Since His Highness The Amir, Shaikh Hamad Bin Khalifa Al-Thani assumed power in 1995, the State of Qatar with its limited financial and human resources took a turning point on the political, media, economic, social and information levels.     As a result of this policy the country has witnessed in the past years major economic transformations, specifically in the oil , gas and petrochemicals industry , through investments worth billions of dollars. In the field of energy, oil production levels were raised to about 800,000 barrels a day from onshore and offshore fields.

In the gas sector a Memorandum of Understanding was signed between Qatar Petroleum (QP) and the South African company (SASOL) to produce between 34-40 thousand barrels per day of high quality petroleum products of natural gas.  A contract was also signed with the American company (EXXON) to produce around 80,000 barrels a day of high quality petroleum products extracted from The North Field for Natural Gas.

As a result of contracts with some European and East Asian States, to increase its imports of natural liquefied gas, the Qatari natural liquefied gas exports are expected to reach 13 million tons annually by the end of the current year. Furthermore, a contract was finalized between QGPC and the Exchange Bureau of Abu Dhabi to export around one billion cubic feet per day of dry gas through pipelines,  to be used in the U.A.E. This amount is expected to be increased to about 3 billion cubic feet to cover UAE and Oman. The negotiations with Kuwait have reached an advanced stage for supplying it with an amount of dry gas ranging between (750) million to one billion cubic feet per day. On the other hand the petrochemical industry which depends on gas, is witnessing vast expansions which include Qatar Petrochemical Company (QAPCO)  and Qatar Fertilizer Company (QAFCO) to enable the export of a few million tons of these products every year, such as ammonia, urea, phenyl since Qatar is considered one of the leading countries exporting such products. Qatar Petroleum. Ras Gas. Qatar Gas.

Qatar Petrochemical Company. Qatar Fertilizer Company. In view of the great importance of foreign trade on the Economy of Qatar, export revenues are considered the main source of  financing public expenditure and development in Qatar. Import is the only means to obtain various kinds of commodities. In 1994, Qatar acceded to The General Agreement on Tariffs and Trade (GATT) which is now known as the World Trade Organization. A year after hosting one of the most important and successful conferences of The Islamic Summit, which was and still is hailed on the regional and international level for its excellent organization and management, Qatar was able to  host in November 2001, an extremely important event namely the Fourth Ministerial Conference of the World Trade Organization.  It became the focus of attention of economic and social quarters worldwide, both in the big industrial countries and the developing ones.

This conference represents an important turning point in the course of the world economy and a starting point towards deepening and expanding international cooperation worldwide to serve rich and poor nations alike. At the end of the conference, in which over 143 countries participated and over 5000 people attended its activities over the course of five days, a new round of multilateral negotiations was launched (and called The Doha Round).This was considered as an overwhelming success for the Doha Conference, as it achieved what the Seattle Conference failed to do, before. Ministry of Economy and Commerce. Qatar Chamber of Commerce & Industry. Qatar International Exhibation Center. World Trade Organization. The State of Qatar is a committed member of the World Trade Organization (WTO) and is fully integrated in the international free system of trade and economy.

Qatar is also a member of various international financing bodies. It levies no taxes on the individuals income and no fees on exports, whereas the fees on imports are very low and are estimated at 4 percent.  Qatar is famous for its good banking sector, as there are no restrictions on transferring capitals abroad, which make the whole of Qatar a free trade zone through which investors can make large profits. The great transition in the process of economic development happened after issuing law No. (1) for the year 1980 regulating industry. This law provides for a lot of incentives for the local investors in the field of industry, in addition to the promotional incentives regulated by law No. (19) for the year 1995 which facilitates the process of obtaining industry licenses and unifies the executive bodies that grant promotional incentives.

The legislations allow non-Qatari to invest in the fields of trade, industry, agriculture and services, on condition that they have Qatari partners with no less than 51 percent share of the capital. In case the whole capital is owned by a non-Qatari, he has to appoint a Qatari services agent. A resolution issued in 2000, which reflects the keenness on the proper use of the state funds in conformity with well considered plans, led to the establishment of The Higher Council for Economic Affairs. This Council is concerned with all matters related to managing and investing the reserves of the state, and more specifically identifying the aims of investment in the context of its general strategies, drawing a long term policy and annual programs for this investment, following up and implementing its programs and making periodical assessment, specifying the banks and institutions where the reserves might be invested, either through it or by it.

The agreements on huge projects for utilizing the North Gas Field enhance The State of Qatars policy in developing industries and diversifying the fields of investments. These agreements have been reached through a number of steps: Allowing foreign investors to participate in the gas sector, looking for the best offers for the drilling operations and joint ventures in the production process through a program especially designed for developing the gas sector and making the optimal use of it. Adopting new policies to deregulate economy and trade with the objective of supporting and expanding the participation of foreign investors and the national private sector in economic activities. A number of procedures have been taken in this regard, notably issuing new laws that may attract foreign capital and encourage and enhance the role of the private sector. Providing opportunities for industrial investment, carrying out feasibility studies and promoting them for foreign and local investors. Facilitating the investors mission at all stages, exempting them of customs and striking down limits on the amount of imports. Moreover there are several other advantages of the joint ventures as stated in the development plan. Generally speaking, the rate of inflation is acceptable in Qatar, as the average of inflation rate during the past 5 years was estimated at 2.5%. The two fold industrial sector with its the transformational and extraction industries, is considered to be the strategic choice for The State of Qatar as a source of national income, funding and investment. Under the directions of H.H.

Shaikh Hamed bin Khalifa Al-Thani, Amir of the State of Qatar, this sector has been given great attention, supported and promoted through: direct investment in both the transformational and extraction industries; setting up industries that depend on petroleum, gas and local raw materials; providing incentives that may encourage the private sector to invest in the industrial development projects; development of the infrastructure needed for such projects; and finally enactment of laws and legislations to regulate investment of foreign capital in the economic activities.

Qatar steel Company. The State of Qatar is trying to make the best of this sector because, it has the basic elements for this industry as well as beautiful touristic areas and beaches on a 500 kilometer stretch surrounding the Qatari Peninsula,  which reaches into the middle of the Arabian Gulf water and look like a rectangular or a palm of a hand from south to north west. Like other countries in the region, Qatar has beautiful weather from November through April, which corresponds to the cold period in the northern hemisphere.

Qatar pays special attention to this sector for the important role it plays in promoting and activating the national economy, so it established the Tourism General Organization. H.H. The Amir of Qatar Shaikh Hamad Bin Khalifa Al-Thani, issued a decree in July 2000 setting up the General Tourism Authority as a corporate body with an independent budget attached to the general budget of the state.  This organization is under The Council of Ministers and located in the city of Doha. It aims at formulating the countrys general policy of tourism regulating, developing and marketing it both locally and abroad. It also supervises and controls all activities of tourism in the country.