Why Qatar

Qatar is emerging as one of the most dynamic economies in the Middle East. It has the highest per capita income in the world and enjoys one of the fastest growing GDPs, reaching 13.3% real GDP, and valued in 2008 at over US$80 billion.

The Qatar’s economy is expected to witness promising growth in this year 2010. Qatari economy’s vulnerability to oil price movements, as well as the finite nature of oil reserves has led the Government to exploit Qatar’s significant reserves of natural gas and to promote investment in the non-oil sector of the economy to lead to diversification efforts provides the momentum for reshaping the economy. According to the Qatar Statistics Authority, the economy of Qatar has achieved a remarkable growth during the second quarter, April/June 2008 in various economic activities, Estimates indicate the "GDP" reached QR 96,169 Billion, compared with QR 59,820 Billion during corresponding quarter, April/June 2007 with a growth rate of 60.76%, While it reached QR 84,309 Billion during the preceding quarter, January/March 2008, with a growth rate of 15.35 % .

The economy is rapidly expanding in practically every sector and industry. A combination of government investment and the participation of multi-national companies are creating a culture of opportunity.

The government is using its vast oil and gas wealth to create a society that provides opportunities for all. It has committed over US$140 billion for investment, infrastructure and expansion in a wide range of sectors, including energy, health, education, transport, infrastructure and tourism.

Reliance on crude oil exports has been replaced by an ambitious and progressive approach to the management of the nation’s economy, which focuses on developing Qatar’s huge natural gas reserves and its expansion of liquefied natural gas, petrochemicals and condensates production. This is supported by a far reaching programme of economic liberalisation and diversification into a more broadly based economy.

Qatar is quickly becoming the world’s single largest producer of LNG, and by 2010 will have a production capacity of 77 million tons per year. New oil capacity also continues to come on stream, thus boosting export volumes. By 2012, Qatar will be producing the equivalent of 6 million barrels of oil.

The economy is characterized by low private consumption and a high national savings rate, making Qatar a very attractive financial market within the GCC, with a high asset growth rate.

Qatar’s Initiatives

Qatar Science & Technology Park (QSTP) will provide world class research facilities to companies like Microsoft, Rolls Royce, EADS, Shell and GE.
QSTP will also raise over $100 million in a venture capital fund.
Qatar has committed $8 billion for research in healthcare initiatives, the largest cash endowment of its kind anywhere in the world.
Qatar has created a world class sports academy, Aspire, which houses the world's largest indoor sports dome, as part of its programme to develop the next generation of sports leaders.
Qatar Airways is one of the fastest growing airlines in the world. It aims to treble its fleet to 120 aircraft by 2015 and also develop a global cargo service. It has placed over $15 billion in aircraft orders.

Qatar Economy

Qatar’s real GDP has grown at an average of 15% since 2000. It is one of the world’s fastest growing economies.
Qatar’s GDP – presently at US$ 80 billion – is expected to continue to grow at a rate of around 10 % per annum, with strong foreign currency reserves and increasing foreign direct investment.
Qatar’s economy has doubled in the past 4 years and will double again in the next 4 years.
Qatar’s trade account will continue to record a substantial surplus, rising to $17.4 billion in 2007.
Qatar’s risk rating is the highest in the region, with Standard and Poor rating it AA- and Moody’s Aa2.
Qatar is ranked number 2 in the WEF Arab World Competitiveness Report.
Qatar is ranked number 7 globally in the United Nations FDI Potential report.
Qatar is ranked number 19 in the Global Competitiveness Report.

Basic Facts

Qatar has a population of 1.45 mn, an area of approximately 11,500 sq km and a GDP per capita of some $80,000.

The Emir, HH Sheikh Hamad bin Khalifa Al Thani, is the head of state. A new constitution overwhelmingly approved in a nationwide referendum came into effect in June, 2005. It provides for Qatar's first legislative elections and an independent judiciary, and the election of two thirds of a 45 member parliament.

Qatar is a member of the six member Gulf Co operation Council.