Qatar's economy is showing signs of rebounding after a year in which it moderated after the 2022 Fifa World Cup, the International Monetary Fund said on Monday.
Qatar's near-term economic growth is expected to reach 2 per cent before rising to about 4.75 per cent in the medium-term, the IMF said at the end of its Article IV consultation.
This follows two years of slowing growth. Qatar's gross domestic product declined from 4.2 per cent in 2022 to 1.2 per cent last year largely due to fewer construction activities and services growth after the World Cup.
Meanwhile, headline inflation is projected to ease to 1 per cent this year before converging at about 2 per cent.
“Following the post-World Cup growth moderation in 2023, Qatar’s economy has shown signs of a gradual rebound,” the IMF said in a news release.
Despite this, tourism has “strengthened significantly” since Qatar hosted the world's most prestigious international football tournament.
Qatar welcomed 4 million visitors by the end of October 2024, representing a 26 per cent increase in international visitors compared to the same time last year, according to the country's tourism bureau. Visitors from the Gulf accounted for 41.8 per cent of all tourists. India, the UK, US, Germany and China are also included in the top 10 visitor markets, the bureau said.
Qatar's medium-term growth is expected to be supported by “significant” liquefied natural gas production and the country's third National Development Strategy (NDS3) reforms, the IMF said.
As part of its efforts to diversify its economy, Qatar made the long-term decision to increase its LNG production from 77 million tonnes per year to 142 million tonnes per year by 2030, representing an 85 per cent increase in production.
Qatar also in February announced plans for a new North Field expansion that would contribute to 16 million tonnes of LNG annually as part of its current plans. That will follow two phases of Qatar's LNG expansion plans – the North Field East and North Field South projects – according to state-owned QatarEnergy.
Qatar was one of the world's largest LNG producers last year alongside the US, Australia, Russia and Malaysia, according to the US Energy Information Administration.
The IMF said it was also encouraged by momentum from Qatar's NDS3 programme in shifting to a “more knowledge-based and private” outlook.
NDS3 is part of Qatar's economic diversification plans by attracting foreign investment, building a strong labour force and establishing the country as a leader in business environment and digital competitiveness.
Among the ambitious targets set to be achieved under the programme by 2030 include growing the economy by an average of 4 per cent and attracting $100 billion in foreign direct investment.
“Priorities are to build a highly skilled labour force, foster innovation, promote trade diversification, FDI and domestic knowledge spillovers, and further enhance business efficiency,” the IMF said. “Achieving Qatar’s vision to shift from a state-led growth model to a more knowledge-based and private sector-driven one requires enhancing human capital and economic complexity."
The IMF also said Qatar's fiscal position is consistent with the level needed to provide “inter-generational equity”, despite using some fiscal space last year to support its economy. The multilateral lender anticipates Qatar will implement “broadly prudent” plans in its 2025 budget.
“The extension of the medium-term budget to cover five years and progress in implementing program-based budgeting are commendable,” the IMF said.
“The positive economic outlook provides an opportunity to accelerate revenue diversification, especially to introduce a value-added tax, enhance spending efficiency and gradually align domestic and export energy prices, and reorient public spending to facilitate private sector growth.”
The IMF's executive board is scheduled to discuss the Article IV consultation in January.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY%20PROFILE
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RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
COMPANY%20PROFILE
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Mohammed bin Zayed Majlis
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Getting%20there%20and%20where%20to%20stay
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THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
Squads:
- UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Killing of Qassem Suleimani
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Honeymoonish
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Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Company%20profile
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Killing of Qassem Suleimani
COMPANY%20PROFILE%20
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