Euromoney Qatar participants discuss economic diversification

More than 600 banking and finance executives were in Doha recently to discuss the diversification of Qatar’s economy at the Euromoney Qatar Conference 2015.

The conference drew top Qatari financial leaders who spoke to conference attendees about the various economic initiatives and investments underway in the Gulf nation.

Speakers highlighted a number of ways Qatari leaders are pushing the nation toward a more stable, successful and diversified economy that doesn’t depend on a massive inflow of oil money to remain liquid. Qatar has worked to raise the international profile of its banking sector and has invested in industrial-scale sustainable infrastructure.

Qatar Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani was at the conference and talked about developing infrastructure that promotes sustainable growth for the country.

"The state of Qatar continues to monitor the developments in the world economy,” Al Thani said. “With the fluctuations in the oil price, it is incumbent upon us to review policies and work to minimize negative impact. However, we have been successful in pursuing a strategy of diversification and encouraging investment, which will ensure that non-oil sector growth will continue for Qatar in the coming period."

Qatar Minister of Information and Communications Technology Hessa Al-Jaber said that one of the most important ways the nation is working toward a diversified economy is by investing heavily in a knowledge-based tech economy.

"We are studying the intersections between technology and industry to identify where the greatest opportunities for digital transformation lie,” Al-Jaber said. “This includes looking at disruptive innovations that could transform whole sectors, including the financial sector. Qatar is reviewing the potential of mobile payment capabilities, online banking services and crowdfunding models to support economic growth."