Qatar Economic Forum 2024 concludes with 20 agreements, $2.47 billion investment

2024-05-18

 

 

The Qatar Economic Forum 2024 wrapped up following three days of discussions involving around 2,300 participants. The forum discussed different challenges facing the global economy and explored opportunities across various sectors in light of the world’s rapid transformation.

The forum discussed various topics during multiple sessions, including trade, energy, technology, business, investments, geopolitics, sports and tourism.

 

Propelling digital transformation

 

Among the most notable announcements during Qatar Economic Forum 2024 was Qatar’s QAR9 billion ($2.47 billion) incentive package which aims to support the country’s digital transformation by increasing investment in technology, innovation and artificial intelligence.

Qatar also announced during the economic forum that it will be hosting several editions of the Web Summit conference for the first time in the Middle East and Africa region. Hence, it aims to enhance its partnerships with major investors and exchange expertise with technology pioneers from around the world. During this summit, Qatar also launched the ‘Start in Qatar’ initiative, with more than 250 startup companies registered.

Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, Prime Minister and Minister of Foreign Affairs, also launched the Arab AI project ‘Al Fanar’ during the Qatar Economic Forum. The project seeks to enhance Arabic large linguistic models and preserve Arab identity by collecting quality data in Arabic.

 

 

Investments in energy

 

 

During the economic forum, Al-Thani also highlighted Qatar’s investments in the energy sector. Hence, by 2030, Qatar will complete its expansion in liquefied natural gas production, due to the North Field project expansion, raising total production to 142 million tons annually.

 

 

 

Global collaborations

 

 

The Qatar Economic Forum 2024, themed ‘A World Remade: Navigating the Year of Uncertainty’, saw the signing of 20 memorandums of understanding, 18 of which are international agreements. In 2023, the forum saw the signing of 10 agreements, marking a significant increase this year.

The forum welcomed around 2,300 participants, including 1,300 influential corporate and international structure leaders, as well as about 200 international and local media outlets.

The Qatar Economic Forum 2024 held discussions on key topics including restructuring Middle Eastern economies. Moreover, it delved into issues like financing the transition to zero, the impact of linking the Middle East and Africa to promote economic development, youth empowerment, reducing unemployment, and enhancing cities and urban development.