Although Qatar may be a mere 4,467 square miles, smaller in area than the Falklands Islands or even the island of Fiji, the Persian Gulf state packs a punch well above its weight both politically and economically. And attracted by the prospect of jobs and money, this tiny peninsular country is also home to around 1.7 million expatriates from all across the globe. Incredibly, they actually outnumber Qatari nationals by around seven to one. The majority of expatriates come mainly from the Indian subcontinent, principally India itself, and from other Arab countries.
Big international companies are also attracted to Qatar because of its central location and the stable and business-friendly environment it has to offer them. As a result, doing business in the Middle East and across the wider region is not only a whole lot easier, it’s also more profitable. With first class business credit cards and other financial services available from multinationals like HSBC or Barclays, setting up in Qatar is hardly the toughest of decisions to make!
If commerce and international trade is the future lifeblood of Qatar, oil and gas is its present economic driver. In terms of GDP per capita, oil and gas has certainly helped propel this sovereign Arab state to the top of the table of the world’s wealthiest countries. But Qatar’s rulers well know such bountiful natural resources won’t last forever, so the push is on to diversify the economy away from oil and gas dependency. It’s sound economic planning.
In the meantime, Qatar is also storming ahead with ambitious plans to improve the country’s infrastructure, spending billions of dollars on a range of spectacular projects. Much of this is directly related to Qatar hosting the FIFA World Cup football competition in 2022, the first Arab nation to do so and therefore a much anticipated event. The competition price tag, estimated at around $4 billion, includes the cost of building nine brand new football stadiums. Three other stadiums earmarked for the competition which already exist are to be upgraded and expanded.
But the spending on stadiums will also be augmented by the huge costs involved in building a new metro system for the Qatari capital, Doha. Estimated at some $36 billion, the Doha Metro system will also help link all of the stadiums involved in staging the World Cup. But, believe it or not, the spending doesn’t stop there.
There’s $20 billion in the pipeline for roads and other transport infrastructure projects as well $5.5 billion for a new deep-sea port for the capital. The long-delayed opening of a new airport for the capital is expected next month, according to the Air Transport World website.
ATW says, “Doha Hamad International Airport, formerly known as the New Doha International Airport, is set to open April 1 and will be operated by national carrier Qatar Airways.
“The first phase of the $15.5 billion project will see 12 international carriers operating from the new facility from that date. These are reportedly carriers, including low-cost airlines, which do not require use of the airport lounges that have yet to be completed. Qatar Airways will move its entire operations to Hamad International in the second half of this year once the lounges have been completed.”