QCB Governor: Non-Hydrocarbon Economy Contribution to GDP Rose to Approx. 70 Percent

New York, September 20 (QNA) - HE Governor of Qatar Central Bank (QCB) and Chairman of Qatar Investment Authority, Sheikh Bandar bin Mohammed bin Saoud Al-Thani said that the contribution of the non-hydrocarbon economy to Qatar's GDP has risen from 40 percent in 2011 to approximately 70 percent in recent years, supported by accumulation of fiscal surplus over the past years, as well as the establishment of reserve and funds that provide the economy with greater resilience in addressing challenges.

His excellency explained in an interview with Bloomberg TV on the sidelines of the Qatar Economic Forum that the non-hydrocarbon sector grew by 3.5 percent despite regional challenges, while the State of Qatar successfully reduced its debt-to-GDP ratio from 60 percent to 40 percent, while maintaining a sovereign credit rating of AA.

"Despite the damage sustained by the LNG facilities, we remain committed to advancing our expansion plans and are proceeding with a new expansion project that will double our production capacity to 145 million tons per year by 2030," His Excellency added.

He noted that the State of Qatar enjoys a strong external financial position and substantial reserves held by Qatar Central Bank, in addition to having one of the world's largest sovereign wealth funds. These strengths enhance the country's ability to navigate challenges and capitalize on growth opportunities as conditions in the region improve.

HE the QCB Governor added that the Qatar Investment Authority (QIA) is pursuing a long-term investment strategy aimed at creating sustainable value for future generations, with an increasing focus on technology, artificial intelligence, and innovation, particularly in the United States, while continuing to invest across a range of sectors in support of its broader diversification strategy.

His Excellency also highlighted that Qatar Central Bank is implementing 18 artificial intelligence projects, four of which have been completed to date. These projects have contributed to reducing costs and accelerating workflows, while QCB remains committed to continued investment in this technology and to leveraging its potential to further develop and enhance its operations. (QNA)