Delivering Qatar’s next phase of growth

Executive summary

Qatar findings of PwC’s 29th Global CEO Survey has indicated that the country stands out globally for its economic optimism with four clear signals:  sustained confidence in the domestic economy, active cross-sector expansion, artificial intelligence reshaping business models and a willingness to invest despite geopolitical uncertainty.

On 12 February 2026, PwC Qatar hosted a roundtable bringing together senior business leaders to discuss the survey findings and examine how this optimism translates into actions. The roundtable focused on the practical imperatives shaping Qatar’s next phase of development and growth: aligning talent with national and sectoral priorities, redesigning procurement for innovation, AI sequencing in line with economic goals, strengthening infrastructure economics and delivering the objectives of the Third National Development Strategy (NDS-3) to strengthen competitiveness and diversify growth.

The dialogue moved beyond the key findings of the survey to the key areas of focus, probing the trade-offs, sequencing decisions and capability shifts required, and what they mean for the country’s next phase of innovation and growth.

1. Confidence is high – growth now depends on stronger coordination

According to survey findings, in Qatar, 84% of CEOs reported strong confidence in their company’s revenue growth prospects over the next three years, significantly higher than 49% of their global peers and above the GCC average of 76%. This also marks a sharp increase from 53% in last year’s survey, reinforcing the optimism around the government’s efforts at diversification and private sector empowerment.

Findings also reflected that external volatility had not dampened investment intent in Qatar with 61% of CEOs in the country indicating that geopolitical instability would have little or no effect on their likelihood of making large new investments in the near term.

From optimism to execution

At the roundtable, participants did not challenge the positive growth outlook reflected in the survey’s Qatar findings. Instead, the discussion focused on what it will take to sustain that momentum around national development, digital transformation, attraction of global investment, tourism and mega projects, renewable energy and industrialisation, and talent development.

With NDS¹ accelerating productivity-led expansion and private-sector participation, the conversation moved quickly from confidence to execution, examining the structural reforms, capability upgrades and delivery discipline required to translate ambition into measurable outcomes.

A live poll conducted during the session reinforced this perspective. When asked what most underpins confidence in Qatar’s growth over the next three years, participants pointed overwhelmingly to government investment and economic diversification programmes and strong capital inflows, well ahead of regulatory stability or talent availability.

Policy scale underpins business confidence, system alignment critical

Confidence in the room was anchored in tangible national commitments already underway to accelerate digital transformation and private-sector growth. It was also anchored in the scale and direction of these policy-backed initiatives rather than short-term market dynamics.

However, participants were clear that sustaining growth at this pace requires careful system alignment that accelerates decision making. Labour markets, regulatory frameworks, procurement pipelines, energy allocation and sector strategies must move in sync.

Talent coordination emerged as a central discussion theme, with specific reference to the planned Digital Skills Observatory initiative,² a multi-year programme designed to map labour supply and demand more precisely and anticipate evolving workforce requirements. The establishment of such a mechanism reflects recognition that future workforce capabilities and upskilling need to be addressed through structured, forward-looking planning rather than episodically. Everyone was keen on attracting more talent and hiring, and excited to see new labour policies enabling this.

Building deeper collaborations

At the same time, participants emphasised the importance of strengthening collaboration among universities, research centres, policymakers, industry and private sector to support Qatar’s ambition of developing globally competitive citizens. Higher education was seen as central to building advanced technical capabilities, with greater alignment needed between academic pathways and emerging sector priorities. Alongside this, the discussion highlighted the continued importance of attracting high-skilled expatriates as long-term partners in Qatar’s transformation journey, ensuring that domestic capability building and international expertise reinforce one another.

Workforce localisation needs  

Workforce localisation was debated in practical terms. Participants noted that in sectors with sustained demand for specialised or labour-intensive roles – particularly healthcare and certain technical functions – the size and composition of the domestic labour pool may not fully meet projected workforce needs. In these areas, most agreed that localisation ambitions need to be calibrated carefully to labour market realities. Sustainable growth will therefore depend on strengthening domestic training pathways while continuing to draw on international expertise where required.

Several emphasised the importance of disciplined prioritisation. Given Qatar’s market size, they suggested that developing depth in selected strategic areas – particularly in technology and services – will create stronger foundations for long-term competitiveness before expanding into adjacent sectors.

2. Diversification is a key growth engine – but ecosystem design matters

Diversification is emerging as a key engine of growth in Qatar. PwC’s Qatar findings had indicated that 55% of CEOs had entered new sectors over the past five years, up from a third last year and above the global average of 42%. Looking ahead over the next three years, expansion is set to focus on consumer markets, including tourism and hospitality, as well as technology, media and telecoms – reflecting a deliberate pivot toward higher-value, innovation-led industries.

At the roundtable, the conversation around diversification was confident but pragmatic. Participants consistently identified small and medium sized enterprises (SMEs) as the primary engines of sector expansion, while acknowledging that procurement design and vendor qualification frameworks can constrain scaling. Under the NDS-3, targeted measures – including the QAR 9bn AI incentive package,³ the Golden Visa scheme⁴ and the $2bn expansion of the Fund of Funds⁵ - are designed to attract global founders and scale-ups into Qatar’s innovation ecosystem.

Participants emphasised that in most economies, small enterprises drive innovation, export growth and sector dynamism. Several of them noted that Qatar’s evolving policy architecture is reshaping the startup landscape, positioning early-stage technology and consumer ventures as catalysts for diversification, competitiveness and export-oriented growth.

The discussion also underscored the importance of failure tolerance. Sustainable innovation depends on an environment where commercial setbacks do not permanently limit future opportunity. This mindset is already visible in the survey findings: 68% of CEOs in Qatar say they are open to testing new ideas with customers or end-users (compared with 31% globally), and 32% are willing to tolerate high risk in innovation projects (ahead of 25% globally). Participants noted that strengthening bankruptcy and restructuring frameworks sends a powerful signal that entrepreneurship, and responsible risk-taking, are not only accepted, but essential to long-term economic transformation.

Qatar’s evolving digital ecosystem presents clear strategic opportunities for start-ups. Lower capital barriers, through grants and structured venture platforms, policy clarity under DA2030 and structured AI governance frameworks reduces regulatory risk and strengthens investor confidence. Free zone incentives, including long-term tax holidays and full foreign ownership, position Qatar as an attractive base for regional expansion. The strongest opportunity lies in applied, regulated AI, where start-ups specialising in data engineering, model governance and sector-specific automation can gain early-mover advantage.

Participants emphasised the diversification momentum would depend not only on ecosystem design, but on how effectively technology – particularly AI – is deployed to enhance productivity and competitiveness across priority sectors.

3.  AI is entering a more disciplined phase of growth

AI dominated the discussion. PwC’s survey data has indicated that 84% of CEOs in Qatar have defined AI roadmaps, and 81% say organisational culture supports adoption.

Participants specifically focused on how AI investment should be sequenced, governed and translated into measurable economic value. Under Qatar’s Digital Agenda 2030, digital transformation demand spans multiple sectors in Qatar, including healthcare, infrastructure, transport and logistics and tourism. Digital transformation strategies under development in these areas are likely to generate immediate demand for applied AI solutions, particularly where automation, predictive analytics and service optimisation can improve efficiency and service delivery.

AI infrastructure building

A significant portion of the discussion focused on AI infrastructure, particularly compute capacity, GPU investment and data centre expansion. Participants examined GPU cost curves, hardware refresh cycles and the capital intensity required for large-scale deployment, highlighting the strategic and financial considerations underpinning sustained AI adoption.

Energy allocation emerged as a core consideration. As a major LNG exporter, Qatar should continue evaluating the opportunity cost of dedicating power to mega AI infrastructure versus global energy markets. The question raised was not about scarcity, but about optimal value allocation and long-term return.

Several participants argued for a phased infrastructure strategy – building sufficient capability while monitoring demand signals and technology evolution. This approach was seen as more aligned with Qatar’s market size and capital discipline than replicating global hyperscale investment models without clear utilisation pathways.

A strategic parallel was drawn with the sovereign investment model: participating alongside global technology leaders rather than attempting to replicate entire stacks domestically. This enables capability access while managing concentration risk.

AI adoption maturity

While infrastructure attracted attention, participants emphasised that adoption maturity is the more immediate challenge. The discussion indicated that AI use is expanding in operational domains – particularly HR, support services, marketing and product development – but many initiatives remain at pilot or proof-of-concept stage rather than scaled deployment.

Participants stressed that AI initiatives must demonstrate measurable impact – whether through cost control, revenue enhancement, productivity gains or service quality improvement. Without clearly defined KPIs and governance structures, AI risks remaining experimental rather than transformational. Adoption, therefore, was framed not only as a technical question but as a performance and accountability question.

AI redesign imperative

Participants repeatedly cautioned against layering AI onto inefficient legacy processes. Digitising existing workflows without redesigning them can amplify inefficiencies rather than resolve them.

AI maturity requires rethinking decision rights, workflow architecture and operating models. Some described beginning to embed AI agents directly within core systems, enabling autonomous execution of defined tasks. These cases were positioned as more scalable because AI becomes embedded within the operating model rather than acting as an external tool.

The consensus was that AI transformation requires structural redesign rather than incremental automation.

AI and cultural execution

Beyond infrastructure and systems design, participants in the room highlighted execution risk.

Some pointed that cultural adaptation remained a practical constraint. Questions around workforce integration, skill evolution and perceptions of private-sector employment were discussed candidly. AI introduces role evolution rather than simple displacement, most agreed, requiring structured capability development and careful change management.

Participants also raised a longer-term strategic question. While adoption levels are high, there is concern that the region could remain primarily a consumer of AI tools rather than a creator of scalable AI companies. Building exportable capabilities aligned with national priorities was identified as the next stage of ambition.

4. NDS-3 frames delivery expectations

NDS-3 provided the structural backdrop to much of the discussion. Sustainable economic growth, productivity, fiscal resilience and future-ready workforce development are guiding both policy and corporate strategy.

Participants acknowledged improvements in horizontal coordination across government entities and clearer articulation of national priorities, with delivery architecture becoming more integrated across institutions.

At the same time, they acknowledged that implementation at scale involves complexity. Laws, bylaws and sector regulations can develop at different speeds. Detailed guidance may follow headline announcements. This reflects the breadth of reform rather than policy inconsistency.

The private sector recognised that its role must help drive productivity gains, support innovation and contribute to the measurable outcomes envisioned under NDS-3.

5. Translating confidence into results

In summary, the roundtable revealed a business community operating with confidence and discipline, with the PwC 29th Global CEO Survey: Qatar findings confirming strong optimism and active capital deployment.

Diversification is progressing. AI ambition is clear. However, as a second live poll highlighted, there were concerns around demand generation, cost pressures, regulatory and compliance complexity, with a significant share of participants ranking these as top concerns. Access to skilled talent produced a more polarised response – critical for some organisations, less pressing for others. By contrast, technology and data maturity were generally viewed as lower-order constraints, suggesting that near-term financial and regulatory pressures are commanding greater attention from business leaders than digital capability gaps.

Participants were clear that the next phase of growth requires a sharper system alignment. Universities must integrate more closely with industry to build future-ready talent. Procurement pathways need to enable scalable SME participation. AI infrastructure must be sequenced thoughtfully, and energy allocation decisions anchored in long-term value creation. Above all, there was consensus that momentum must be matched by discipline, ensuring that ambition is measured not by hype, but by demonstrable returns and sustainable impact.