So far, 2023 is shaping up to be another year marked by economic gains in Qatar. Almost a year after the 2022 World Cup hosting, we’ve seen steadfast growth – proven by the projection that Qatar will see an economic growth of around 2.4% this year. It’s a decline versus last year when enthusiasm for the World Cup was at its peak but is still significant as it surpasses levels prior to the global sporting event.
Seeing Qatar hold on to a strong economy, starting a business there only makes sense. The best part is that multiple industries have been performing well, so entrepreneurs will have plenty of venture options. Here are five of them.
Tourism & Hospitality
A direct benefit of the World Cup was the improvement of the tourism and hospitality industries. The country’s chief of tourism stated in April that over 5 million visitors are expected to come to Qatar throughout the year.
The influx calls for the establishment of more spots or services for tourists to maximize their trips. Explore building a business around giving foreigners distinctive experiences that only Qatar can offer, such as unique restaurants and bars that serve a delicious local or fusion menu for guests, or a retail business selling sought-after items that aren’t easily attainable elsewhere.
Alternately, a well-designed bed & breakfast or boutique hotel, or an accessible transport service could also be viable options. Just think about what an ideal Qatar vacation would look like and center the business around making that happen.
Construction is the backbone of everything. Residential, commercial, and industrial spaces across nearly every sector rely on this to fully bring companies to life. In Qatar, the industry will likely grow by 6.8% this year, reaching QAR 98 million in value.
Consider hopping onto the wagon with a business in landscaping services or interior design, or offer a specific product like waterproofing or construction supplies to work with other companies in the industry. Another option is to open a company that focuses on land survey services or project management, filling a more consultant-like role for the sector.
The financial sector in Qatar has overall been consistent, and 2023 is no different. In August, the Purchasing Managers’ Index hit 60 for headline indices for activity and 63.4 for new business registries.
There are a lot of opportunities that can be considered when starting a business in the finance space. Some of the more obvious choices are payment technologies, financial advising, banking, and the likes. All these are big services and will always be in need, but the downside is that they can be very competitive.
Alternative ideas that still fall under financial services include personal budgeting apps, micro-investment platforms, peer to peer lending, or crowdfunding solutions. In short, taking advantage of finance’s digitalization can be advantageous, especially with an innovative business idea in mind.
Speaking of digitalization, the entire technology industry is also worth investing in. Qatar is expecting a 7.2% annual growth rate for the digital sector this year, while the nation keeps its rank as first globally in terms of internet adoption.
Although the tech space is also saturated and large in scope, there are specific segments that could be a good place to start. A few of these are artificial intelligence (AI), virtual reality or augmented reality (VR or AR), robotics, or cloud technologies – they go into the trendier side of tech, but a strong business concept that uses these as a foundation can be a way to success.
Meanwhile, the industry is also rife with stable concepts that will always be in demand, especially if they offer good services or make use of innovation to improve on what’s already in the market. Consider finding a new angle to approach businesses in biotechnology, cybersecurity, fintech, e-commerce, or software development.
Qatar’s healthcare sector ranks as the 4th best in the world, and is expected to be worth $12 billion by 2024. That’s thanks to strong healthcare infrastructures and a reputation as a spot for medical tourism, making it an attractive location for foreign or local investments.
To leverage on a market where the momentum is strong, the best method of entry would be to jump on the growing demands within the sector. Digital health services are one, with telemedicine & IT healthcare both using advanced technologies to push the industry forward. Another is niche health or wellness services, addressing audiences looking for specific healthcare.
Work your way to the top with Qincorp
With economic diversification being such a priority in Qatar comes a myriad of business opportunities that entrepreneurs can venture into. Regardless of what that business ends up being, you will likely need a partner to not only provide guidance for finding success as a Qatari business owner, but also a team to take care of the legwork when incorporating a new company.
At Qincorp, that’s our expertise. We offer everything that you may need during the set-up and operational phases of your new businesses. To find the most ideal solution and package for you, contact us today and we’ll get you started off on the right foot.