Qatar Airways Pumps $92bn Into US Economy

Photo: The Peninsula

Nearly one million job opportunities in the US depends on Qatar Airways as the airline has provided a staggering $92bn to boost the US economy by purchasing 332 American aircraft (Boeing). The deal helps create 527000 jobs in the US, said the Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani.

The minister speaking on the sidelines of the US-Qatar Strategic Dialogue, said that Qatar has increased its investments in the US over the years, which has resulted in creating thousands of jobs in the US.

He further added that Qatar has invested $35bn in the US, and Qatar Investment Authority (QIA) is planning to pump in additional $10bn in the coming days.

Addressing the participants in the event, the Minister congratulated Ambassador Anne Paterson on her appointment as Chairman of the US-Qatar Business Council.

The minister believes that the council will encourage US companies and investors to tap the potential of Qatari economy and Commerce in this regard in a bid to bolster cooperation with the US-Qatar Business Council across all sectors.

He also expressed ministry’s readiness in helping the US companies seeking benefit from Qatar. The Minister stressed that international trade and investment are a key part of the policy of economic diversification adopted by Qatar.

Qatar is the sixth trading partner with a total of $6bn worth of traded goods, noting that 16 percent of Qatar’s imports came from the US in 2017 while the trade balance registered a surplus of $5bn in favour of the US.

Currently, more than 500 joint Qatari-US firms, and around 102 fully owned US companies, are operating in Qatar, including 20 companies that operate in the field of gas and petroleum while around 40 US companies are licensed under the umbrella of the Qatar Financial Centre.

The minister highlighted the fact that the meet comes at a time of global economic uncertainties and challenging circumstances for Qatar, following the imposition of the illegal blockade on the country.

A blockade aimed at undermining Qatar’s position as an economically-independent and sovereign state, the Minister said.

The foreign trade of Qatar has shown significant growth in 2017, the Minister said, adding that the total foreign trade volume has increased by 16 percent in 2017 to reached $103bn, compared with $ 89bn in 2016.

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