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Economy
Oil and gas reserves have transformed Qatar from an poor outcrop on the Arabian Peninsula into 1 of the richest countries in the world. The oil deposits located and exploited from the 1970's onwards were of oddly high quality and generated a substantial income for the country. In addition, 1 of the world’s largest natural gas fields, known as the North Field, was discovered in Qatari waters in the late 1980's. Measured by revenue, gas production has now outstripped oil and is set to remain Qatar’s main source of income for the foreseeable future.
Agriculture is essentially limited by climate and water resources. Some indigenous industry exists, mainly based on petrochemicals and refining but also including concrete, steel and cement, plastics, paint and flour. The Qatari government has allocated US $5 billion for further industrialisation projects over the coming years.
Present economic performance is good with an annual growth of 8.5 % and inflation of 2.3 %. Qatar is a member of OPEC, the Islamic Development Bank and the Arab Monetary Fund. It also belongs to the World Trade Organisation, and hosted the organisation’s 2001 round of negotiations. Currently, most of Qatar’s oil and gas is sold to Italy and Japan. EU countries, Japan and the United States of America are the country’s main trading partners.
Business
Politeness and patience in business dealings are essential.
General office hours are Saturday to Thursday from 8.00 am to 12.00 pm and 4.00 pm to 7.00 pm.
General government office hours are Saturday to Wednesday 7.00 am to 2.00 pm.
Commercial Information
The following associations can offer advice:
Qatar Chamber of Commerce and Industry
Address PO Box 402, Doha
Telephone: 462 2538
Facsimile: 462 1905
Email address: qcci@qatar.net.qa
Website address: www.arab.net/qatar/qr_commerce.htm
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