Economy of Qatar

Before the discovery of oil the economy of the Qatari region focused on fishing and pearling. After the introduction of the Japanese cultured pearl onto the world market in the 1920s and 1930s, Qatar's pearling industry faltered. However, the discovery of oil reserves, beginning in the 1940s, completely transformed the nation's economy. Now the country has a high standard of living, with many social services offered to its citizens and all the amenities of any modern nation.

Qatar's national income primarily derives from oil and natural gas exports. The country has oil estimated at 15 billion barrels (2.4 km³). Qataris' wealth and standard of living compare well with those of Western European nations; Qatar has the highest GDP per capita in the developing world.

With no income tax, Qatar is also one of the two least-taxed sovereign states in the world. While oil and gas will probably remain the backbone of Qatar's economy for some time to come, the country seeks to stimulate the private sector and develop a "knowledge economy". In 2004, it established the Qatar Science & Technology Park to attract and serve technology-based companies and entrepreneurs, from overseas and within Qatar. Qatar also established "education city" which consists of international colleges. For the 15th Asian Games in Doha, it established a "sports city"



The Aspire Tower, built for the Asian Games, is visible across Doha.consisting of Khalifa stadium, the Aspire Sports Academy, aquatic centres, exhibition centres and many other sports related buildings and centres. Qatar also plans to build an "entertainment city" in the future.

Qatar is aiming to become a role model for economic and social transformation in the region. Large scale investment in all social and economic sectors will also lead to the development of a strong financial market.

The Qatar Financial Centre (QFC) provides financial institutions with a world class financial services platform situated in an economy founded on the development of its hydrocarbons resources. It has been created with a long term perspective to support the development of Qatar and the wider region, develop local and regional markets,

and strengthen the links between the energy based economies and global financial markets. Apart from Qatar itself, which needs to raise the capacity of its financial services to support more than $130 billion worth of projects, the QFC also provides a conduit for financial services providers to access nearly $1 trillion of investment across the GCC as a whole over the next decade.