Massive wealth from gas revenue, plus timing of global crisis, positive for Qatar.
Doha is emerging as an increasingly important city on the global stage due to its massive gas revenues and timing of development that will follow the global crisis, according to a new report.
The study by Jones Lang LaSalle says Qatar’s gas revenues underpin a high level of prosperity that means the country is punching well above its weight, as one of the world’s richest and most dynamic economies.
In terms of real estate development, the fact that Doha is less advanced in this sector may save is from the impact of an abrupt slowdown sseen in the likes of neighbouring Dubai. The timing of the current global economic slowdown may in fact be positive for Doha, allowing the market to “pause for breath” and adjust to new economic realities, the report added, according to Qatar daily The Peninsula.
‘Doha: Global Ambition, Regional Influence’ goes on to say that the country’s future economic strength lay in its long term vision of how it’s massive gas driven wealth can be reinvested to create a unique and sustainable pattern of urban development.
The report points out that Doha has been able to differentiate by acknowledging the contribution of foreign workers, a group it wishes to continue to attract.
The city was also emerging as a significant political capital of the Arab world by way of global engagement and regional mediation, the report said, adding that it was also setting it sights on hosting international sporting events.
“Doha is perceived as a tolerant ‘international Arab city’ through the establishment of vibrant initiatives in international debate, media and sports,” it concluded.