How former Emir Sheikh Hamad bin Khalifa Al Thani built Qatar’s economy
Summary
Sheikh Hamad bin Khalifa Al Thani, who ruled Qatar for 18 years, has passed away at 74. During his leadership, he transformed Qatar from a small oil-based economy into the world’s largest exporter of liquefied natural gas (LNG) and a major global investor.Key Facts
- Sheikh Hamad ruled Qatar from 1995 to 2013 and died at age 74.
- Before becoming Emir, he helped plan Qatar’s economic and social policies from 1989.
- Qatar developed the North Field, the world’s largest natural gas field, becoming the top LNG exporter by 2010.
- Qatar’s LNG production capacity grew to 77 million tons per year under his rule.
- The value of Qatar’s hydrocarbons sector increased from about $3 billion to over $110 billion.
- Qatar’s economy grew from $8 billion in 1995 to around $199 billion in 2013.
- The economy saw very high growth rates, peaking over 26% in 2011.
- Sheikh Hamad set up financial bodies like the Supreme Council for Economic Affairs and Investment and the Qatar Investment Authority to manage and diversify wealth.
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