DOHA (The Thursday Times) — His Highness Sheikh Tamim bin Hamad Al Thani, Amir of Qatar, inaugurated the fourth ordinary session of the Shura Council’s first legislative term last Tuesday, marking the 53rd annual session of the legislative body. The ceremony took place at Tamim bin Hamad Hall within the Shura Council headquarters, and was attended by distinguished dignitaries, including the Father Amir Sheikh Hamad bin Khalifa Al Thani, personal representative HH Sheikh Jassim bin Hamad Al Thani, Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, along with many Sheikhs, Ministers, and foreign diplomats.
HH the Amir addressed the audience with a speech that highlighted Qatar’s economic trajectory, political priorities, and the nation’s commitment to growth, sustainability, and regional stability.
Economic outlook
The Amir’s speech began by addressing the nation’s economic performance, with an emphasis on the resilience of Qatar’s economy despite some slowdown in growth post-World Cup 2022. Between 2022 and 2023, the economy grew at a steady pace, even as major projects like World Cup infrastructure reached completion. The GDP increased by 1.2%, supported by the hydrocarbon sector, which grew by 1.4%, while the non-hydrocarbon sector grew by 1.1%.
The International Monetary Fund (IMF) predicts further growth in Qatar’s economy, estimating a 2% growth rate by the end of 2024, with a forecast of 4.1% annual growth during the medium-term between 2025 and 2029. This growth will be driven by expanding gas production, manufacturing initiatives, and projects under Qatar’s Third National Development Strategy.
Fiscal discipline and inflation control
A key theme in HH the Amir’s speech was fiscal discipline. Inflation in Qatar has steadily decreased, falling from 5% in 2022 to 3% in 2023, and further declining to 1.4% by July 2024. The Amir attributed this achievement to the country’s strategic fiscal policies, which have stabilised supply chains and ensured the availability of essential commodities at controlled prices. The IMF predicts inflation in Qatar will stabilise at around 2% during the medium-term.
The Amir also highlighted Qatar’s success in reducing public debt, which fell from 73% of GDP in 2020 to less than 44% by the end of 2023. Qatar’s surplus budgets have been directed towards reducing debt and increasing financial reserves, reinforcing the country’s capacity to manage future economic challenges, such as fluctuating energy prices.
National development and private sector initiatives
The Amir spoke extensively about the initiatives under Qatar’s Third National Development Strategy, which focuses on economic diversification and sustainability. Qatar has committed to balanced spending policies, allocating necessary financial resources to support sectors like commerce, industry, digital transformation, and research from 2024 to 2028.
Part of this strategy involves empowering the private sector. In 2022, Qatar implemented the in-country value (ICV) programme in government procurement, which aims to stimulate local production. The Amir set an annual target of at least 10% growth in local value, with new plans to localise key economic sectors, mandatory procurement lists, and long-term contracts.
Qatar’s government has also supported the real estate sector through development strategies and the creation of a state-backed real estate platform. This platform promotes transparency through data and advanced technology, boosting investor confidence in the market. Additionally, Qatar’s partnerships with the private sector, such as the Qatar Development Bank’s support of private agricultural projects, further underline the country’s commitment to domestic economic growth.
Environmental and green finance commitments
The Amir emphasised Qatar’s leadership in environmental sustainability, notably through the launch of the region’s first sovereign green financing framework, meeting global standards for sustainable and green finance. Qatar successfully issued government green bonds, which were oversubscribed by six times, drawing widespread interest from international investors. The success of these bonds reflects strong global confidence in Qatar’s economic outlook and sustainable development plans.
Foreign policy and Gulf relations
Turning to foreign affairs, the Amir reaffirmed Qatar’s commitment to Gulf cooperation and the importance of advancing integration among Gulf countries. In his role as President of the Gulf Cooperation Council’s (GCC) current session, the Amir stressed Qatar’s efforts to foster collective Gulf action and enhance collaboration among the member states, aligning with the aspirations of the region’s people.
The Amir also addressed the ongoing Palestinian-Israeli conflict, reiterating Qatar’s steadfast support for the Palestinian cause. He condemned the international community’s failure to halt the ongoing aggression against Palestinians and called for a resolution based on the two-state solution.
Qatar continues to play a mediatory role in efforts to end the violence, working with partners to broker ceasefires and facilitate humanitarian aid to the affected areas. The Amir also expressed concern over Israel’s expansion of its military operations into Lebanon, calling for an end to the aggression and respect for international resolutions.
Constitutional and legislative reforms
In his speech, HH the Amir revealed the completion of draft constitutional and legislative amendments aimed at promoting equal citizenship and unity among Qatari society. The amendments will be reviewed by the Shura Council and put to a national referendum, emphasising equal rights and duties for all citizens as a cornerstone of the modern Qatari state.
One of the proposed changes includes a return to the system of appointing Shura Council members, reflecting the lessons learned from Qatar’s experience with elected members since 2021. The Amir acknowledged concerns among citizens about the effects of electoral competition on societal cohesion and affirmed that these amendments are aimed at safeguarding Qatar’s social fabric.
National unity and responsibility
The Amir concluded by emphasising the importance of national unity, recalling the sacrifices of Qatar’s ancestors in building the country and defending its sovereignty. He underscored the shared responsibility of all Qataris to maintain unity, uphold values, and work towards a brighter future for the next generation.
The Amir’s speech, rich in insights on economic, political, and social developments, set the stage for a robust legislative session, underpinned by a vision of sustainable growth, national cohesion, and regional stability.
