Al Faisal Holding chairman encourages Qatar entrepreneurs to seek out private sector investors
That was the message Sheikh Faisal bin Qassim Al Thani, chairman of Al Faisal Holding, recently presented to representatives of global publishing, research and consultancy firm Oxford Business Group.
Al Thani lauded the Qatari government for its support of the nation's private businesses.
"I would call on all business leaders in Qatar to utilize the variety of opportunities arising from the diversification of the economy and to take advantage of the country's healthy investment environment," Al Thani said.
"Significant initiatives, including the expected opening of the new seaport, the continuing development of designated economic zones and the ongoing metropolitan expansion of Doha and other cities are all driving a positive investment environment," Al Thani said.
Al Thani encouraged owners of fledgling businesses to consider seeking out investors from the private sector.
Al Thani said one of the most promising business sectors in Qatar and abroad was hospitality.
Qatar's Al Faisal Holding has interests that include businesses in the hospitality, real estate, commerce and industry sectors. Its hospitality division has, over the past year, acquired hotels in Washington, D.C., New York and Rome and has two new hotels in the construction phase in Qatar.
"The Shangri-La Hotel Doha and the Rotana Hotel City Centre are both expected to be operational soon, with other projects moving forward," Al Thani said. "We also have a strong pipeline comprising several additional projects that are currently at an early stage of development."
Also boosting Qatar's economy in the near future will be Dubai's City Centre Mall, a $100 million project expected to be completed in the first quarter of this year.
"Qatar has not been much affected by the drop in oil prices and the economy has continued to grow as expected," Al Thani said. "The government is nevertheless keen to continue diversifying revenue streams as the economy grows, and the private sector is a major component of that process. So, in the years to come, I'm positive that the performance of the private sector will have a bigger influence on the economy's overall performance."