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Business / Qatar Business

‘Diversifying Qatar’s economy leads to exponential rise in new business ventures’

Published: 01 Nov 2023 - 10:20 am | Last Updated: 01 Nov 2023 - 10:21 am
Peninsula

Joel Johnson | The Peninsula

Doha, Qatar: Qatar has witnessed a noteworthy augmentation in its economic landscape, as evinced by the increasing number of Qatar-based firms.

According to the annual certification published by Great Place to Work Middle East, the entity surveys all the employees through Emprising working in all sectors.

In an interview with The Peninsula, Managing Director for Qatar, Kuwait, Oman, and Bahrain at Great Place to Work, Jules Youssef (pictured) said that this phenomenal journey is a “testament” to Qatar’s unwavering efforts in promoting entrepreneurship and facilitating a conducive business environment adding that “With a strong focus on diversifying its economy, Qatar has successfully attracted both local and international investors, leading to an exponential rise in new business ventures.”

The official stated that the surging rate of firms launching the Trust Index surveys to analyse what employees think of their workplace culture reflects not merely the increasing confidence of local entrepreneurs, but also the immense potential of Qatar as a leader in the workplace culture.

He said: “The Qatari market encompasses a diverse range of industries, each with its own unique challenges. From finance and oil to tourism and healthcare, every sector plays a crucial role in the overall economic development of Qatar. Each sector contributes to the overall growth and development of the nation’s economy, providing employment opportunities and driving innovation.”

However, recognising the importance of the key sectors is critical to understanding the intricacies and challenges encountered. The firm, therefore plays a vital role and tailors its approach to create positive workplace cultures across the board.

Qatar’s workplace culture has seen significant strides in developing employee engagement. “Companies focusing on workplace culture in Qatar encourage open communication, collaboration, and a sense of belonging, thereby fostering a motivated and engaged workforce, Youssef remarked.

Recent research conducted on Qatari organisations certified by the Great Place to Work Middle East notes that a tremendous 95 percent of employees affirmed that they are treated as full members of their organisations, irrespective of their position.

Youssef stresses that these findings are an “Inclusive work culture prevalent in Qatari companies, where employees feel valued and respected regardless of their hierarchical status.”

“These results reflect the positive impact of fostering a supportive workplace culture in Qatari organisations, he added.

Qatar’s competitive job market necessitates attracting and retaining top talent, and workplace culture plays a pivotal part in the accomplishment.

By fostering a culture of recognition, career development opportunities, and work-life balance, companies in Qatar aim to attract and retain skilled professionals, reducing turnover rates, and related hiring costs.