QATAR
Qatar National Convention Centre, Doha ECONOMIC DEVELOPMENT With such large resources, Qatar’s economic development has been
rapid and impressive, to say the least. Oil and gas is the cornerstone of Qatar’s economy and accounts for
more than 70 per cent of total government revenue, more than 60 per cent of GDP and roughly 85 per cent of export earnings. Revenue from natural resources has given Qatar a per capita GDP that ranks among the highest in the world, especially given the comparatively small population. Te World Bank suggests Qatar’s population is 1,508,322, with a GNI per capita of US$76,168.00. Qatar’s proved reserves of natural gas exceed 7000km³, more than 5 per cent of the world total, and third largest in the world. But even with such vast resources, the QNV realises that they are
finite, and thus recommends economic diversification away from reliance on fossil fuel. Qatar National Bank (QNB) Group expects that hydrocarbon GDP
will represent 59 per cent of total GDP in 2012, compared to 58 per cent in 2011 due to higher prices and increases in output. In 2013, the share of hydrocarbon GDP will fall back to 58 per cent as QNB Group
expects hydrocarbon prices and production to level off while the non- hydrocarbon sector grows strongly. Based on QNB Group’s baseline forecasts for 2012 and 2013, GDP per
capita will be $112,929 and $114,340 respectively, which will rank Qatar as the richest country in the world. Te QNV envisages continuing focus on hydrocarbons until 2030,
while encouraging economic diversification. With such large reserves comes large responsibility, and responsible exploitation of oil and gas is enshrined in the national vision document. Te emphasis is on ‘clean’ energy, that is, energy from fossil fuels
created in the most efficient way possible. Ensuring the exploitation of reserves contributes to development of human resources and economic capacities is also paramount. Maintenance of the country’s strategic reserves is key, especially the balancing act between managing domestic requirements and gaining profits from exports. Economic development for Qatar will only come about with sound
economic management. Te government is looking to create long term, sustained rates of economic growth – which, according to the QNB figures above, seems to be happening. Stimulating the business climate is a priority, and the World Bank notes
38 I CITYSCAPE I MAY 2012
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