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How Qatar Became Richest

Qatar, a small country in the Middle East, is the richest country in the world in terms of per capita income. Almost the entire region of this country is desert. Summer temperatures on the Qatari Peninsula are around 50 degrees Celsius, making Qatar one of the most uninhabitable places on earth.

This British colony of the past was a country of extreme poverty in inaccessible and extreme climates. Qatar gained independence from the British in 1971. Qatar was then the poorest country under British control. But that miserable state of affairs in Qatar did not last long, with this episode of Fogfire discussing how Qatar went from an uninhabitable desert to becoming the richest country in the world.

The area of ​​Qatar is only 11 thousand square kilometers, in terms of size Bangladesh is about 13 times bigger than Qatar. Of the population less than 3 million, only 300,000 are Qatari nationals, and the rest of the expatriate Qatari nationals have a per capita income of about 1 crore 15 lakh rupees, which is 71 times the per capita income of Bangladesh. In the past, Qatar’s economy depended on fishing and pearl hunting The Qatari pearl industry was destroyed in 1920 due to the pearls cultivated by the Japanese

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Yet the wheel of fortune of this poor country has changed in an unimaginable way. Like other countries in the Middle East, Qatar and its underground mineral resources have become powerful economies. But Qatar, like its neighbors, has not only mineral oil, but also natural gas mines Qatar, one of the world’s smallest countries, has huge reserves of natural gas. Qatar’s first oil field was discovered in 1940, and the country’s mineral resources continued to be exploited by foreigners until the 1960s, when the lives of the Qatari people did not change much.

In 1970, the Cell Company discovered Qatar’s largest natural gas mine, the North Field. It was the largest gas mine in the world. At the time the mine was discovered in Qatar, natural gas was not a lucrative business. Because at that time gas was supplied only through pipes, and Qatar was located in a remote place from where it was almost impossible to get gas through pipelines to the places of demand. That is why, despite having so much wealth, Qatar did not make much progress until the mid-1990s

Qatar’s Althani royal family has ruled Qatar for more than 150 years, with former Emir Hamad bin Khalifa al-Thani making the biggest contribution to making Qatar the richest country in the world. He rebelled against his father in 1995 and seized power in Qatar The caliph’s main goal was to harness Qatar’s natural gas reserves. After he took power as emir, he invested heavily in inventing new methods of transporting natural gas, a process called liquefaction.

The gas has to be stored at -161 degrees Celsius after liquefaction, which is not an easy task to maintain in warmer climates like Qatar. Large liquefied natural gas or LNG is exported to the country Due to the construction of huge industrial complexes in Qatar’s gas fields, gas extraction and liquefaction is cheaper here than in any other country in the world.

The cost of a liquefied natural gas tank in Qatar is almost four times the cost of production in the United States. The caliph took another groundbreaking step to prevent Qatar’s economy from collapsing once the oil and natural gas reserves ran out. He set up an organization called the Qatar Investment Authority in 2005 to invest in diversifying Qatar’s economy.

The Investment Authority of Qatar has invested 400 400 billion in over 40 countries, from Singapore to Silicon Valley. Real Estate Project | The top 15 skyscrapers in the City of London are 34 per cent owned by Qatari but the combined ownership of UK companies is only 21 per cent.

Last but not least, British Airways and the Qatar Investment Authority, which owns 20 percent of London’s Heathrow Airport, owns 25 percent of Russia’s St. Petersburg Airport, making Qatar the fourth highest office investor in the United States in 2016. Qatari authorities have invested 5 billion in Manhattan, the heart of New York alone The investment authority includes shareholders of several world-renowned multinational companies, including Volkswagen Barclays Bank, Shell, Uber, Iberdrolla, Tiffany & Co., and even Russia’s state-owned oil company.

Investment Authority has also bought Italian luxury brand Valentin Then in 2011 they bought the famous French football club Paris Saint-Germain The Qatari government has set up the Al Jazeera Media Network to play a strong role in shaping world opinion.

Al Jazeera has more than 60 news bureaus around the world, making it the second largest television network in the world after the BBC. Another Qatari-owned media outlet, B-Eng Media Group, has 60 sports and entertainment channels under the group, broadcasting in six different languages, as well as the Miramax Film Qatari-owned group.

With the withdrawal of American troops from Saudi Arabia in 2003, Qatar spent billions of dollars on its own initiative to build bases for American troops. With about 11,000 U.S. troops stationed at the two bases in Qatar, Qatar has forged friendly relations with Turkey and Iran to balance the power. Moving forward at an unstoppable pace, on the one hand, the Qatari royal family is increasing investment in various fields to secure their future, on the other hand, the Saudi ruling class is more interested in luxury than investment. Living a luxurious life and wasting more money is to say that there is no rival to the Saudi royal family.

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