The State of Qatar
Home to the FIFA World Cup in 2022 and the World’s Fastest Growing Economy
With a population of 1.5 Million, it is one of the Arab Gulf region’s smallest countries but one with the biggest potential. The State of Qatar boasts today the world’s fastest growing economy in stark contrast to a murky international environment. Being the third largest producer of natural gas reserves and member of several global organizations such as OPEC, IMF, WHO and WTO, Qatar is considered as one of the richest countries across the globe.
Qatar relies on Oil & Gas as the main backbone for its economic growth. Guided by the wise leadership of His Highness the Emir Sheikh Hamad Bin Khalifa Al Thani, the Gulf peninsula is realizing however the growing significance of developing a diversified socioeconomic system that drives a knowledge-based hub. This strategic step has taken the country on frenzy with gigantic cross-industry projects taking prominence on a global scale and several internationally-recognized milestones to its name such as the 77 Million tons annual production capacity of LNG and the host city of history’s biggest sports game, the FIFA World Cup by 2022.
According to a recent report by MEED, Qatar’s successful bid to host the FIFA World Cup in 2022 is set to launch a USD 60 Billion construction boom in the Gulf state. Projects worth approximately USD 55 to 60 Billion that had been planned will now go ahead.
A USD 4 billion stadium building programme will see the construction of nine new eco-friendly, cutting-edge football stadiums and the expansion of three existing stadiums. The stadium programme includes the construction of the 86,000-seater Lusail Stadium, which will host the tournament’s opening and final matches. Other new stadiums will be: Al-Wakrah Stadium, Al-Khor Stadium, Education City Stadium, Sports City Stadium, Al-Shamal Stadium, Doha Port Stadium, Qatar University Stadium, and Umm Sal Stadium. The existing Al-Rayyan, Al-Gharafa, and Khalifa stadiums will be upgraded.
A USD 20 Billion road improvements and expansion programme will include the USD 687 Million Lusail Expressway, Doha Expressway, Dukhan Freeway, and the Doha Bay Crossing.
Another USD 25 Billion rail network will cover the construction of a metropolitan railway in Doha, a high-speed rail link between New Doha International airport, Doha city centre and across the proposed Qatar-Bahrain causeway into Bahrain, in addition to a freight line that will link up with the wider GCC rail network.
The USD 4 Billion Qatar-Bahrain Causeway with its 45km has also been given renewed interest.
With a robust business landscape, Qatar is earmarked with corporate governance and transparency in addition to its commitment to support the local private sector. In indices and rankings from the Economist, the World Bank and Transparency International, the country leads the region in the ease of doing business, in its high standards of corporate governance, in embracing transparency in all its business dealings and in its steadfast opposition to corruption. For foreign investors, Qatar currently offers tax exemptions for 12 years. The country has also established Enterprise Qatar (EQ), an organization that helps foster the growth of local SMEs.