Riyadh- Economists expect the upcoming period to witness up to 25% rise in prices of food and consumable goods in Qatar after the Qatari market has lost more than 65% of Saudi imports of food goods and missed the chance of achieving the “Made in Qatar” dream in cooperation with Riyadh.
This coincides with dis-operation of 618 companies in the Qatari market including 315 Saudi firms and 303 Saudi-Qatari firms amidst expectations that the boycott period will be prolonged. A matter that would shake confidence in Qatari investment, trade, and economic environment.
Economist Abdul Jabbar Bechara told Asharq Al-Awsat that the fact that four states are boycotting Qatar has deprived the latter of the chance to achieve its dream, which it launched recently in Riyadh under the title “Made in Qatar” as an essential foundation for economic development, industrial sector progress and an increase in added value.
Bechara added that Riyadh is the major partner of Doha in the region to achieve its dream and the extending of the boycott has shaken small and medium enterprises (SMEs) confidence in Qatar and deprived Doha of creating new partnerships and cooperation projects with Saudi Arabia.
“Major challenge facing Qatari economy, meanwhile, is the gap in food and consumable goods in the Qatari market,” Dr. Abdul Ghani Hamidah stated to Asharq Al-Awsat.
He added that Doha used to import 65% of goods from Riyadh.
Hamidah noted that Qatar is a non-manufacturing country and prolonging the boycott period has caused a crisis in the daily consumption needs of the market, leading directly to a rise in prices amid the absence of domestic production.