BASSAM HAJHAMAD
PwC believes Qatar will continue to focus on what matters most: the pillars of building a new economy and the enablers that help it stay on top.
BIOGRAPHY
Bassam Hajhamad is the PwC country senior partner and consulting leader for Qatar, working closely with major public and private entities. He has 20-plus years of experience in management consulting, digital/ICT, and private equity, covering North America, the Middle East, and Africa. His areas of expertise include corporate strategy, digital policy and transformation, national localization and privatization, and investment management. He is an active member of the World Economic Forum (WEF) Digital Economy and Policy initiative. He holds an MBA from MIT Sloan School of Management and a master's of science in computer information systems from the University of Detroit.
What main trends will bring diversification to Qatar?
We have seen faster decision-making and key strategic initiatives in Qatar over the past few years, and, despite the geopolitical situation, there is a great deal of momentum in the market today to create a more self-sustainable Qatar, especially in terms of who it trades and partners with. Qatar is working on diversifying its economy away from oil and gas. The first push for diversification comes from the new taxation policy, including VAT. Upon successful completion, we expect VAT to generate a good source of revenue for the country and result in positive spillover effects for the wider local economy. Second, we see huge potential in localization. Localization has also been supported by public procurement policies and by incubating local SMEs, including through Qatar Development Bank. One of the most sustained efforts has come from Qatar Petroleum (QP), particularly through its new Tawteen program, launched in February. It aims to add at least QAR8 billion a year in value to the economy, create thousands of high-skilled white-collar jobs, and help to develop SMEs. The third pillar is privatization to generate FDI and sustain local economies. We have started to create a framework for governments to subsidize small private investments so that small enterprises will feel comfortable and safe to invest. The fourth features digitization programs, such as digital economies and the “Smart Qatar" program. We have been working with local entities on developing and implementing Qatar digital strategy, including different initiatives and programs around the digital sector to enable new sectors to use digital platforms. The fifth pillar is internationalization, which we see a great deal of now. QP, Qatar Airways, Qatar Foundation, Qatar Investment Authority (QIA), and many others are becoming more of an international brand, and, alongside that, are forming stronger trade agreements and new external partners.
How do you assess the impact of the new legislation to attract FDI?
Some 49% of FDI in the GCC is from the state. Since the new law, the government seeks to attract more FDI from private entities, especially by permitting 100% ownership, which is what most GCC countries are trying to do. Recently, in order to boost this initiative, we created a portal specifically for investors. It is a single-window system, which makes it easy and simple for people to find opportunities and buy real estate. To deliver these core capabilities, one needs talent and strong enablers around building talent. We see many discussions between our clients about leadership development and training at a senior level. Other enablers are more about funding mechanisms, and we have started to create easier ones. With PPPs, we have created a system of national investors that will step in and grant access to funding, which will enable those pillars to develop.
What opportunities do you see coming up, especially in light of the 2022 FIFA World Cup?
The World Cup will give Qatar greater recognition as a brand and a hub for sports. However, this is an area where we can do much more. We are now focused on beyond 2022 and what more can be done to make Qatar a global sports capital. There is also room for industrialization, which means creating local manufacturing or plants. Here, the challenge is on the demand side. We have 10-12 sub-sectors we could focus on, though we chose only some. Qatar is good in choosing a few things and making them gold. The soccer team is full of superstars, QIA is one of the biggest sovereign wealth funds in the world, QNB is the biggest bank in the Middle East, and Qatar Airways was named the best airline in the world. If we continue with that mindset and build new trade agreements, while focusing on the next few big things—and the World Cup or sports in general could be one of them—it will create a key branding position.
BASSAM HAJHAMAD
TABLE OF CONTENTS
Interview
Yousuf Mohamed Al-Jaida, CEO, Qatar Financial Centre (QFC) Authority
Given its successful performance in the last few years, QFC is optimistic it will be able to capitalize on Qatar's ongoing efforts to create a world-class business environment and attract more global companies.
read articleInterview
Lolwah R M Al-Khater, Spokesperson, Ministry of Foreign Affairs
The Ministry of Foreign Affairs is focused on pushing forward Qatar's foreign policy, sharing information and perspectives that could be useful for regional security and advancing the Qatari narratives on many issues facing the world today.
read articleInterview
Richard O’Kennedy, Vice President, Research, Development, and Innovation, Qatar Foundation
The first country in the world to track its citizens' genomes, Qatar is on track to make one of modern science's biggest breakthroughs by personalizing medical treatment and precision care.
read articleInterview
Jassim Saif Ahmed Al Sulaiti, Minister, Transport and Communications (MoTC)
With plans for a fully electric bus system and an impressive set of interconnected transportation options including metro, rail, and tram, the Ministry of Transport and Communication is shifting mobility into the next gear in Qatar.
read articleInterview
Sheikh Abdulla Bin Saoud Al Thani, Governor, Qatar Central Bank (QCB)
Encouraging local manufacturing, initiating self-sufficiency in dairy and farm products, expanding into new air and sea routes, offering select visa-free entry, and enacting fiscal reforms are but several of the successful reforms undertaken since 2017.
read articleInterview
Sean Kelly, Project Director, Place Vendôme
Place Vendôme is no ordinary mall: with 650 hotel rooms, a 6,000-sqm cinema with 18 screens, six slides, three toboggan runs, and an ice river opening in September 2020, it is looking to slide into Qatar's tourism infrastructure in time for the World Cup.
read articleInterview
Mehmed Zingal, General Manager, Turkish Airlines - Qatar
With its 30th year celebration of its Miles&Smiles club launch in Qatar, Turkish Airlines is acknowledging its continued diligence to provide the best customer service, with targets to increase customer happiness through innovative technologies and increasing tourism to Qatar for the future.
read articleInterview
Hassan Rashid Al-Derham, President, Qatar University (QU)
Ranked in the top-500 universities by the Times Higher Education, Qatar University improves students' academic success by supporting students throughout their academic lifecycle, from the pre-university stage to beyond graduation.
read articleFocus
A lesson learned
The international attention set to fall on Qatar over the coming years is significant only to the extent that it generates advances in human capital required by Qatar's blueprint, National Vision 2020, where local know-how and innovation advance the nation and promote wellbeing.
read articleInterview
Dr. Hanan Mohamed Al Kuwari, Minister of Public Health & Managing Director,, Hamad Medical Corporation (HMC)
The health minister is committed to continuing the growth of Qatar's healthcare system, with plans for more than 20 new facilities specializing in pediatrics, geriatrics, and mental health.
read article
