The Investment Promotion Agency Qatar (IPA Qatar) has signed a double deal with PwC, which will see the accounting and consulting giant help the agency attract international investors and expand its own footprint in the country.
Launched in 2019 as a custodian of the Invest Qatar brand, the Investment Promotion Agency Qatar’s mission is to help foreign investors setup and grow their business in Qatar. The agency acts as a gateway to all investment solutions in Qatar, bringing together investors with an ecosystem of business and licensing platforms, local investors and market entry specialists.
The brand new memorandum of understanding with PwC has two key pillars, with PwC on the one hand becoming a strategic advisor to the agency, and on the other hand becoming one of the companies committing to growing its operations in the country.
The first pillar of the agreement between IPA Qatar and PwC sets the framework for collaboration on promoting Qatar to global investors through joint marketing activities, exchanging knowledge and best practices on foreign direct investment promotion and attraction.
Sheikh Ali Alwaleed al-Thani, chief executive at IPA Qatar, said: “This partnership is testament to the country’s unwavering commitment towards developing a sustainable, knowledge-based economy. IPA Qatar is proud to partner with PwC and we look forward to working closely with them to further develop Qatar’s rapidly growing economy.”
As part of its Vision 2030, oil-rich Qatar (the host of the next FIFA World Cup) is seeking to diversify its national economy, with foreign investment a key pillar alongside government spending. According to data from the Economist Intelligence Unit, Qatar is poised for “robust growth until 2030”, and the population will grow to nearly 4 million by 2050 (largely through immigration).
PwC already has a base in Doha, with the second pillar of the memorandum of understanding empowering PwC to add 100 new staff (including Qatari nationals) to its local headcount over the coming period. The new jobs will span the firm’s full business, across audit, consulting, tax and financial advisory divisions.
On top of that, PwC has committed to support local upskilling programs for internal and external talent in areas such as strategy, finance, human resources, program management, cybersecurity and digital transformation.
Bassam Hajhamad, PwC’s leader in Qatar and a senior partner, said: “This milestone agreement is a testament of our strengthening partnership between our two organisations and our shared commitment towards investing and partnering with local Qatari businesses in supporting them achieve local and global growth.”
For IPA Qatar, the deal follows agreements with Green Boom, a leading US-based manufacturer of bio-degradable absorbents; and Amazon Web Services, one of the globe’s largest cloud services providers.