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Austrian Embassy to open in Qatar

Austria & Qatar
13. December 2011

As a sign of the growing importance of Qatar in the Austrian commercial relation with the Gulf, The Austrian Chamber of Commerce has decided to open an Austrian embassy in Qatar. The Austrian Federal President, Dr Heinz Fischer, headed to Doha together with a high level Trade Delegation from 11th – 12th December 2011 to formally launch the Austrian Embassy. The Austrian Trade Commission tells you more.  

With one of world’s fastest growing economies, Qatar has now emerged as a rising star of the Middle East. From 2005 to 2010, GDP growth averaged 16%, and according to the IMF, Qatar’s real GDP growth is 18.7% in 2011. As it prepares for the 2022 World Cup finals, the Qatari government is expected to spend over $60bn in the coming 11 years on projects. Several Austrian companies have invested heavily in some of the upcoming mega projects in Qatar.

Moreover, real estate is booming, boosted by liberalization of laws opening the market to greater development, and more foreign investment. Rents rose 40 % in 2005, according to Commercial Bank of Qatar. That prompted government limits on rate hikes, and new property coming on line has cooled things, but the market remains hot.
Also Qatar is emerging as a potential leader of the Arab world; it is the main Arab player in the Nato-led coalition in Libya and has played a major role in trying to resolve regional conflicts.

Keeping in mind all the above factors and also as a sign of the growing importance of Qatar in the Austrian commercial relation with the Gulf, The Austrian Chamber of Commerce has decided to open an Austrian embassy in Qatar. On the occasion of the opening, the Austrian Federal President Dr. Heinz Fischer will be in Doha together with a high level Trade Delegation from 11th – 12th December 2011.

Says Dr Wolfang Penzias, Austrian Trade Commissioner to the GCC, “Taking into consideration Qatar’s emerging economy, the opening of an Austrian Embassy here will be a big boost to the Austrian entrepreneurs in Qatar. It is definitely going to make a difference.”  

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