Qatar aims to double the size of its economy by 2031, surpassing pre-2014 oil price shock levels. This ambitious goal is supported by Doha’s strategic role in the global energy market and its focused economic diversification efforts, according to a recent report by Standard Chartered.

The Gulf state has significantly decreased its reliance on hydrocarbons, with non-oil sectors now representing two-thirds of its GDP. Key contributors to this growth include real estate, construction, financial services, trade, manufacturing, logistics, and tourism.

The liquefied natural gas (LNG) sector continues to be a cornerstone of Qatar’s economy, accounting for nearly 70% of government revenue and 80% of export receipts.

Qatar is concentrating on expanding its LNG capacity, with natural gas production expected to double to 154 million tonnes per annum by 2030. The report indicates that, at current production rates, Qatar’s gas reserves could sustain its economy for the next 140 years.

In addition, foreign investment and international financial institutions are crucial to Qatar’s diversification strategy, particularly in non-oil sectors.

“Qatar’s return to pre-2014 government revenue levels marks a significant milestone in its economic journey,” said Muhannad Mukahall, CEO and head of CCIB at Standard Chartered, Qatar.

“Higher hydrocarbon prices, increased global demand for LNG, and substantial economic diversification efforts strategically drove this achievement. It represents a remarkable turnaround in the face of volatile oil prices and an ever-shifting geopolitical landscape,” he added.

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