Minister of State and Chairman of the Qatar Free Zones Authority (QFZA) H E Ahmad bin Mohamed Al Sayed with other participants during a panel discussion at the Doha Forum, yesterday.
Doha: Oil producing countries in the GCC must remain focused on their economic diversification efforts and strategies to become knowledge-based economies despite the recent surge in global oil prices, Minister of State and Chairman of the Qatar Free Zones Authority (QFZA)
H E Ahmad bin Mohamed Al Sayed said while addressing a panel discussion during the Doha Forum yesterday.
Speaking on the topic ‘Creating Sustainable Growth in the Gulf as the World Transitions to Net Zero’, Minister Al Sayed said most Gulf countries have set diversification and sustainable growth as key elements of their national development strategies. However, at a time when the world is witnessing rising oil prices, increased oil demand and oil supply shortages, GCC countries must remain committed to their diversification targets, he said. “It is important to make sure that every country re-emphasise that economic diversification and creating a sustainable business environment is part of their national strategy, which is what most GCC states have. However, with oil prices going up and there is good surplus happening with the budget… I hope we will not forget to focus and to continue emphasising on the importance of diversification here,” the Minister said.
Al Sayed’s statement is echoed by a recent Oxford Business Group (OBG) report, which stated that the recent oil price increase has prompted discussion about the implications for investment in renewable energy, particularly for oil-exporting countries in the Gulf. The report however also highlighted that many Middle Eastern countries have committed to develop renewable energy as part of their long-term economic diversification plans.
Speaking about Qatar’s efforts towards building a sustainable economy, Minister Al Sayed reiterated the QFZA’s target to become a carbon neutral free zone.
“Our aim is to create diversified economies, through developing the right business partnerships for Qatar and the GCC countries by facilitating for potential global and local investors to be on board with us and contribute for this purpose. QFZA can support the integration of environmental, social and governance (ESG) principles in its approach to attract investors by enabling businesses to become more sustainable through enforcing minimum ESG standards within the free zones, providing access to supportive technologies and establishing reporting requirements and minimum compliance standards with regards to key areas such as data protection, the health and safety of individuals working in the free zones, and corporate governance. The Qatar Free Zones also ensure that both physical and legal infrastructures are environmentally and socially sustainable,” he said.
The panel discussion, which was moderated by Lord Mandelson, Co-founder and Chairman of Global Counsel, highlighted the need for collaboration between governments and private sector in developing sustainable free zones, and how to contribute to efforts of reaching net zero by 2050.
Steve Glickman, President for International at Aspiration, which is one of the earliest US online financial institutions with green financial products, spoke about his company’s partnership with the QFZA in creating leading fully carbon neutral free zones.
He said: “Qatar has exhibited unprecedented global leadership in ensuring all of the electricity and gas consumed in the Free Zones are made carbon neutral through Aspiration’s global reforestation program and nature-based carbon credits portfolio. Every tonne of carbon emitted by private tenants in the Qatar Free Zones will be offset by one tonne of high-quality, verified carbon credits that correspond with the carbon removal capacity of forests that will be restored in Sub Saharan Africa, an unprecedented and high-integrity commitment to reducing the carbon impact of the Free Zones”.
Also speaking during the event, world recognised figure in artificial intelligence (AI), Amir Husain, Founder and CEO of the award-winning Austin-based SparkCognition, spoke about how software innovation and bringing in armies of software engineers powered by crypto to the Qatar Free Zones could be a game changer for Qatar.
Ying Staton, Head of Corporate Development at the UK-based Plastic Energy, spoke about circular economy, and the role of GCC countries as a solution in the platform. Ketan Patel, Chairman of Force for Good and CEO of Greater Pacific Capital, who leads a team that analyses the flow of capital of the top 100 institutions in the world which represent about $170 trillion, stressed the need for mass financial inclusion.
