Sheikh Tamim bin Hamad Al Thani's latest visit to India has generated buzz about Qatar's stunning economic success. But why is the country so quickly become one of the wealthiest in the world?
The solution is Qatar's immense reserves of natural gas. The discovery of gas in the 1970s transformed the nation's economy from a impoverished pearl-diving state to a rich, vibrant state. Qatar is now the largest exporter of liquefied natural gas (LNG) in the world, with 885 trillion cubic feet estimated of reserves ¹.
But Qatar's success story is not all about fortune; it's also about planning and investment. The government has heavily invested in the development of infrastructure, establishing a business-friendly environment that is foreign investment-friendly. This has allowed Qatar to diversify its economy, with finance, tourism, and real estate sectors contributing greatly to its GDP.
Qatar's own distinctive strategy of economic development has also been a key factor in its success. The government has pursued a "Qatarization" policy, with the goal of encouraging local entrepreneurship and talent. This has resulted in the development of a thriving private sector, with Qatari enterprises at the forefront of economic growth.
As Sheikh Tamim bin Hamad Al Thani's India visit shows, Qatar is also interested in deepening its relations with other countries. The nation has been actively seeking diplomatic and economic alliances with nations such as India, China, and the United States.
In summary, Qatar's meteoric economic emergence is a result of the country's visionary leadership, investment in infrastructure, and adherence to diversification. With its status as the world's largest exporter of liquefied natural gas, Qatar is set to remain an important player in the global energy arena.