Qatar has prospered in recent years with continued real GDP growth. Offshore and onshore oil and natural gas are the basis of Qatar's economy, providing it with the highest per capita income in the world and making it the country with the world's lowest unemployment rate. Petroleum accounts for 70% of Qatar's government revenue, over 60% of its GDP, and 85% of its export earnings and it is the basis of many expat jobs in Doha. Although oil reserves may be depleted in the next several decades, large natural gas reserves may replace them as the cornerstone of Qatar's economy in the future.
Recently, the economy of Qatar has become more diversified, including large chemical companies such as Industries Qatar and Saudi Basic Industries Corporation. Petrochemicals and fertilizers make up a large portion of Qatar's industrial base, along with steel and other construction materials. Commercial ship repair is also a small but important part of Qatar's national economy. It's most important export partners are Japan, South Korea, India, Singapore and the UK.
The Qatari banking sector is the best performing of all Gulf Cooperation Council markets. In Qatar financial institutions are Sharia compliant, including the Qatar Islamic Bank, Qatar International Islamic Bank, and Al Masraf Al Rayyan bank.
In addition, the FIFA World Cup 2022 will prompt further developments in the tourism industry giving expats and Qatari nationals further employment opportunities.
The booming economy of Qatar has allowed its capital of Doha to blossom as well. Doha is known as Qatar's economic center and new infrastructure, such as The Pearl, are designed to offer the ultimate in luxury. This development is reflected in the rapid growth in expat workers. People from around the world are drawn to the high-salaries and welcoming job opportunities of Doha.
Most of Qatar's biggest companies have their headquarters in the capital. Major petroleum companies, banks, and other industrial sectors are based in Doha, including Qatar Petroleum, Qatargas, and RasGas.
Qatar's hosting of the 2022 World Cup will likely accelerate infrastructure improvements (metro system, light rail system, Qatar-Bahrain causeway), and support relevant industries in the city of Doha. The opening of the city's Hamad International Airport (HIA) in late 2013 is also expected to boost the tourism industry and transportation capacities of the city.
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