With Qatar’s ongoing infrastructure projects and new city developments offering plenty of potential for growth, virtually all sectors of the economy are ripe for private sector investment, said a senior official while speaking to the global publishing, research and consultancy firm Oxford Business Group (OBG).

"Significant initiatives, including the expected opening of the new sea port, the continuing development of designated economic zones and the ongoing metropolitan expansion of Doha and other cities, are all driving a positive investment environment," remarked Sheikh Faisal bin Qassim Al Thani, the chairman of Al Faisal Holding.

A major player in Qatar and abroad, Al Faisal Holding has interests in a broad range of business activities, including hospitality, real estate, commerce and industry.

OBG’s wide-ranging interview with Sheikh Faisal took place against a changing economic backdrop which will see Qatar’s private sector playing a bigger part in the country’s development and a shift away from government support.

He pointed out that a growing population looking for a wider range of goods and services was creating 'ample business opportunities' for Qatari entrepreneurs across the board.

According to him, the current year has brought solid operational growth across Al Faisal Holding’s business divisions with the company’s hospitality segment, led by Al Rayyan Tourism Investment Company (Artic), delivering a particularly strong performance.

Sheikh Faisal, also told OBG that Artic had acquired three hotels this year - the St Regis Washington DC, the Manhattan at Times Square, New York, and the Aleph in Rome, while two key local projects are nearing completion.

“The Shangri-La Hotel Doha and the Rotana Hotel City Centre are both expected to be operational soon, with other projects moving forward,” Sheikh Faisal told OBG.

"We also have a strong pipeline comprising several additional projects that are currently at an early stage of development," he stated.

The other initiatives include the $100-million Phase Two redevelopment of the City Centre Mall, he added.

On the low oil impact, Sheikh Faisal said: "Qatar has not been much affected by the drop in oil prices and the economy has continued to grow as expected. The government is nevertheless keen to continue diversifying revenue streams as the economy grows, and the private sector is a major component of that process."

"So, in the years to come, I’m positive that the performance of the private sector will have a bigger influence on the economy’s overall performance," he added.

The business leader is keen to see more local firms follow in the footsteps of Aamal Company and list on the Qatar Stock Exchange, particularly family outfits.

"Listing not only supports Qatar’s development, but will also guarantee the future of family businesses by encouraging corporate governance, thus ensuring the continuation of locally-grown businesses from one generation to the next," he explained.

He regards family firms as a “key component of a healthy economy that complements the public sector”, adding that the valuable role they play has been recognised at the highest level.

“Our government has undertaken several initiatives in recent years aimed at supporting and strengthening the role of private businesses,” said Sheikh Faisal.

"Now it is the turn of business leaders in Qatar to utilise the variety of opportunities arising from the diversification of the economy and to take advantage of its healthy investment environment," he added.-TradeArabia News Service