Former Emir of Qatar Sheikh Hamad bin Khalifa Al Thani left this world at the age of 74. One day national mourning has been observed in India on his death. On July 13, flags are flown at half mast across the country. But apart from this, the identity of Al Thani was that he gave domestic and global identity to his country full of energy.

Sheikh Hamad came to power in Qatar in 1995. At that time the economy of Qatar was very limited, or let us assume, it was limited. Let us assume that at that time Qatar was running its economy only with the help of oil. At the same time, the huge gas storage of the North Field site was in the initial stages only.

As soon as Hamad came to power, he made his country Qatar the largest exporter of LNG within two decades. During this period, Qatar achieved many achievements. Qatar is the owner of one of the world’s largest sovereign wealth funds and ranks among the richest countries in terms of per capita income.

The reason behind this is that experts believe that Sheikh Hamad made major changes in the economy. New model implemented. The increase in oil and gas prices was a factor, but it was not the entire factor. Hamad’s role was important in this. They invested the wealth generated from oil and gas in creating production assets, financial institutions, infrastructure and human capital. This was his investment strategy.

Gas changed Qatar’s economy
Qatar’s economic transformation truly began with the development of the world’s largest natural gas field, North Field. The decision to convert oil into gas in 1990 also took Qatar to new heights. In 1996, Qatar sent its first LNG shipment. In less than 15 years, Qatar became the world’s largest exporter of this commodity.

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The rise in gas prices boosted Qatar’s economy like a rocket. Within a decade, it became one of the largest economies of the world. During the reign of Sheikh Hamad, Qatar’s economy grew more than twenty times. During this period, GDP i.e. Gross Domestic Product increased from $8 billion in 1995 to approximately $199 billion in 2013.

According to the International Monetary Fund, the economy also recorded the highest growth rate in the world. The real growth rate here in 2006 was 18 percent. Which increased to 26.2 in 2011.

How Qatar’s economy increased by 11 billion Qatari riyals to 403 billion riyals?

By 2010, production increased to 77 million tonnes annually. This not only increased revenue, but also strengthened Qatar’s position as a strategic partner for global energy security and the economy of Asia and Europe. During the reign of Sheikh Hamad, the value of the hydrocarbon sector increased from 11 billion Qatari riyals, approximately 3 billion dollars, to 403 billion riyals i.e. 110.4 billion dollars.

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