Thursday, January 9, 2020

This is How Qatar Became The Richest Country in The World









Since 2017 Qatar has been subject to a boycott by Saudi Arabia, the UAE, Bahrain, and Egypt; The so-called Arab Quartet. Creating a deep rift in a region already beset by civil wars and insurgencies. Two years into the blockade and Qatar is stronger and more resilient than ever. Qatar has demonstrated an impressive ability to turn the crisis into an opportunity in terms of improving food security, social cohesion, and economic sustainability. Including adapting fiscal policies that helped its currency weather the blockade. However, a much less recognized geopolitical silver lining is that the crisis has inadvertently helped Qatar keep out of some of the most damaging policies in the Middle East and, in this way, has paved the way for the country to make a regional comeback. Qatar was happy to be out of Yemen. Firstly, as soon as the blockade started, Qatar was thrown out of the alliance waging war in Yemen, which the Qataris joined reluctantly, largely to please the Saudis. Another year of war in Yemen has only involved more death and misery, with Saudi's other blockade bringing the country with its 28 million people to a massive humanitarian catastrophe. Serendipitously, Qatar was extricated from the negative reputational fallout suffered by Saudi and the UAE. This was Doha's first strategic win in the eyes of a global media and civil society increasingly alarmed at the horrors unfolding in Yemen. Moreover, with cracks rapidly developing in the Saudi/UAE alliance as a result of having diverging designs for Yemen's future, Qatar has come out as a more trustworthy party that harbors no preconceived ideas about Yemen's territorial integrity. In 2018 Saudi Arabia announced the Salwa Canal Project - a plan to build a 200m-wide, 70km-long canal along their border with Qatar. This will turn Qatar into an island. Welcome to The Atlantis Report. The International Monetary Fund says Qatar's economy is expected to grow despite the Gulf nation being under an economic blockade for two years now. Qatar is the richest country in terms of GDP per capita compared with Dubai . In the UAE, they understood early that they couldn't rely solely on oil and gas, so they invested in creating an image of where East meets West, a place for business and tourism. In order to do that, Dubai sold its soul a bit, becoming known as a party destination where girls can wear skimpy clothes, and boozy brunches are the norm. In Qatar, they still rely almost completely on oil and gas. They stick pretty closely to their conservative Islamic roots, so there is very little going on in terms of a social scene and little for tourists to see and do. They also lag behind in terms of infrastructure. It is very little in terms of public transport. The World Cup is an attempt to change their image, but with all the controversy around it, it's not going well. The Qatar World Cup 2022 stadiums and infrastructure are being built by Nepalese immigrants employed in Qatar's construction industry who work for little or no pay. Qatar hosts 11,000 American troops at Al Udeid Air Base, the largest US military base in the Middle East. And it recently broke ground on the base’s expansion. In the words of Defense Secretary James Mattis, the US “enjoys a longstanding defense relationship with Qatar – a strong and valued military partner. Despite all the problems, Qatar is still one of the richest countries in the world and the richest in the Gulf. Following are some reasons that made Qatar top the charts. #1. Stable Political System. People often underestimate the importance of a stable political system. Unlike many middle eastern countries, Qatar has been politically stable ever since its independence. Qatar is an absolute monarchy ruled by the Al Thani family. The ruling dynasty has been able to provide the Qataris with the highest per capita income in the world. Qatar is classified by the UN as a country of very high human development and is the most advanced Arab state for human development. #2. Exploiting natural resources. Before the emergence of the oil-based industry, Qatar was a poor pearl diving country. The exploration of oil and gas fields began in 1939. Oil was discovered in Qatar in 1940, in Dukhan Field. In 1973, oil production and revenues increased dramatically, moving Qatar out of the ranks of the world's poorest countries and providing it with one of the highest per capita incomes in the world. The discovery transformed the state's economy. Now, the country has a high standard of living for its legal citizens. With no income tax in Qatar, the unemployment rate is about 0.1%. #3. Lack of any serious home issues. Unlike most countries, Qatar has no problems at home. Thus it allows Qatar to intervene where it sees fit without too much regard for upsetting others because its policy is simply to engage with everyone it can as often as it can. #4. Prioritizing Infrastructures. Qatar has made a vast expansion of infrastructure at home, as well as its investment abroad. The government has allocated 40 percent of its budget to infrastructure projects, including $11 billion on a new international airport, $5.5 billion on a deepwater seaport and $1 billion for a transport corridor in the capital, Doha. It will spend $20 billion on roads. The country's sovereign wealth fund, estimated to have assets worth around $70 billion, has poured more than $20 billion in recent years into stakes in German carmakers Porsche and Volkswagen, Agricultural Bank of China, Santander Brasil, Spain's Iberdrola and German builder Hochtief. Its ambitions extend into the realm of sport. Qatar won the right to host the 2022 soccer World Cup. It spent $2.8 billion on hosting the 2006 Asian Games. And here is how Qatar became so rich so fast . 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. 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 a 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. 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 Musk Oil, the world's longest horizontal well became. In 1996, Qatar built a large, billions of dollars of Al Udeid 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 QIA to reorganize oil and gas earnings in other income streams. QIA has made huge investments in the 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. Thanks to the North Field, Qatar has the largest natural gas reserves in the world after Russia and Iran. Qatar's reserves are estimated to be 896 trillion cubic feet. The crash of oil prices in the 1980s, along with the Emir siphoning off oil revenues, stalled the Qatari economy. The crisis led Qatar finally to develop the North Field in 1989, though even then, production was slow. By 1995, the situation in Qatar had not improved. Sheikh Hamad bin Khalifa Al-Thani took the throne in a bloodless coup from Emir Khalifa bin Hamad, while the Emir was in Switzerland. Sheikh Hamad set a whole new direction for the country. One of Sheikh Hamad's first moves was to fast-track the development of the North Dome field. Production was ramped up, and Qatar began exporting liquid natural gas for the first time. To accommodate increased production and demand, Qatar began building new liquid-natural-gas plants. Over the past 15 years, 14 liquid-natural-gas plants have been built in partnership with international oil companies. In 1997, Qatar began long-term agreements to provide massive amounts of natural gas to Spain and Japan. Over time, Qatar further diversified its clients. Qatar's GDP has skyrocketed over the past 15 years, thanks to steady oil production and high natural-gas production. Hoping to avoid the dreaded resource curse, Qatar has taken measures to diversify its economy. In 1998, the government built Education City, a massive campus that supports six American and two European universities, as well as research centers. In 2006, Qatar passed Indonesia to become the largest exporter of liquid natural gas in the world, with revenues from oil and natural gas amounting to 60% of Qatar's GDP. But more competition was coming, with liquid-natural-gas production booming in places including the US and Australia. The skyline has changed dramatically in recent years. With a total landmass of 11,580 sq. Kilometers, Qatar is a very small independent nation, which is fully covered by deserts and is situated in the center of the entire Middle East. And, until lesser than a century ago, it was one of the poorest nations in the entire region. It was sparsely populated because of the inhospitable desert lands where the temperature in summers would climb up to over 50 degrees Celsius. Also, back then, it used to be a colony of the United Kingdom. The primary sources of income for this tiny nation used to be its dwindling fishing industry, and extraction of pearls out of the ocean. The days were not very good. However, then in 1938, its first oil field was discovered, and things began to change but only to a minimal extent. This was so because the oil reserves were not humongous enough to change the prospects of the country. Then, in 1970 something big happened. Oil major, Shell had discovered the world's third-largest gas field- The Northern Fields in Qatar. However, back then, the only means to transport gas was through pipelines. The problem with that was this. Every place where there was significant demand for natural gas, was just too far off Qatar and to lay pipelines to those places would have been an enviable and very costly affair. This wasn't something that the British back then was open to spending on one of its tiniest colony. However, when Qatar gained independence in 1971, the new Emir had already realized that the only way he could have changed the fortunes for Qatar and its people was by means of trading the natural gas. Thus, he heavily invested monetary resources into the research and development of this underdeveloped science called Liquefaction. Liquefaction is a process of conversion of natural gas to liquid form, which can be easily transported in containers loaded over ships and trucks. And, that investment made back in those times in the later years paid back in ginormous volumes. Within a very short span, Qatar began to export natural gas to nations spanning all across the globe, earning back humongous Petrodollars (Dollars earned by means of Oil and Gas trade). And, that was how Qatar transformed its fate, from a poor desert nation dependent on failing fishing industry and pearl extraction to a super-rich country with booming infrastructural development and radically improving lifestyle, which was also depicted in the marvelous GDP growth rates. Qatar formed a sovereign wealth fund to invest its fortunes across the globe in diversified sectors strategically. The body was called the Qatar Investment Authority , QIA. And, QIA did such a wonderful job at choosing the right assets to invest in, that today its net worth is over $335 Billion! That's a mind-boggling figure making it the eleventh biggest sovereign wealth fund in the entire world. And, that's the wealth of a nation with a population of just over 2.5 Million, among who Qatari people account for just about 300,000 people! Yep, just five zeros after 3. And, that is what has risen its overall GDP per capita to over $127,000 . This wealth fund made investments in all sorts of sectors, be it sports and travel or real estate and technology. Not only has it invested heavily into well-known tech companies like Uber, but it is also one of the largest stakeholders in popular companies like Volkswagen, Shell, and Russian oil giant Rosneft. Then, it also has stakes in the greatest of cities, and their best of properties. I mean, just imagine this. Qatar owns more property in London than the Queen of England does. It owns 34% of the top 15 skyscrapers in London, while the very UK based companies own a little lesser than 21%. And, when we talk of the iconic Empire State building of New York, we must remember that Qatar owns 10% of that marvel too. Similarly, it has a 20% stake in British Airways, 20% ownership in the Heathrow Airport, and 25% in the St. Petersburg Airport as well. Wow! And, the money that these investments earn Qatar every month, every year is then invested back into acquiring other valuable assets and also channeled back into the home country to build more of highways, ports, airports, colleges and universities, and more of infrastructural marvels like skyscrapers and much more. And, that's the tale of Qatar cracking open the juggernaut of wealth creation and becoming the richest country on the entire freaking planet. Thus regardless of the size, a country should be pragmatic. A proper vision and self-analysis would help to transform the country its best. This Was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.













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