(MENAFN- Gulf Times) The foreign direct investment (FDI) projects in the State of Qatar achieved a 70-percent annual growth during the period between 2019 and 2022, and are expected to grow by 2.4 percent by end of 2023, bringing the country atop the list of the world's recipients of foreign direct investment, said HE the Minister of Municipality Abdullah bin Abdulaziz bin Turki Al Subaie on Sunday.
Addressing the opening of the Qatar Real Estate Forum 2023, which kicked off Sunday at the Sheraton Doha Hotel, HE Al Subaie said that the real estate sector is one of the fastest growing sectors in the State of Qatar, and ranks second after the energy sector, with investments exceeding QR82bn, (more than $23bn) and the launch of 135 real estate projects in 2022.
He ascribed this achievement to Qatar's infrastructure that is among the best in the world, and its spot as the world's safest country for the fifth year in a row. The State of Qatar has highly advanced health and education sectors, with one of the most flexible and adaptive sovereign funds, as well as strong financial institutions and an environment that encourage business growth, and a steady rise in the volume of local investment, HE Al Subaie said.
Qatar is the first Middle East country whose all municipalities were awarded the Healthy City title from the World Health Organization, the Minister said.
He pointed out that all of this embodies the great efforts of all sectors of the country in providing sustainable options to achieve the health and well-being of the residents of the State of Qatar, in addition to striving to implement the comprehensive urban plan for the State of Qatar, and effective and directed investment for infrastructure projects, in accordance with the Ministry of municipality's national and sustainable development strategy to reach the realization of the Qatar National Vision 2030, which constitutes a beacon for the comprehensive economic, social and environmental development of the country, in the coming decades.
HE Al Subaie noted that the unprecedented success achieved by the State of Qatar by hosting the FIFA World Cup Qatar 2022 had a positive impact in attracting a large number of foreign investors, thus enhancing the distinguished position that Doha occupies today as a thriving financial center that leads dialogues and provides the possibility of exchanging views, in order to enhance synergies among the main players in the economic arena at the local, regional and international levels.
The Minister of Municipality expressed his happiness at the opening of the first edition of the Qatar Real Estate Forum 2023, which sheds light on regulations and legislation and their role in achieving a sustainable real estate industry, and reviews the best regional and global experiences and practices related to the real estate sector with the aim of creating an outstanding climate for the real estate investment sector. His Excellency also expressed gratitude for the great interest that the State of Qatar attaches to develop the real estate sector, under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani.
HE Al Subaie added that the first Qatar Real Estate Forum comes in the wake of Amiri Order No. 28 of 2023, issued on April 11, establishing the Public Authority for Regulating the Real Estate Sector, which is a pioneering and important step to strengthen this vital sector and continue its development, through organizing, motivating and contributing to its advancement, in implementation of the State's ambitious policies and directions, within the Qatar National Vision 2030, taking into account the economic and social development plans, and achieving urban development in a balanced and integrated manner that preserves the quality of life and sustainability.
He stated that this forum stems from the importance of the real estate sector in the State of Qatar and its pivotal role in comprehensive development, as it is one of the active and influential sectors in the economic development process, which is considered one of the main pillars of the Qatar National Vision 2030. The forum also contributes to real estate development and sustainable housing amid the country's development and economic diversification, with the aim of reaching a future vision for the real estate industry and finding solutions to the challenges facing the future of real estate in the State of Qatar, in order to achieve an attractive and vital real estate boom, His Excellency added.
He expressed his hope that this forum would be a favorable opportunity to lay out a roadmap for the path of real estate development in the State of Qatar, which will reflect positively on the return of the real estate sector on all sectors that enhance it.
The first edition of the Qatar Real Estate Forum will be launched this year, under the slogan 'Regulations and Legislations for an Optimal Quality of Life and A Sustainable Real Estate Industry', which highlights the State's efforts and the great and tangible steps in supporting the real estate sector, to be an investment destination, and to promote the creation of a sustainable real estate industry.
The two-day event has discussion panels and workshops taht bring together officials, experts and specialists in real estate from the State of Qatar and abroad, to create new paths to support a sustainable real estate industry that is able to keep pace with the country's comprehensive renaissance process.
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