In recent years, the Qatar economy has become one of the richest in the world – mainly due to their petroleum reserves, oil, and gas. Even though resource exports are the cornerstone of the country’s financial success, Qatar is looking to diversify their long-term development in hopes to maintain the economic results once the gas runs out. Gas and oil may be keeping the country afloat now, but down the line there are high hopes that through research and development, a focus on education to prepare future leaders, and other potential business success, that Qatar will remain a wealthy county.
Petroleum, Gas, and Oil
Before the Qatar economy was defined by oil exports, it was a relatively poor pearl-fishing country. It wasn’t until the 1940s that gas and oil fields began to be exploited, and in 1973 that revenue increased dramatically. Qatar has the world’s third-largest natural gas reserves, and the gas and oil account for roughly 85% of national income. The country has allowed extensive foreign investment in the oil industry, and is the world’s leading exporter of liquefied gas. Since this is the largest portion of the country’s income, there are plenty of jobs available and continuous room for growth.
Tourism
Since Qatar is such an up-and-coming country with a booming economy, it’s only natural for many people from around the world to visit and see what there is to offer. Doha merges traditional culture seamlessly with modern society to create a place that has present-day comforts and goods, but still has classic Arabian tones and lifestyle elements all around. Since there is a lot to do in Qatar, there is ample room for expansion as well. The city as a whole is making a move to become even more modern and urban, so it’s constantly evolving and expanding. Qatar focuses on niche tourism by have unique museums such as the Museum of Islamic Art and architectural wonders like the Tornado Tower. By creating a cultural hotspot such as The Pearl, diverse stores, hotels, and activities, will attract tourists globally which will promote other companies to create locations in Doha, in addition to encouraging construction and real-estate opportunities.
Education
One of the plans to secure the economy in Qatar for the future is to focus a large portion of the country’s budget and time into education for all ages. The hope with this is that by promoting education and intelligence for students of all ages, when the time comes and Qatar can’t depend off of exporting oil and gas that they will be able to have a more diverse financial structure. The Qatar economy may be largely dominated by petroleum today, but this investment in education is meant to ensure that the economy can continue to thrive even in a post-petroleum world. Since education to this degree is still fairly young in Qatar, there are still plenty of opportunities to expand. Some colleges from America and Europe already have remote locations in Doha itself, while other colleges are advocating for online programs to be accessed in Qatar.
What Should We Know About The Economy?
One of the many reasons that Qatar attracts so many expats and foreign businesses is because there is no income tax or domestic corporate tax. Foreign businesses operating in Qatar have a flat 10 percent tax, however. Aside from customs, there are no other major taxes; the taxes the government does receive is less than 5% of total domestic income. In thanks to the rising oil prices, Qatar’s prosperity has been on a constant rise since the 1970s.
If You’re Interested in Moving To Qatar
When looking into a country for travel or potentially moving there, it’s good to take note of home buying or rental options. There are many affordable opportunities in Doha or other major cities should you opt to make Qatar your new home. There are options to fit various needs or wants: overlooking water, right in the middle of a city and close to hotspots, or more quiet and reserved areas. Deciding to purchase a home in Qatar could be the start a new adventure.