Qatar aims to diversify its income sources
The Qatari Government has recently announced its intention to diversify its income sources. The small Gulf country aims to reduce its reliance on the volatile overseas oil markets, according to Al-Ddustour daily.
The current program will chiefly try to preserve Qatar’s current high economic growth rate. Official statistics show that the Qatari economy grew by 9.34 percent in 2000, compared with 9.18 percent in the previous year of 1999, figures considered among the highest growth rates in the Arab world.
However, without significant alternatives, Qatar may have to focus on developing its own natural gas reserves, estimated at 500 trillion cubic feet. Qatari gas exports rose from 2.2 million tons in 1997, to 11 million tons in 1999. In 2004, Qatar is expected to begin exporting 7.5 million tons of natural gas to India yearly. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)