Qatar economy

Over the last 30 years Qatar economy has undergone exemplary improvements in terms of economic and social developments (3). This is majorly due to the discovery of gas and oil in the country. Before these discoveries were made the growth of economy only depended on fishing and pearl hunting. Despite the fact that Qatar is a small country, it has been ranked the third country in the world with the largest gas reserves. It has around 13.2 billion barrels of oil reserves (2). There if the Qatar’s economic policy which mostly focuses on making sure that oil and natural gas reserves contribute optimally to the development of the economy. It is predicted that Qatar may turn out to be the richest country in the world soon in terms of GDP per capita. It was forecasted that its GDP will increase from $8 billion in 1995 to $62 billion by 2011 (2). In 2006, it was among the highest income countries with GDP per capita of $61,540. There is so much international investment in the energy sector (2).
Oil and Gas.
Oil become the biggest contributor of the Qatar’s economy in 1990s and still contributes around 62% of the total government revenues (4). In 1973 oil revenues were high such that Qatar was removed from being one of the poorest countries (4). In 2007, the per capita income increased to almost $67, 000 making Qatar the fifth highest in the world (2). Recently oil and gas provide 79% of Qatar’s GDP, 85% earnings from export and 70% of government revenues (2).
It is forecasted that Qatar oil reserves will be completely depleted by 2023(1). This is not a great problem because large natural gas reserves have been discovered in Qatar’s northeast coast. The discovered reserves are the second largest in the world, more than 7 trillion cubic meters (1). In addition Qatar has the largest single gas field in the world (1).
As discussed earlier, Qatar’s economy was low before the discovery of oil and gas. It started reviving in 1991 when the first phase of worthy $1.5 billion was completed in North Field gas development (1). This project started exporting liquidified natural gas (LNG) to Japan in 1996. In 2007, it was ranked the top LNG exporter with more than 31 million metric tons per annum (1). The industry of natural gas liquefaction is in Ras Laffan and is the world’s largest LNG export (4). Qatar has a large industrial base in Messaieed which comprises of 140, 000 bdp capacity, a fertilizer plant for urea and ammonia, steel plant, petrochemical plant among others all which use gas as their fuel (4).

The North Field gas development does not only end with this one phase. There are other phases likely to cost billions of dollars involves in planning and development (4). Qatar has finalized its agreements with UAE to use pipes to export oil and use ships to export to Spain, Turkey, Italy, U.S, France, South Korea, India, China, Taiwan and U.K(4). A lot of resources have been towards development and extraction of natural gas particularly liquefied natural gas. In 2010, the Qatar National Bank showed that oil and gas contributed more half of Qatar’s 2010 GDP. Oil and gas are the mostly used energy sources.

It was estimated that as at January 1, 2011, Qatar had 25.4 billion barrels of oil reserves and 896 trillion cubic feet of natural gas (5). It is the leading exporter of LNG and as at 2009, it exported 1,800 Bcf (5).

Qatar has not been working alone, rather it has formed partners. The partners helped in interaction between national and international companies (6). Due to the efforts of Qatar and its partners, production of LNG has hiked to 77 million tons per year, energy supply of over 5 million barrels per day of oil, natural gas and associated liquids (6). It is estimated that that, by the year 2030 natural gas will provide 25% of the world’s electricity needs (6).
Qatar has set a target for itself for non energy sector to contribute 80% of the economy by 2015 and achieve zero oil dependence by 2020 (7). Despite the fact that the economy is declining, the Qatar economy is likely to remain stable with GDP estimated to range between 10-12% in 2009 and 10% in 2010 and 2011 (7).
Sports Field
After the economy was successful in Qatar, the government decided to venture in to sports to increase economy. Sports are of a very great importance in Qatar. As evidence that sports are given a crucial recognition, qualified coaches are hired to offer training lessons for both adults and children. It does not only depend on national sports but also on international sporting. For instance, the world gymnastics champion which was held in 2010, the world indoor athletic championship 210, Asian games 2006, world wakeboard championships among others. These sports contribute to the economy because as people come to Qatar, they buy products from there hence contribute to the revenue generation of the country. Also, in December 2010 Qatar won the hosting of the world cup 2022. And, that wasn’t luck because Qatar has many stadiums that can host the mondial 2022. The sports also attract travelers in the country making a booming business in the airlines. The country hosts world class sports because it has world class sport facilities.
Official Carrier (Qatar Airways)
Qatar national carrier also called the Qatar airways was founded in 1993. It has turned out to be one of the first growing airlines in the world. It serves people from all destinations. It serves customers going to and from Asia Europe, North America among other. It is adding to the economy through sponsoring of various activities which contribute to the Qatar economy. Despite this, oil and gas are the leading contributors to the economy.
Qatar airways do much in sponsoring sports since sports contribute to the economy of the country. It does not only build the economy in the sports field only. They try and promote the internal economy. They focus on sponsoring marketing of weather because many people will spend a lot of time and pay as much money as it takes to watch weather. This has turned out to be very cost effective. For instance they can get around twenty six spots each day which people can pay and work. This has lead to generation of a huge amount of money.
1. http://www.explore-qatar.com/facts-and-figures/economy/oil-and-natural-gas
2. http://www.explore-qatar.com/facts-and-figures/economy
3. http://siteresources.worldbank.org/KFDLP/Resources/QatarKnowledgeEconomyAssessment.pdf
4. http://www.traveldocs.com/qa/economy.htm
5. http://www.eia.doe.gov/emeu/cabs/Qatar/Full.html
6. http://www.qnaol.net/QNAEn/News_Bulletin/Economics/Pages/11-04-07-1327_748_0038.aspx
7. http://www.ibq.com.qa/about/aboutqatar_en_gb.aspx

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