Entrepreneurship to drive Qatar’s diversification goals

Creating new investment opportunities and markets away from hydrocarbon will propel entrepreneurship and drive Qatar’s economic diversification ambitions, Dean of Qatar University College of Business and Economics, Prof Rana Sobh, has said.

In an interview with The Peninsula, Prof Sobh noted that developing new products, services, and technology, generating new wealth, job opportunities and reduced dependence on public sector jobs are ways that the country can encourage a culture of entrepreneurship and economic independence of citizens.

“Qatar’s economic diversification drive is focused on creating a more resilient and sustainable economy by reducing its reliance on the oil and gas industry and developing new industries and sectors.

“The country has invested heavily in developing a knowledge-based economy, promoting tourism, developing the SMEs sector, building human capital, and investing in renewable energy. These initiatives aim at creating new jobs, businesses, and opportunities for economic growth and sustainable development,” she added.

Qatar’s commitment to diversifying its economy is a top priority for the government, particularly as many investments and strategies towards boosting other sectors like tourism, communications and IT, as well as financial services, have increased. Qatar has also expanded investment in renewable energy as part of its sustainability approach and economic boost. 

According to Prof Sobh, Qatar is taking a crucial step towards achieving sustainable development by pursuing economic diversification. She said a more diversified economy would better withstand fluctuations in oil and gas prices and changes in global demand for fossil fuels while promoting social and environmental sustainability.

She said: “This will help to ensure long-term economic growth and development, as well as create a more resilient and sustainable future for Qatar.”

In 2021, Qatar was ranked ninth on the list of top countries for entrepreneurs according to the National Entrepreneurial Context Index (NECI). According to the report, Qatar’s position is strengthened due to the country’s successful national development strategies, which support and promote new businesses and especially encourage female entrepreneurs.

At QU, the Center for Entrepreneurship & Organizational Excellence (CEOE) aims to impact how organisations in Qatar conduct business and how their business affects the country by conducting outstanding research and policy works, experiential learning, distinctive capacity building, and community outreach. 

“Given that Qatar, along with the rest of the region, is at the heart of developing a booming entrepreneurial hub that fosters sustainability and innovation, we inspire to create and apply new knowledge and to be engaged in value-added activities that contribute to enhancing organisational excellence, sustainable development and societal impact,” Prof Sobh noted.

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