Qatar, like its GCC neighbors, has been investing in diversifying its economy, although its goals on this front are relatively modest. The most visible recent wave of investment was ahead of the 2022 FIFA World Cup in Doha, which required massive infrastructure investments to promote tourism and hospitality.
More recently, Qatar has been allocating billions to diversify its industrial base to build up alternative revenue streams. These investments are having an impact, with non-hydrocarbon trade revenues rising 15% year-on-year to a record $17.7bn last year driven by all sectors including metals, manufacturing, and chemicals (see chart); oil and gas still accounted for more than 80% of export revenues despite the gains. Non-oil exports are set to grow further as Doha begins to start up a series of ‘world-scale’ chemical projects this year. (CONTINUED - 888 WORDS)
