Qatar’s Industrial Sector Reports Strong Growth and New Incentives

Qatar, 23 July, 2024 : Qatar’s industrial sector has experienced substantial growth this year, with the number of registered and licensed firms reaching 1,449. According to the Ministry of Commerce and Industry (MoCI), there are 966 registered firms and 483 licenses issued. Total investments in the sector amount to QR233.136 billion, with production valued at QR2.563 trillion.

The top sectors by firm count include the manufacture of fabricated metal products, non-metallic mineral products, rubber and plastics, food products, and chemicals. By investment, leading sectors include coke and refined petroleum products, chemicals, basic metals, transport equipment, and non-metallic mineral products.

Qatar’s industrial strategy focuses on boosting small and medium enterprises (SMEs) and enhancing their contribution to the GDP. The MoCI’s Industrial Services Platform facilitates efficient electronic services for investors, including project approvals and incentive requests.

Last year, the sector saw 932 registered firms, 489 licenses issued, QR232.516 billion in investments, and production valued at QR2.557 trillion. Additionally, the Ministry of Municipality has reduced land rental rates in the industrial zone significantly, from QR100 to QR10 per square meter annually, to stimulate business activities and support economic growth. This move aligns with Qatar's Third National Development Strategy 2024-2030 and Qatar National Vision 2030.

Source : www.zawya.com