very positive about local business conditions, up from 74 percent surveyed in the period June 2016 to January 2017.
Almost all decision-makers interviewed for the first release of the ‘Business Barometer: Qatar Survey’ carried out by Oxford Business Group (OBG) remain upbeat about the local business environment, despite the ongoing blockade imposed by some of its GCC neighbours. As part of its survey, the global research and consultancy firm asked over 100 high-level executives from across the country’s industries a series of questions aimed at gauging business sentiment.
In answer to another question, almost 80 percent of business leaders thought it likely or very likely that their company would make a significant capital investment within the next 12 months, compared to nearer 50 percent previously. A similar percentage described the level of transparency for conducting business in Qatar relative to the region as high or very high.
Significantly, the share of business leaders satisfied with the quality of local suppliers and service providers was considerably higher than prior to the embargo, rising nearly 15 percentage points, suggesting that Qatar has successfully identified alternative sources and routes for goods previously imported from its neighbours.
The country’s lending conditions were also viewed favourably, with almost three-quarters (72 percent) of respondents saying they found credit easy or very easy to access.
Commenting on the results, Oliver Cornock, OBG’s Managing Editor for the Middle East, said the survey’s results suggested that Qatar had found ways of working around the blockade, with the result that fall-out had been less negative than expected, even in a year of continued consolidation due to lower hydrocarbon incomes.
“Indeed, the speed and ease at which Qatar has managed to find alternative sources for goods, which were previously imported from GCC neighbours, has no doubt boosted business sentiment, not to mention resourcefulness,” he said.
