How Qatar Became The Richest Country In The World?

How Qatar Became The Richest Country In The World?

Here I would like to share that How Qatar becomes the world’s richest country?

The al-Thani family in Qatar ruled from the 1900s when it was a British British Protected State. On July 17, 1913, Sheikh Abdullah bin Qasim al-Thani (left the center) became the ruler of Qatar.

At that time, Qatar’s primary industry was to remove fat and fish. In the 1920s, due to the collapse of the trade of pearls, there was a scarcity of poverty, malnutrition, and disease in the country.

In 1939, oil was discovered in the tragedy. Due to World War II, the growth in the field was slow until 1949. While oil exploration was important, but it was nothing compared to the natural gas reserves found after 30 years.

In 1951, Qatar produced 46,500 barrels of oil per day, which was $ 4.2 million in revenue. Due to the discovery and development of oil fields, oil production increased by 233,000 barrels per day.

New revenue from oil exports filled the pocket of the ruling family and Qatar started the process of slow modernization. The country’s first school, hospital, power plant, desalination plant and telephone exchange all open in the 1950s.

During the 1960s oil revenues continued to rise because the al-Thani family strengthened their hold on power by establishing relatives on higher government posts. Extraordinary allowances were given to all Al-Thani family members

How Qatar Became The Richest Country In The World

Qatar announced its independence in 1971 after Great Britain announced the removal of all its military obligations in the east of the Suez Canal.

On February 22, 1972, Khalifa bin Hamad removed his father, Amir Ahmad bin Ali, who was hunting with his hawks in Iran. Khalifa bin Hamad cut the expenses of the royal family and increased spending on social programs, housing, health, education, and pension.

In 1971, the world’s largest natural gas field, South Pars / North Dome Gas-Condenset area, was discovered on the coast of Qatar. At that time the production of petroleum was going on very high, so this area was not developed.

Qatar will definitely say thanks for the northern region, now Qatar has the largest natural gas reserves in the world after Russia and Iran. Qatar’s stock is approximately 896 trillion cubic feet.

In the 1980s, due to the decline in oil prices, due to lack of oil revenues, the Qatari economy stagnated. The crisis prompted Qatar to eventually develop the North Field in 1989, although production was slow.

By 1995, the situation in Qatar had not improved. Sheikh Hamad bin Khalifa al-Thani took over the bloodless coup with Amir Khalifa bin Hamad Sheikh Hamad fixed a new direction for the country.

Sheikh Hamad’s first move was to track the development of the North Dome area rapidly. Production grew and Qatar started exporting liquid natural gas for the first time.

How Qatar Became The Richest Country In The World

In order to accommodate increased production and demand, Qatar started building new liquid-natural gas plants. In the last 15 years, 14 liquid-natural gas plants have been made in partnership with international oil companies.

In the late 1990s, Qatar entered the production sharing agreement with several international oil companies. New companies started using horizontal drilling methods to stop the fall in oil production. As part of Qatar’s partnership with Mursk Oil, the world’s longest horizontal well became.

In 1996, Qatar built a large, billions of dollars of Al-Uddin Air Base, which served as a logistics and command facility for the American military. Partnering with the US Army has given Qatar an unprecedented level of security.

In 1997, Qatar started long-term settlements to provide a large amount of natural gas to Spain and Japan. Over time, Qatar provided more variety to its customers.

Qatar’s GDP has skyrocketed over the last 15 years due to stable oil production and high natural gas production.

To avoid the dreaded resource curse, Qatar has taken measures to diversify its economy. In 1998, the government constructed Education City, a large complex that supports six American and two European universities as well as research centers.

Qatar has raised the sovereign wealth of 170 billion dollars due to revenues from oil and natural gas. It has started investing like a hedge fund.

In 2003, Qatar established the Qatar Investment Authority to reorganize oil and gas earnings in other income streams. QIA has made huge investments in majority stake in Barclays Bank, Credit Suisse, Harrods, Porsche, Volkswagen and Paris Saint-Germain football team.

Qatar has become one of the largest holders of real estate in London through QIA. Qatar has a large part of Western Europe’s largest skyscraper as well as Canary Wharf and other parts of the city.

Qatar’s financial center was built in 2005 to develop Qatar’s financial services industry. The country believes that it can become a major financial center for the Gulf states due to its relative stability and large base of capital.

You will be able to see the change in view of Qatar from above. This was seen in Doha in 1977.

It looks like this here now. Since 2000, 58 skyscrapers have been built or planned or are under construction in Doha, as well as museums, stadiums, huge infrastructure projects, and more.

It’s a good thing to be Qatya at present!

Hope this answer is helpful for you.

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