Middle East

Qatar 4th richest country in the world, 1st in the Arab region – Doha News

The World Cup is expected to have a significant economic impact on the country, allowing the tourism sector to thrive as Doha doubles in size.

According to the survey results, Qatar is the richest country in the Arab world and ranks as the fourth richest country globally. global finance Latest report.

“Qatar’s GDP per capita was over $143,222 in 2014, but a year later it was just $97,846, and to this day it remains barely above that level.”

The Gulf countries were followed by the UAE, Bahrain, Saudi Arabia, Kuwait and Oman. Qatar’s ranking is described as the ‘fastest growing economy’ as its economy continues its post-pandemic recovery. world bank.

The country’s real Gross Domestic Product (GDP) is expected to grow by 4.9% this year, 4.5% in 2023, and 4.4% in 2024.

“Yet, with the country’s enormous oil, gas and petrochemical reserves and a population of just 2.8 million, this stunning ultra-modern architecture, opulent shopping malls and fine dining are just , managed to top the list of the richest countries in the world for 20 years,” said Global Finance.

Qatar’s economic growth will be the fastest in 2023-2024 compared to other GCC countries.

coping with Qatar Economic Forum (QEF)) ) In June, Gulf leader Sheikh Tamim bin Hamad al-Thani said the country was introducing legal reforms to facilitate commerce, enhance competition and ensure consumer protection.

One such development is allowing 100% foreign ownership of companies. This has resulted in a “significant increase in domestic and foreign investment”.

Leaders said foreign direct investment has increased by 27% in 2021 compared to 2020.

oil and gas

A key driver of Qatar’s projected GDP growth is current plans to boost liquefied natural gas (LNG) production under the Northfield expansion project.

The project is the largest of its kind and will boost Qatar’s annual LNG gas production capacity from 77 million tonnes to 126 million tonnes by 2027. The project is expected to generate $40 billion in revenue upon completion of the first part. By 2025.

There is already a high demand for Qatari gas in light of the ongoing war between Russia and Ukraine. Several European countries have turned to the Gulf since the beginning of the year to reduce their dependence on Russian gas.

Some countries include Italy, Germany and France. Europe receives 40% of her gas supply from Moscow, and nearly a third of shipments go through Ukraine.

Meanwhile, Qatar’s crude oil and condensate exports surged 11% in June to reach around 970,000 barrels per day (bpd) from a record high of 876,000 in May.

Doha’s crude oil exports also rose by 16% to account for about 711,000 bpd in June, while condensate exports fell by about 2% to reach a level of 259,000 bpd.

World Cup

Beyond Qatar’s oil and gas production, the Gulf nation is catching the world’s attention as the first Middle Eastern country to host the 2022 FIFA World Cup.

Qatar is set to host at least 1.5 million football fans from around the world for major events this November-December.

The World Cup is expected to have a significant economic impact on the country, allowing the tourism sector to thrive as Doha doubles in size.

Over 1 million tickets have already been purchased and at least 40 million applications have been submitted to attend global sporting events.

https://dohanews.co/qatar-fourth-richest-country-worldwide-first-in-arab-region/ Qatar 4th richest country in the world, 1st in the Arab region – Doha News

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