CHAIRMAN: DR. KHALID BIN THANI AL THANI
EDITOR-IN-CHIEF: DR. KHALID MUBARAK AL-SHAFI

Business / Qatar Business

Qatari investments in US exceed $45bn: Minister

Published: 28 Sep 2018 - 08:22 am | Last Updated: 01 Nov 2021 - 05:30 pm
H E Sheikh Ahmed bin Jassim Al Thani (second right), Minister of Economy and Commerce, participated in a roundtable organised by the Business Council for International Understanding at Harvard Club on the sidelines of Qatar’s participation in the 73rd ses

H E Sheikh Ahmed bin Jassim Al Thani (second right), Minister of Economy and Commerce, participated in a roundtable organised by the Business Council for International Understanding at Harvard Club on the sidelines of Qatar’s participation in the 73rd ses

The Peninsula

DOHA: Qatari investments in the US have exceeded $45bn (about QR164bn), the equivalent to 23 percent of Qatar’s GDP, the Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani noted yesterday in New York City.

The Minister also noted that Qatar Airways alone provided a $92bn boost to the US economy through the purchase of 332 American aircraft a deal that supports more than 527,000 jobs.

Qatar-US bilateral relations are historic and very strong. The trade exchange between the two countries has touched new highs. The US has become one of Qatar’s most valued and largest global partners with the combined value of $24bn (QR87.39bn) worth of goods traded over the last five years while 84 percent of the trade balance is in favour of the US.

The Minister participated in a roundtable organised by the Business Council for International Understanding at Harvard Club in New York City, on the sidelines of Qatar’s participation in the 73rd session of the United Nations General Assembly.

Sheikh Ahmed thanked the Business Council for preparing for this meeting, to discuss the strength of Qatari-US bilateral relations and partnerships, which features over 60 years of economic and commercial ties and more than 46 years of diplomatic relations.

The US and Qatar are bound by several agreements and memorandums of understanding, especially the TIFA Agreement, which led to the establishment of a joint council since 2004, he stressed.

Meanwhile, more than 650 American companies are established in Qatar, including 117 companies 100 percent owned by US citizens, he said.

Elaborating on the latest economic developments that Qatar witnessed amid a changing regional and global geopolitical landscape, He said Qatar achieved positive growth rates last year, noting that Qatar’s real GDP grew by 1.6 percent at constant prices.

The Minister added that numerous international reports have indicated the strong performance of the Qatari economy despite regional challenges. Quoting the latest report released by the World Bank, he added that Qatar’s real GDP growth is expected to increase to 2.8 percent in 2018.

During the roundtable discussions that brought together a number of businessmen and executives from major American companies yesterday, he said Qatar’s foreign trade has shown remarkable growth, increasing by 16 percent. Qatar’s total exports also increased by 18 percent contributing to a total trade surplus of 49 percent.

All these positive indicators, according to the Minister, show that Qatar has overcome the siege by enhancing its economic competitiveness and cementing its position as an attractive destination for US investments.

The Minister of Economy and Commerce also met with Meyer Sandy Frucher, Vice-Chairman of NASDAQ on the sidelines of UN General Assembly.

Discussions touched on enhancing bilateral cooperation between the Qatar Stock Exchange (QSE) and NASDAQ as well as the exchange of expertise to develop the local capital market. The meeting also tackled challenges that may impact international exchanges over the coming five years and efforts to address these challenges as well as prospects for strengthening and expanding QSE markets.

During the meeting, Sheikh Ahmed emphasised Qatar’s keenness on improving the performance and developing its capital markets by drawing on the expertise of international financial markets, particularly NASDAQ.