The Economic Boom in Qatar UAE and Saudi Arabia

Qatar is one of the prominent Middle Eastern countries which have diverse ranges of revenue sources. While most of the other Gulf countries rely heavily on oil revenues for economic development, Qatar is blessed with oil resources, marine products, tourism, real estate revenues etc. According to the 2010 statistics, Qatar’s GDP real growth rate is 19.4% compared to 9.5% in 2009 and 11.7% 2008 (Qatar GDP – Real Growth Rate) (See Appendix for more details). It is evident from the above statistics that the GDP growth doubled in the year 2010 compared to that in the year 2009. Perhaps, no other country in the world has ever recorded such phenomenal growth rates over a year period of time.Oil and gas account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar the second highest per-capita income country. Proved oil reserves of 15 billion barrels should enable continued output at current levels for 37 years (Qatar Population).Oil resources are nonrenewable energy sources. It is exhausting day by day because of over exploitation and increase in the number of automobile vehicles which make use of oil resources. In other words, the demand for oil resources is going to be increased in the coming years. Qatar is one country which has higher oil stocks at present. In short, Qatar’s economic progress may not be affected at least for another thirty or forty years of time because of their oil stocks.Business, tourism and marine products are some other revenue sources for Qatar. Qatar’s coastal areas are blessed with some rare species of fishes. About 150 different species of fishes were recorded in the seacoast of Qatar. Sweet lips, emperors and snappers, goatfish, shark, groupers, barracudas, threadfins, lizard fish and rabbitfish etc are some of the rare fish species available in the seacoast of Qatar (Qatar, 2005) Qatar has a wide coastal area and historically, fishing is one of the major revenue sources for the Qataris.