The
economy of Qatar is one of the active economies in the Middle East and
is mainly dependent upon the ebb and flow of revenues generated by
Qatar's hydrocarbon wealth and its related industry.
But, luckily for the people of Qatar, national income is spread around only 630,000 people of whom 200,000 are foreigners. This means that national income per capita is one of the highest in the world. Qatari nationals are on average among the wealthiest in the world.
The cornerstone of Qatar's economy is the exploitation of its hydrocarbon resources. Since the mid-1980's, there has been a major breakthrough in the economic situation, with the discovery of the world's largest known non-associated offshore gas field in Qatar territory; placing the country Third in terms of world natural gas reserves. Considerable resources have been invested in the development of facilities to exploit, process and export this invaluable commodity.
As well as being a major oil and gas producer and exporter, Qatar also boasts a diversified and fast-expanding industrial sector with a variety of heavy, medium and light industries concentrated in three industrial areas: Mesaieed Industrial Area, the new Ras Lattan Industrial City, and the Doha Industrial Area.
In recent years, new economic and market liberalization policies have been adopted to consolidate and expand foreign and private sector involvement in the economy. A number of new measures and laws have been introduced, including the creation of the shareholding Qatar Industrial Manufacturing Company, the Qatar Industrial Development Bank and the setting up of the Doha Securities Market.
The government is moving rapidly towards the creation of a more flexible business climate in Qatar to encourage more foreign investment in downstream industrial projects of both large and medium scale.
The drive of modernization and reform that has followed the accession of HH The Emir Sheikh Hamad bin Khalifa AI- Thani in 1995 is clearly behind the great optimism and confidence that Qatar has in the years to come.
