Diversification of Qatar's Economy
The Government has made considerable efforts to reduce the reliance of Qatar on revenue generated from the oil and gas sector. It has invested, and has encouraged increased private and foreign investment, in non-energy sectors such as financial services, health, education, sport and business-related tourism. Some of the most significant developments in the last few years have been:
- The increased funding and remit for the Qatar Development Bank (QDB) to assist the development of the private sector. In 2008 the State of Qatar, the sole shareholder in QDB, increased its capital from QR 200 million to QR 10 billion.
- The establishment of the Qatar Financial Centre (QFC) to attract financial services entities to locate in Qatar. More details on the QFC can be found here or at the website of the QFC authority.
- The establishment of Qatar Science and Technology Park (QSTP) to provide a home for technology-based companies from around the world and to generate opportunities for Qatar’s scientists and entrepreneurs. Click here to view QSTP website
- Large investments have been made into education (Education City) and health (Sidra Medical and Research Center).
- The promotion of Qatar as a high-end tourist destination through investment in infrastructure and through staging major business conferences and high-profile sporting events.
- The increasing activity of the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund, which has invested in a range of sectors throughout the world.
Further information on Qatar's economy and other statistics on Qatar can be obtained from the following websites: