HE the Prime Minister: Qatar Pays Grand Attention to Developing Private Companies

Doha, May 08 (QNA) - HE the Prime Minister and Foreign Minister Sheikh Hamad Bin Jassim Bin Jabor Al Thani, has affirmed that Qatar is according prime attention to updating and advancing the private sector and the private companies in conformity with the Qatar National Vision 2030 inspired by the wise vision of HH the Emir Sheikh Hamad Bin Khalifa Al Thani and HH the Heir Apparent Sheikh Tamim Bin Hamad Al Thani. In his inaugural keynote speech at the forum entitled "Listing of Private Companies: Supporting Qatar’s National Vision" being held under his patronage on Wednesday at the Four Seasons Hotel Doha, HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani said the event will make a stress on relationship between the state and the private sector from the perspective of Qatar Vision 2030 and the 2011-2016 national development strategy aiming at reaching a sustainable development and building a diversified economy. Elaborating HE the Prime Minister and Foreign Minister said one of Qatar's priorities is to enhance capabilities of the citizens and stepping up chances for them to be able to build a prosperous society under the globalization process which is characterized by constant change, competitiveness and developing a national, diversified and competitive economy capable of meeting the needs of the citizens at present and in future. "You all know that Qatar has allocated grand budget to spend on infrastructure projects, education, youth welfare and health and the value of such projects are expected to amount $ 200 Bn. during the coming decade", HE the prime minister told the attendants. HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani went on to say that the importance of the private companies stems from the key role such companies could play in the economic growth process noting that such a role is represented in increasing production , diversifying economy , forming the fixed capital and creating real asserts in economy and thus contributing to securing a proper organizational environment and adopting economic policies capable of creating an adequate climate for the business sector to realize the public goals and confront the development related challenges. HE the Prime Minister and Foreign Minister also said that the Qatari economy has witnessed positive turnings inter-alia expansion of the non-oil sectors 'contribution to economy and their support to the diversification process and the mounting and clear-cut role of the private sector in increasing production and investments in these sectors. "However the role of the private sector as being one of the pillars of diversifying the sources of income failed to reach the cherished level so far and much efforts are still needed to develop and update such a sector, the matter which held both the government and the private sector responsible for doing it", said HE the Prime Minister and Foreign Minister. Elaborating HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani further said," Success examples of private companies that were transformed into public shareholdings listed on the Qatar Exchange will be highlighted in this major event, which will also be a great opportunity for businessmen to share views on how best to develop their business and contribute actively to supporting Qatar’s National Vision. This VIP event hosted a large number of Qatari businessmen, board chairmen and executive directors of Qatari shareholdings and private companies who were invited by special invitations. The event will involve several discussions on the various aspects of the private companies’ transformation and listing on the Qatar Exchange, whether in terms of the benefits and incentives or some of the obstacles that hamper this process. Speaking about the benefits of listing the private companies on the Qatar Exchange, HE Sheikh Hamad bin Jassim bin Jabor Al Thani, said "Much stress should be pointed to the great development witnessed by Qatar Exchange during the past few years as far as the technical and organizational levels are concerned since its inception. The establishing of the emerging companies' market in the Qatar Exchange aimed at the small and medium-sized enterprises is considered an essential input for the advancement of such an important sector which is represented in the emerging companies' markets , the matter which regarded an impetus to such companies to search for a new financing source, said HE Sheikh Hamad bin Jassim bin Jabor Al Thani. The Qatari senior official further stressed the need to qualify and adapt these companies for the era of globalization and markets' openness, thus giving these companies a strong weapon to negotiate once faced with the option of integration and expansion in future. Elaborating HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani told the forum audience that the listing of closed-end companies in QE requires the provision of means of support, media, advertising and marketing for the business and the shares of these companies. Highlighting the importance of listing the private family businesses in the Qatar Exchange, HE the Prime Minister and Minister of Foreign Affairs said such importance is represented in these companies' influential economic weight on a large number of vital sectors in the state and the turning of family businesses into listed joint stock companies further enhances the effectiveness of economy in general and reflected positively on the local economy. HE Sheikh Hamad Bin Jassim Bin Jabor Al Thani noted in this regard that the number of listed companies at the moment in the Qatar exchange does not reflect the size and position of the Qatari economy in the presence of large economic entities still moving out of the market. Concluding his speech , HE the Prime Minister and Foreign Minister stressed the need to participate in efforts to achieve sustainable development sought by the State of Qatar and underlined the need to coordinate efforts with the Qatar exchange and those parties supervising the financial markets and the business community in Qatar pending to reaching the desired goals.(QNA)