Qatar's New Initiatives for Private Sector Growth

ABU DHABI (Reuters) – Qatar is planning initiatives to boost private sector growth, including writing off loans for Qatari companies made during the COVID-19 pandemic, according to state media.

The Cabinet is preparing to implement a package of initiatives aimed at increasing private sector participation in the national economy, as reported by the Qatar News Agency. This initiative follows directives from Emir Sheikh Tamim bin Hamad Al Thani.

These initiatives are designed to support private companies struggling to recover from the pandemic and to strengthen the private sector as part of broader government plans to diversify the economy, create jobs, and attract investment.

Loans to Qatari firms under the National Response Guarantee Programme will be canceled, and companies will also gain access to short-term funding to finance working capital, as per the official statement.

Qatar, a leading global exporter of liquefied natural gas, has been intensifying its efforts to diversify its economic sectors and revenue streams but continues to rely heavily on gas revenue for government income.

These new initiatives are in line with Qatar's Third National Development Strategy 2024-2030.