The History of Qatar : How a small arbic fishing village became the richest country in the world?

When the Qatar discovered its black gold (Oil) it didn't yet exist as a nation.

It is not so long ago that Capital of Qatar Doha. Which is currently set to host the Fifa football World Cup 2022. Was far from the vision of a modern & wealthy country.

History of Qatar How Small Fishing Village Became Richest Country

History of A century ago in 1922s. This tiny Gulf state with a population of three million & an area of ​​less than 12000km two was practically an uninhabited land.

Lets say it was a humble settlement of fishermen & pearl collectors. The majority of the inhabitants being nomadic travelers from the vast deserts of the Arabian Peninsula.

Today few Qatari over the age of ninety can recall the dire economic hardships of the 1930s & 1940s. when the Japanese invented pearl farming & ensured mass production. Destroyed the Qatari economy.

In that decade. Qatar lost 30% of its residents who left to seek economic opportunities abroad. 10 years later in History of 1950. according to the United Nations. There were less than 24000 inhabitants.

However at that time the Qatari economy was on the verge of a revolutionary turning point. It would be fair to say that he was truly saved by a miracle.

That miracle was the discovery of 1 of the largest oil reserves in the world here.

In fact since the 1950s. The Qatari treasury has become increasingly wealthy. & this has also been the starting point for its citizens to become some of the richest citizens in the world.

Now that Qatar has become a global star for its skyscrapers. Luxurious artificial islands & state of the art stadiums. The British BBC analyzes three changes that have made the country one of the richest countries on the planet. Has changed to 1 of.

History of Qatar in Urdu Read

History of Qatar in Urdu Read

The discovery history of oil in 1939

When Qatar discovered its black gold (oil) it did not yet exist as a nation & was in the hands of the British. Who took control of the region in 1916s.

After many years of exploration. The 1st deposits were discovered in 1939 in the Dakhan. On the west coast of the country and about 80 km from Doha. However. It took a few more years to capitalize on this discovery.

The discovery came at the start of the 2nd World War. Which halted oil exports until 1949 & the discovery was not immediately exploited. Explains analyst Christian Coates Ulrichsen at  British news BBC Mundo. could.

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The export of oil opened many economic opportunities in Qatar

Causing the country to rapidly transform & modernize.

The attraction of the growing (Black Gold) oil industry attracted immigrants & investors to Qatar & thus its population began to grow.

If in the History of year 1950 there were less than 25 thousand inhabitants. By the year 1970s this population had increased to over 1 lakh.

A year later. Qatar was consolidated as an independent state following the end of UK British rule.

However: During this time a new era also started which led to a 2nd discovery which created more wealth.

Qatar Discovery of natural gas

In 1971s when Explorer engineers discovered vast natural gas deposits in the North Field on the north east coast of Qatar. few could have imagined its significance.

It took fourteen years and dozens of drills to realize that the North Field was the world largest non associated natural gas field. Containing about 10 percent of the world known gas reserves.

After Russia & Iran. Qatar practically has the largest gas reserves in the world & obviously both of these countries are much larger than Qatar in terms of population & area.

Northfield covers an area of ​​about 6000 km' which is half of the entire diameter.

Arabic Country Qatar Gas is the largest producer of liquefied natural gas in the world. The development of this industry is considered an important factor in Qatari economic development.

However like oil" the profits from gas exports took time to come.

For a long time the demand was not that big and there was not much interest in developing it. Although everything started to change in the 80s. When the infrastructure started to be built in stages. Distributed within the country. Says Coates. done & in the 90s. It was developed for export & made it a great engine of the economy

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The History coup of 1995 Qatar

Hamad bin Khalifa al-Thani deposed his father as Emir of the country while he was on a visit to European Country Switzerland.

With the advent of the 21st century. Qatari economic development witnessed rapid growth. Between 2003 & 2004 alone. GDP grew at a rate of 3.7 percent to 19.2 percent.

Two years later in 2006 the economy grew by 26.2%.

Double digit GDP growth has-been a sign of Qatar strength for years. And it's a trend that can not be explained by gas prices alone.

Mohammad Saidi. who is a professor at Qatar University & an expert in sustainable economics. told British News Mundo that this became possible after the political change in which Hamad bin Khalifa Al Thani. The father of the current Emir Tamim bin Hamad Al Thani in 1995. had assumed power in a manner.

According to the Spanish Institute of Foreign Trade ICEX. Investment in extraction. liquefaction & distribution infrastructure to improve the overall performance of its large reserves has multiplied & led to an extraordinary increase in exports. It happened.

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In 1996s a cargo full of natural gas left for Japan. It was the 1st major Qatari gas export and the start of a multi billion of dollar industry that catapulted the Qatari to the pinnacle of  world global wealth. Qatar GDP per capita in 2021 was 61276$ US Dollar. If we take purchasing power into account. according to the World Bank. It reaches 93521$ US dollars. which is the highest in the world.

Its low population makes a huge difference in this regard. At present. The number of Qataris in the country is only around three to three & a half lakh. which is only 10 percent of the total population of 3 lakh. Most of these people are foreigners.

Qatari state in addition to guaranteeing high wages. Also provides a strong education & health system.

History of Challenges facing Qatar economy

However in recent years. Qatar impressive economic growth has suffered setbacks & is experiencing a slowdown.

It also anticipates future challenges & its economy dependence on fossil fuels is looming over the future due to global climate change.

In 2013 and 2014. Oil prices fell & economic diversification became the main topic of discussion. Says Muhammad Saidi.

It also includes an embargo imposed by Saudi Arabia. The United Arab Emirates UAE, Bahrain & Egypt between 2017 & 2021 following a diplomatic row with Doha that challenged the resilience of the Qatari economy.

Qatar has yet to innovate in an economy dependent on gas or oil exports. Says Coates. That is why they are trying to expand the private sector & invest heavily around the world to reduce their dependence on hydrocarbons.

A good example of this effort is the Qatar Investment Authority presence in several famous properties in cities such as London UK or New York US.

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BBC news 19/¹¹

Or how they try to promote tourism & turn Doha into a hub for meetings. Conferences & events. especially now with the football World Cup. Coates added.

Qatar investment of more than two hundred million US dollars in the FIFA World Cup 2022 reflects the size of its economy. It is the most expensive World Cup in history. building eight stadiums' a new airport and a new metro line. To name just a few.