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Qatar’s Industrial Production Index reaches 103.6 points in Q3
(MENAFN) Qatar’s Industrial Production Index (IPI) reached 103.6 points in the third quarter of 2024, reflecting a robust 7.8 percent increase from the previous quarter, according to ValuStrat. However, the National Planning Council reported a contrasting annual drop of 1.5 percent in the IPI sector, highlighting a mixed outlook for industrial growth. Meanwhile, the foreign merchandise trade surplus stood at QR17.7 billion, a year-on-year decline of 10.7 percent, underscoring challenges in external trade performance.
In a major industrial development, Qatar Salt Products Company (QSalt) announced plans to build a USD275 million (QR1.5 billion) salt production facility in Um Al-Houl, with an annual capacity of 1 million tonnes. Additionally, Qatar Energy secured a 20-year deal with Shell International Eastern Trading to deliver up to 18 million tonnes of a specific crude oil derivative, with shipments expected to commence in April 2025. These initiatives signal Qatar’s continued focus on expanding its industrial and energy sectors to bolster economic diversification.
Maritime activity showed signs of contraction, with Qatar Maritime reporting a 6 percent year-on-year decline in vessel callings across Hamad, Doha, and Ruwais ports in September. The ports handled 1.09 million Twenty-foot Equivalent Units (TEUs) during the first nine months of the year, reflecting steady performance despite the drop in vessel traffic. The logistics sector faced additional pressure as the monthly median asking rent for ambient warehouses decreased by 5.7 percent year-on-year, remaining stable at QR36.9 per square meter in Q3 2024.
These developments paint a nuanced picture of Qatar’s economic activity, with growth in key industrial investments offset by declines in trade and logistics metrics. Efforts to enhance industrial capacity and secure long-term energy deals indicate optimism for the future, while challenges in trade and shipping highlight areas requiring strategic attention.
In a major industrial development, Qatar Salt Products Company (QSalt) announced plans to build a USD275 million (QR1.5 billion) salt production facility in Um Al-Houl, with an annual capacity of 1 million tonnes. Additionally, Qatar Energy secured a 20-year deal with Shell International Eastern Trading to deliver up to 18 million tonnes of a specific crude oil derivative, with shipments expected to commence in April 2025. These initiatives signal Qatar’s continued focus on expanding its industrial and energy sectors to bolster economic diversification.
Maritime activity showed signs of contraction, with Qatar Maritime reporting a 6 percent year-on-year decline in vessel callings across Hamad, Doha, and Ruwais ports in September. The ports handled 1.09 million Twenty-foot Equivalent Units (TEUs) during the first nine months of the year, reflecting steady performance despite the drop in vessel traffic. The logistics sector faced additional pressure as the monthly median asking rent for ambient warehouses decreased by 5.7 percent year-on-year, remaining stable at QR36.9 per square meter in Q3 2024.
These developments paint a nuanced picture of Qatar’s economic activity, with growth in key industrial investments offset by declines in trade and logistics metrics. Efforts to enhance industrial capacity and secure long-term energy deals indicate optimism for the future, while challenges in trade and shipping highlight areas requiring strategic attention.
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