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The Oil Industry In Qatar's Economy

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The oil industry is the backbone of Qatar’s economy. The oil industry in Qatar has not only driven its economic boom, but has also motivated its national vision of 2030. According to this vision by 2030, Qatar aims to develop its human capital through building an educated, healthy and motivated population. These ambitions to deliver in-country value have been possible only because of the wealth, leverage, investment and opportunities brought in by the booming oil industry. The oil industry has impacted these ambitions directly and also indirectly through providing with wealth and leverage to develop human capital and research capabilities. In this essay, I will first explore the direct impact of oil industry and then analyze the indirect impact …show more content…

For example, in 1994 Qatar launched its national airline, Qatar Airways, which has grown today to be one of the best airlines in the world. It also launched its first channel, Al Jazeera in 1996, which today is a major player in the global media and especially Middle East. All these developments have led to large influx of foreign labor, which has brought in knowledge and experience. They continue to transfer this knowledge and experience to the local Qatari population, thus helping Qatar to achieve its ambitions of delivering in-country value. The developments in other sectors also mean that Qataris have opporunities to work in other sectors and develop their knowledge and experience. All these have been enabled by the huge development in oil industry, which continues to provide the wealth and leverage to go on with these …show more content…

We need to consider that far greater reliance on the oil industry can also have drawbacks for Qatar’s society, as it can stigmatize growth and development in other sectors. We have seen this happening with several countries around the world, which have failed to benefit their populations despite being rich in natural resources. Moreover the oil industry has its own risks and also it is a limited resource. This means that in future the oil industry of Qatar can also recede, as oil and gas runs out or global economic developments make it less powerful. All these developments can seriously hinder Qatar’s ambitions of delivering in-country value and develop its human capital and research

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