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Qatar. A place that's changing everyday. With its world class regulation and secure and transparent rule of law, the QFC has helped Qatar to become the region's most dynamic economy, and its perfect access point. Benefit today from the lowest tax in the world; 100% ownership, repatriation of all profits, and an onshore trading environment. And tomorrow, why not experience one of Qatar's oldest treasures?BUSINESS ENERGY
About Qatar
Last Updated :
23 May 2011
Qatar is characterised by an accelerating economic transformation achieved through the careful stewardship of its vast hydrocarbon reserves. Qatar owns the third largest proven gas reserves in the world comprising some 896 trillion cubic feet, or 13.5% of the world’s total proven gas reserves as at the end of 2009, and some 27 billion bbl of proven oil reserves, or 2% of the world’s total proven oil reserves as at the end of 2009 (source: BP Statistical Review of World Energy 2010). In parallel with Qatar’s 23% compound annual growth rate in nominal GDP between 2005 and 2009 (source: QSA), its population grew 14% annually over the same period from 0.9 million in 2005 to c.1.6 million people as of Q3 2010 (source: QSA) and is forecast to reach 2.2 million by 2015 (source: EIU).
Qatar enjoys strong political stability based on the continuous pursuit of progressive social and political reform. Its new constitution was overwhelmingly approved in a nationwide referendum and came into effect in 2005. It provides for an independent judiciary and the election of two thirds of the country’s 45 member parliament, engendering a strong trust in the government by the population.
Qatar is focusing on the diversification and expansion of its economy beyond its hydrocarbons sector. The development of a broad knowledge-based economy is one of the pillars of the government’s National Vision for 2030, the long-term development strategy approved by Emiri -decree (44) in 2008, which has four interconnected aims:
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Human Development: development of all its people to enable them to sustain a prosperous society
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Social Development: development of a just and caring society based on high moral standards, and capable of playing a significant role in global partnerships for development
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Economic Development: development of a competitive and diversified economy capable of meeting the needs of, and securing a high standard of living for, all its people both for the present and for the future
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Environmental Development: management of the environment such that there is harmony between economic growth, social development and environmental protection.
Qatar has long played a major role in both regional and world affairs, hosting the WTO negotiations in 2001, as non-permanent member of the UN Security Council for 2006-2007, and as a member of the Gulf Co-operation Council (GCC) and contributes to the implementation of integration and cohesion among GCC member countries to meet the aspirations of their respective peoples in key areas such as security, stability, trade and economic development. As host nation to the 2022 FIFA world cup, Qatar’s profile on the world stage is expected to increase further.