Doha, Qatar – The ambitious plan focuses on economic diversification and strengthening Qatar’s financial and economic sectors.
A new financial strategy plan for 2020-2022 was put forward by the Ministry of Finance at a cabinet meeting, in a bid to accelerate the progress of the Qatari economy amid testing times.
The plan includes three main sectors – financial, economic and common service – with each comprising a number of programs and projects under their umbrella, in line with the Qatar National Vision 2030, which provides a framework in which national strategies and implementation plans can be developed.
The financial sector’s main target is creating modern public sector institutions that provide outstanding public services and achieve financial sustainability, according to a statement by the Minister of Justice and Acting Minister of State for Cabinet Affairs Dr Issa Saad al-Jafali al-Nuaimi.
This includes achieving stable state income, fiscal policies that maintain economic stability and prosperity, and effective management of state projects and quality capital assets.
Programs under the financial sector include draft reviews and regulation of state government fees and the Capital Expenditure Management Program.
The new strategy aims to encourage entrepreneurship and new business opportunities and establish and develop a portfolio of investment projects for partnership projects between the public and private sectors.
The statement said the economic sector’s primary target is a more competitive, productive and diversified economy, as well as a more dynamic private sector that contributes to the national economy.
Meanwhile, the common services sector is designed to advance administrative performance by improving and securing infrastructure. The plan focuses on a complete digital transformation as well as installation of cyber security system projects.
Qatar Vision 2030
The Qatar National Vision 2030 is a long-term blueprint for Qatar that aims to advance the country by diversifying its economy to make it more self-sufficient and less reliant on gas and other natural resources.
The vision focuses on four key areas: human development, social development, economic development and environmental development.
Qatar has shown its commitment to diversification in recent years by investing in education, finance, foreign investments and providing various programs and funds for entrepreneurs and local businesses.
In June 2008, the Qatar National Vision 2030 (QNV 2030) was approved by H.H. The father Emir, Shikh Hamad bin Khalifa Al-Thani.
The QNV 2030 provides a framework in which national strategies and implementation plans can be developed to meet the defined long-term outcomes.
QNV 2030 Four Pillars are Human Development, Social Development, Economic Development, and Environmental Development.
An Educated Population
A world-class educational system that equips citizens to meet the needs of Qatar’s society.
A national network of formal and non-formal educational programs that equip Qatari children and youth to contribute to the society.
Empower institutions operating under centrally-determined guidelines.
An effective system for funding scientific research conducted in cooperation with specialized international organizations.
A significant international role in cultural and intellectual activity and scientific research.
A Healthy Population: Physically and Mentally
A comprehensive world-class healthcare system whose services are accessible to the whole population.
An integrated system of health care under the direction of a national health policy that sets and monitors standards of health care.
A skilled national workforce capable of providing high quality health services.
Continued commitment by the state to provide sufficient funds for maintaining the health of Qatar’s population.
A Capable and Motivated Workforce
Increased and diversified participation of Qataris in the workforce
Targeted Participation of Expatriate Labor.
Recruitment of the right mix of expatriate labor, protecting their rights, securing their safety, and retaining those who are outstanding among them.
Social Care and Protection
Strong cohesive families that care for their members, and maintain moral and religious values and humanitarian ideals.
An effective social protection system for all Qataris that ensures their civil rights, values their contribution in developing their
society, and ensures an adequate income.
A Sound Social Structure
Effective public institutions and active civil society organizations.
Qatar will continue to build upon its role in the international community in the following areas:
An increased regional role economically, politically and culturally, particularly within the framework of the Gulf Cooperation Council, the Arab League and the Organization of Islamic Conference.
Intensification of cultural exchange with the Arab peoples in particular and with other nations in general.
Sponsorship and support of dialogue among civilizations, promoting coexistence between different religions and cultures.
Contribution towards attaining internal peace and security and fulfilling international commitments.
Sound Economic Management
Reasonable and sustained rates of economic growth that secure a high standard of living for this generation and for future generations.
Financial and economic stability characterized by low inflation rates, sound financial policy and a secure and efficient financial system.
A stimulating business climate capable of attracting foreign funds and technologies and of encouraging national investments.
Open and flexible economic structures capable of competing in a changing world.
Coordination with Gulf Cooperation Council states and with Arab and regional economic organizations to establish trade, investment and financial ties.
Responsible Exploitation of Oil and Gas
Optimum exploitation of hydrocarbon resources, establishing a balance between reserves and production, and between economic diversification and the degree of depletion.
A vigorous oil and gas sector that generates advanced technological innovations and contributes to the development of human resources and economic capacities throughout Qatar.
A fully developed gas industry that provides a major source of clean energy for Qatar and for the world.
The long term maintenance of strategic reserves of oil and gas to meet the needs of national security and sustainable development.
Suitable Economic Diversification
A diversified economy that gradually reduces its dependence on hydrocarbon industries, enhances the role of the private sector
and maintains its competitiveness through:
Expansion of industries and services with competitive advantages derived from hydrocarbon industries.
Design and development of economic activities in which Qatar can specialize, including the technical and human requirements of these
A knowledge-based economy characterized by innovation; entrepreneurship; excellence in education; a world-class
infrastructural backbone; the efficient delivery of public services; and transparent and accountable government.
A Balance Between Development Needs and Protecting the Environment
Preserving and protecting the environment, including air, land, water and biological diversity, through:
An environmentally aware population that values the preservation of the natural heritage of Qatar and its neighboring states.
An agile and comprehensive legal system that protects all elements of the environment, responding quickly to challenges as they arise.
Effective and sophisticated environmental institutions that build and strengthen public awareness about environmental protection, and
encourage the use of environmentally sound technologies. These institutions will also conduct awareness raising campaigns, employ
environmental planning tools, and carry out environmental research.
A comprehensive urban development plan for Qatar that adopts a sustainable policy with regard to urban expansion and population distribution.
Encouragement of regional cooperation to put in place preventive measures to mitigate and adapt to the negative environmental effects of pollution arising from development activities.
A proactive and significant international role in assessing the impact of climate change and adapting to and mitigating its negative impacts, especially on countries of the Gulf.