Economy
- West Bay Doha
The Qatari economy underwent many adjustments to bring it in harmony with the changing world economy. These adjustments were also meant to consolidate and diversify the economic base to obviate the risk of depending on a single source, viz. oil and gas.
Thus the Qatari economy is now one of the strongest in the region and has recorded genuine growth over the last 5 years. Qatar’s economy recorded noticeable real growth over the last five years. This growth has also led to an improvement in keeping inflation under control and ensuring stability of the exchange rate. Qatar’s friendly relations with other countries have helped to a great extent its foreign trade exchanges, especially in the Asian markets. Oil and fuel account more than 93% of Qatar’s exports, followed by petrochemicals and manufactured goods.
Qatar enjoys unique investment environment thanks to its attractive Investment Legislations and Investment Incentives, its social and political stability, strong and balanced ties with all states in the region and its strategic geographical location. Qatar has one of the highest per capita in the world which is 93,204 US D according to a report by IMF World Economic Outlook Database. In order to keep the momentum of economic development, Qatar adopts flexible economic policies designed to encourage local and foreign investment. This includes a well-developed infrastructure, nominal land- and lease prices in the industrial areas and exemption from duties on imported machinery.
Qatar organises a large number of international exhibitions and business conferences with the aim of boosting its commercial ties with other states. The Qatar Central Bank was established in 1993 to replace the Qatari Monetary Authority, which was formed in 1973. Among the bank’s main tasks is to organise, control and ensure stability of the financial market. Since 1995 QCB has liberalised interest rates, thus giving commercial banks the freedom to determine their interest rate ceilings. There are more than 37 banks in Qatar, some owned by Qataris others are commercial, two are Islamic, and many Arab and foreign banks.
