Qatar, with a land area comparable to the Indian state of Tripura, has risen to become a significant force in the Arab world and beyond. Despite its modest size of 11,571 square kilometers, it is among the richest and most influential nations globally. Its population of 2.8 million enjoys a high standard of living, with a per capita income between $60,000 and $70,000. Qatar’s GDP is approximately $200 billion. Several key factors explain Qatar’s remarkable rise.
Qatar’s strategic location in the Persian Gulf is a major advantage. Its proximity to the Strait of Hormuz, a critical route for the global energy trade, is beneficial. The country is well-positioned for LNG exports, with easy access to global markets via its coastal terminals.
Qatar boasts significant natural gas reserves, ranking third globally. It holds an estimated 891 trillion cubic feet of natural gas.
Qatar is a major player in the LNG export market. It exports a large portion of its gas production, which generates substantial revenue. Its LNG exports reach more than 40 countries. The North Field gas project is a cornerstone of the Qatari economy, and with its reserves, its gas supply is projected to continue for many years.
Oil and gas are the mainstays of Qatar’s economy, contributing a major portion of government revenue. Qatar also possesses significant oil reserves.
The 1970s saw Qatar experience an economic boom due to rising oil prices, leading to a dramatic increase in its per capita GDP. This transformation propelled Qatar to the forefront of the world’s wealthiest nations.
Qatar has invested its oil and gas revenues in infrastructure, tourism, and cultural and diplomatic expansion to establish itself as a prominent player. Hosting the 2022 FIFA World Cup was a key strategic move. It has also hosted other significant sporting events.
Qatar has also taken on a role as a mediator in international conflicts, utilizing its financial and diplomatic power. It has played a role in various peace initiatives and has facilitated the return of children from the Russia-Ukraine war. Qatar hosts a major US military base.