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Article: Qatar: financial report.(Survey on Qatar)
- Article from:
- The Middle East
- Article date:
- July 1, 1999
CopyrightCOPYRIGHT 1999 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Qatar is currently in the final stages of its long-term development strategy, which places natural gas and associated downstream industries as the bedrock of its economy by early next century, replacing oil. The financial cost of achieving this national goal has been considerable. The total costs of hydrocarbon projects, including development of downstream petrochemicals and other industries are put at $25 billion, equivalent to 255 per cent of the emirate's present gross domestic product (GDP).
Major foreign banks and export credit agencies in the OECD countries are playing a crucial role in Qatar's development. Prominent local banks like Qatar National Bank ...