Qatar Roundup: Over $4 billion in contract awards, Afghan government, public foreign assets

Over $4 billion in contract awards in the third quarter of 2024

In Q3 2024, Qatar experienced a significant 57.9% increase in contract awards, totalling $4.2 billion, up from $2.7 billion the previous year. This rebound followed a low of $187 million in Q2 2024. The gas sector dominated, accounting for 94.6% of the total awards with a 135.3% yearly increase to $4 billion. Other sectors that saw contract awards included transport ($93 million), oil ($90 million), and construction ($46 million). In the broader Gulf Cooperation Council (GCC) region, total planned projects reached $2.7 trillion, with Saudi Arabia leading at 55.9%. Upcoming projects in the GCC pipeline totalled $1.43 trillion, with the construction sector being the largest segment at 30.9%. Additionally, GCC power sector contracts surged 5.5 times to $18.4 billion in Q3 2024. 

“Elderly” renamed “senior citizens” 

Qatar has officially replaced the term “elderly” with “senior citizens” in government communications to honour the wisdom and contributions of older individuals. Issued via Circular No. 20 for 2024 by State Minister Ibrahim bin Ali Al Mohannadi, the change aims to enhance the social status of older citizens and has received significant acclaim on social media. Prominent figures, such as Dr Ali Al Qaradaghi, praised the decision for highlighting the moral and social value of this demographic in society. 

Over 300 rare stamps, coins auctioned

The Qatar Philatelic and Numismatic Centre hosted its annual auction in Doha, featuring 323 collectable items, including rare stamps and coins. Highlights included thematic books on wildlife and purebred Arabian horses, attracting collectors from the Gulf and Arab countries. Centre Director Hussein Rajab Al Ismail noted the strong demand for Qatari stamps and coins and emphasised ongoing efforts to document Qatar's philatelic history. The Centre plans to publish five books annually on stamps and currencies and will participate in multiple upcoming exhibitions, including events in Sharjah and Shanghai. 

Call for an inclusive government in Afghanistan

In a joint statement, Qatar and Turkey emphasised the need for an inclusive government in Afghanistan and reaffirmed their commitment to promoting stability in the country. This statement was released during the 10th session of the Qatari-Turkish Supreme Strategic Committee, where both leaders highlighted the importance of respecting human rights and coordinating humanitarian aid. Meanwhile, Pakistan's Chief of Army Staff urged the Islamic Emirate not to allow Afghan territory to be used for terrorism, while a report by the US Institute of Peace indicated that Afghanistan's banking system is largely dysfunctional and warned of a worsening economic situation due to reduced humanitarian aid. Additionally, discussions between Afghan and Iranian officials focused on cooperation regarding refugees and the repatriation of Afghan prisoners. 

Public foreign assets projected to reach $500 billion by 2025

According to the Institute of International Finance (IIF), Qatar's public foreign assets are projected to reach $500 billion by 2025, which would represent 240% of its GDP. This increase is driven by substantial investments in the liquefied natural gas (LNG) sector, particularly through the "North Field West" expansion project aimed at raising LNG production capacity by 85%. While Qatar's fiscal and current account balances are expected to remain in large surpluses, non-hydrocarbon real GDP growth is anticipated to stagnate below 1% due to weaker private consumption and investment post-2022 FIFA World Cup. Additionally, GCC countries, including Qatar, face challenges as oil revenues decline, with average oil prices predicted to fall from $80 in 2024 to $70 in 2025. Despite these challenges, significant progress in economic diversification efforts continues, especially through digitalisation and AI initiatives.