By: Joe Soueid
CEO
Al Mirqab Real Estate & Al Mirqab FM
In recent times, Qatar has emerged as one of the most thriving economies in the world. The citizens of Qatar carry the highest per capita income in the world. There are multiple factors behind such unprecedented performance. A stable political system at home, proper exploitation of oil and gas resources, and diversification of the country’s economy by investing oil and gas earning other income drivers are some significant contributors. In 2003, Qatar introduced Qatar Investment Authority to reap the fruits of economic diversification. As a result, the country has been witnessing remarkable prosperity and growth in the world. The country ranks among the top countries in terms of Human Development.
Here we discuss the main drivers of Qatar’s economic boom.
Visionary Leadership along with Stable Political System:
Political stability plays a vital role in the progress of any country. Since its independence, Qatar has never witnessed any bloody episode of power transition. Even bloodless coups ameliorated the conditions of Qatar and made it a more prosperous nation. The ruling monarchy is successfully providing its citizens all amenities of life due to its visionary leadership.
Proper utilization of its oil and gas resources:
Qatar carries the largest natural gas reserves in the world after Russia and Iran. Petroleum and natural gas are the backbones of the country’s economy because a substantial chunk of its earnings comes from the export of petroleum products. Together, Qatar generates 60 percent of revenues of its total GDP from oil and natural gas export. Therefore, the economy is flourishing with each passing day and transforming the country into the best destination.
Prioritizing Infrastructures:
Qatar has made a vast expansion of infrastructure at home, as well as its investment abroad. The government has allocated 40 percent of its budget to infrastructure projects, including $11 billion on a new international airport, $5.5 billion on a Deepwater seaport, and $1 billion for a transport corridor in Doha. It aims to spend $20 billion more on roads. Qatar has spent billions of dollars on “FIFA World Cup 2022” stadiums’ manufacturing. Owing to these trends, the estate business is also booming in the country. Ultimately, it is shifting Qatar toward a new direction of striking an economic boom.
Diversification of Economy:
To avoid its dependence on oil and gas earnings, Qatar has taken measures to diversify its economy to maintain its economic growth. In 1998, The government-built Education City, a large complex that supports six American and two European universities and research centres. Under the umbrella of the Qatar Investment Authority, the country has made huge investments in the majority stakes in Barclays Bank, Credit Suisse, Harrods, Porsche, Volkswagen, and Saint-Germain football team. Qatar also owns many properties in London through the Qatar Investment Authority.
Vibrant Foreign Policy:
After the recent rift in the Gulf region, it has been cleared that Qatar is not going to follow any step by compromising its national interest. Qatar shares an engaging relationship with all countries around the world to boost its economy. Therefore, Qatar’s friendly attitude in the international arena will pay back the country enormously.
Without a doubt, Qatar ranks among the richest nations in the world. It has been growing at a very rapid pace in almost all spheres of development. As a result, the country has become one of the top destinations for investors and a hub of real estate tycoons.
This article was published as part of the fifth edition of Property Finder Qatar’s Trends Report
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