that Qatar has reduced the time, cost and paperwork involved in setting up a business. Qatar is aiming to increase the role of its non-hydrocarbon sector to 80
per cent of the economy by 2015. Significant investment is being made on projects such as the New Doha International Airport, Pearl Island, Lusail City and Mesaieed Industrial City’s port. Qatar has established a strong reputation in the transportation, media and real estate space, with Qatar Science and Technology Park now housing more than 30 ventures in areas such as life sciences, oil and chemicals, environment, electronics and software engineering. In late April, Qatar hosted the third World Investment Forum (WIF 2012). Te forum took place in tandem with the 13th session of the United Nations Conference on Trade and Development (UNCTAD XIII), held at Qatar’s National Convention Centre. Such high-level conference and meeting activity underlines Qatar’s
growing importance as a global economy to reckon with. Te state’s natural resources have enhanced its influence, and the wealth from resources haven given Qatar the chance to build the nation into a world- class business hub.
Te 11th annual Global Information Technology Report, prepared by INSEAD business school and the World Economic Forum, examined
the networked readiness of 142 developed and developing countries worldwide, accounting for more than 98 per cent of the world’s GDP. Te index measures how each of these markets is leveraging advances
in information and communication technologies (ICT) to drive economic productivity and social development. Qatar was one of several Arab countries in the top 40, sitting one place behind Bahrain (27) and ahead of the United Arab Emirates (30), Saudi Arabia (34) and Oman (40). In particular, it was cited as creating one of the best environments for
entrepreneurship worldwide - coming second out of all 142 countries. Good news for Qatar as it implements the ideals enshrined in the National Vision, but the economic development of the nation is dependent on human development, social development and environmental development. Sustainable economic diversification is a clear message in the vision document. Sustainable development can only really be achieved by a gradual move away from dependence on the finite hydrocarbon industries. Analysts suggest Qatar’s energy resources will last for another 30
years – a much-debated timescale - but the finite nature of fossil fuels means Qatar must diversify its economy l
MAY 2012 I CITYSCAPE I 39
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