Qatar’s non-hydrocarbon economy grows 3.5% amid regional challenges

Doha, Qatar - Despite recent damage to liquefied natural gas (LNG) facilities, Qatar remains steadfast in its plans to expand its non-hydrocarbon economy, according to H E Sheikh Bandar bin Mohammed bin Saoud Al Thani, the country's Central Bank Governor and Chairman of the Qatar Investment Authority. In an interview with Bloomberg TV during the Qatar Economic Forum 2026 in New York, Sheikh Bandar highlighted Qatar's commitment to boosting its non-hydrocarbon sector, which has shown resilience amid regional challenges, growing by 3.5%.

Sheikh Bandar emphasized that Qatar's non-hydrocarbon sector has become a significant part of the country’s economy, now representing approximately 70% of its GDP, up from around 40% in 2011. The expansion of the non-hydrocarbon sector is bolstered by Qatar's strong external financial position, including substantial reserves managed by the Central Bank and the Qatar Investment Authority, a leading sovereign wealth fund.

The Qatar Investment Authority is pursuing a long-term investment strategy that focuses on technology, artificial intelligence, and innovation. The authority is particularly active in the United States, diversifying its portfolio across various sectors to foster sustainable growth. Sheikh Bandar also noted that the Qatar Central Bank is actively investing in artificial intelligence, with 18 projects currently underway, four of which have been successfully completed.

These initiatives have already led to cost reductions and improved operational efficiency. Sheikh Bandar affirmed the bank's dedication to further advancing its AI capabilities to enhance its operations.