The key to Qatar’s economic future

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Qatar has made enormous strides in recent years towards building a diverse and resilient economy capable of ensuring long-term sustainable growth and prosperity for all. Since 2008, when Qatar unveiled its Vision 2030, the country has experienced flourishing business activity in a growing range of domestic industries and sectors, from infrastructure development and financial services to healthcare, technology, consumer goods, etc.

It is essential that Qatar continue this process of diversification to lift the country out of its historic dependence on domestic oil and gas revenues and international imports of goods and services. The global economy is changing, while consumer appetites and stakeholder expectations continue to change. Amid this uncertainty, geopolitical tensions persist. Only by building a vibrant, high-tech and highly skilled national economy will Qatar be able to fully achieve its economic security for decades to come. While progress has undoubtedly been made, there is still work to be done.

In-Country Value Maximization (ICV) remains essential for the long-term development of Qatar’s economy and national security. In line with Qatar’s Vision 2030, ICV is an economic localization strategy that aims to foster and retain economic activity and investment within the national economy, thereby minimizing spending on foreign goods and services. Simply put, ICV inspires Qatari businesses to hire, buy, and invest locally.

ICV is a key enabler for Qatar’s economic self-development, bringing a wide range of business, technological and human capital benefits. Primarily, ICV helps stimulate economic growth and diversification by stimulating demand for local products and services, especially from small and medium-sized enterprises. In doing so, it offers the additional benefits of enhancing the skills of the local population and helping to create a culture of innovation and entrepreneurship within the national economy.

These benefits are felt regionally in Qatar as well, helping to expand economic activity in areas outside of existing shopping centers such as Doha. The cascading effects of this economic activity in the country help improve productivity, skills and training across the economy and its workforce, both geographically and in terms of sector expertise. . Indeed, as Qatar’s domestic industries continue to flourish and prosper under the effects of ICV approaches, we are already seeing an increase in foreign direct investment.

Related: Why Nurturing Local Talent Is Key To Building A Sustainable Tech Industry In The UAE

As international capital increasingly seeks to enter the Qatari market, Qatar is able to put in place agreements with international entities around technology transfer and knowledge sharing that integrate global expertise into the Qatari economy, further strengthening Qatar’s national capacities. A virtuous circle ensues, fueling sustainable economic growth and the development of human capital towards Qatar’s primary objective: a mature and technologically advanced knowledge economy.

There is no better example of how Qatar’s ICV strategy has revolutionized the national economy than in the country’s rapidly developing healthcare sector. In one of my companies, Elegancia Healthcare, we have adopted LCI as a clear operating principle for the way we do business. This approach is exemplified by our ongoing delivery of The View Hospital, Elegancia’s luxury healthcare development in the Al Qutaifiya district of Doha. The hospital, slated to open in 2022, is an important example of how ICV thinking is becoming a reality amid Qatar’s current economic growth.

At every stage of hospital construction, Elegancia Healthcare partners with key local suppliers and contractors to procure basic goods and services, raw materials and cutting edge clinical technology machinery. Our recent agreement with leading supplier of radiology equipment Ali bin Ali Medical is the latest demonstration of Elegancia Healthcare’s commitment to working with local partners in the country, helping to promote national economic growth and resilience of the community. supply chain across Qatar.

Other such partnerships have been announced in recent days and weeks, including with Mannai Corporation and Khalid Scientific, to provide neonatal equipment and operating room technologies, respectively. Additionally, The View Hospital will itself be operated in partnership with Cedars-Sinai, the internationally renowned Los Angeles-based healthcare group, illustrating the premise of how key business ventures can be structured to deliver impact. global expertise strategically important to the Qatari economy.

The road is clear for Qatar. Prioritizing and improving value in the country will continue to have a galvanizing effect on Qatar’s economic and social development for many years to come. ICV represents Qatar’s roadmap for growth, and we call on organizations across the economy to do everything possible to integrate it into their business decision-making.

Related: The Need for Digitization in the GCC Cosmetic Treatment Industry


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