A THRIVING ECONOMY Qatar was projected onto the world arena because of its oil and natural gas fields. Discovered in 1971, the offshore gas field, situated north east of Qatar is thought to be the largest single natural gas reservoir in the world, covering an area of 6000 square kilometres. More NATURAL GAS Today, Qatar is the 3rd largest gas resource holder in the world and in 2006 it is expected to be the leading Liquefied Natural Gas (LNG) supplier in the world. More SPORTS, EDUCATION & TOURISM So far it has been the meeting place for The Islamic Conference Summit, The World Trade Organisation Conference, The World Football Cup (Under 19's), The Athletics Grand Prix, The Tennis Open, The Squash Tournament, and The Golf Masters Tournament in addition to many others. However, nothing has compared to the enormity of the Asian Games, which it will host in 2006. More The Industrial Development The Industrial Development Technical Centre (IDTC), formed in 1973, directs much of Qatar's industrialization, apart from petroleum extraction. The IDTC identifies industries to meet Qatar's medium- and long-term needs and coordinates industrial planning. In addition, the IDTC monitors the performance of all industries on a monthly basis. More

Industry... The government has established heavy industry to diversify Qatar's economy. The pattern has been to allow foreign firms to provide expertise in planning, construction, management, and marketing in return for minority shares in the companies. Oil revenues have funded the construction of plants and the development of infrastructure; natural gas has been used as a source of power and as feedstock. The country's main power generation and water desalination plants are at Ras Abu Abbud and Ras Abu Fintas. Electrical generating capacity in 1990 was 1,095 megawatts, and there were plans to add an additional 234 megawatts in the early 1990s. Power consumption in 1990 stood at 4,818 million kilowatt-hours and peak demand at 987 megawatts. Bureaucratic delays stalled many projects, and poor market conditions and technical problems doomed others to unprofitability. Major construction projects such as factories are seldom completed on schedule. Economy... Qatar imports the majority of its food, although livestock and fruits and vegetables are raised and there is fishing. Oil and natural gas, the mainstays of the economy, account for roughly 70% of the country's export earnings. Although total oil reserves are somewhat modest in comparison to other Persian Gulf countries, Qatar is one of the largest natural-gas producers in the world. The vast North Field gas reserve, an underwater field northeast of the Qatar peninsula, began production in the 1990s. Natural gas, crude oil, refined petroleum, and petrochemicals are produced, and steel, cement, and fertilizers are some of Qatar's developing diversified industries. The country has also become a regional banking center. Native Qataris have one of the highest per capita incomes in the world. Finance... The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005. Currency & Banking... Legal tender in Qatar is the Qatari Riyal. This came into being in 1973, the former currencies being the Indian Rupee and, briefly, the Qatar and Dubai Riyal (from 1996 to 1973). All currency is issued in the name of the Qatar Central Bank and the notes bear the signatures of the Minister of Finance, Economy and Trade, along with the Governor of the Central Bank. The Riyal is divided into 100 dirhams. Notes exist for 1, 5, 10, 50, 100 and 500 Riyals, and coins for 25 and 50 dirhams. Apparently there are still some smaller denomination coins in existence, but these have not been minted since the 1970s! In line with other modern currencies, Riyal notes are protected by security devices such as serial numbers and water marks. The currency is pegged at a fixed rate to the US dollar at 1 $US = 3.65 Qatari Riyals and is freely convertible into other currencies.