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ECONOMIC
DEVELOPMENT
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| Currency
: The unit of currency is
the Qatar Riyal (QR), which is divided
into 100 Dirhams. The Qatar Central
Bank issues currency notes. Notes in
circulation are Qatar Riyals 1, 5,
10, 50, 100 and 500 Riyals. Coins commonly
found are 25 and 50 Dirhams. The Qatar
Riyal has a fixed exchange rate against
the US Dollar. $1 = QR 3.65. |
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Industry,
Investment & Bank System:
In 2000, the government of the State of Qatar carried on its efforts to
implement its policies aiming at diversifying income sources and developing
the economic infrastructure. It intensified its efforts to provide the
best possible utilization of its hydrocarbon wealth. As a result, several
steps were taken to accomplish these objectives. In the first place, the
government has expanded exploration projects in oil and gas fields, and
offered incentives to attract foreign capitals to carry out similar projects
in Qatar. In this regard, it has issued several laws to simplify investment
procedures and liberated economy and developed the techniques of marketing
gas from giant plants.
Parallel to this, the government implemented an economizing policy in public
expenditure and diversified sources of national income to include non-oil
sources. Consequently, the country has witnessed tremendous economic improvement
manifested by surplus in current account of expenditure scale, reduction
of deficit in general budget and stability of inflation and exchange rates.
The economic development came as part of a wide scale development, which
co-occurred with internal political improvements such as the democratization
process that entails an effective participation of people in making decisions.
At the international level, Qatar has
demonstrated a likewise activity by
hosting international conventions such
as the ninth conference of the Organization
of the Islamic Conference (OIC) which
was held under the motto of " Doha
Summit: Peace and Development Summit".
Qatar has assumed the presidency of
the OIC for a term of three years.
The national economy has been developed tremendously during the past few
years, which was reflected positively on the general economic performance.
The State of Qatar has all the basic components that attract foreign investment,
mainly political and social stability as well as production factors that
present relative advantages to industries with high-energy consumption
levels. Being the possessor of the single biggest non-associated gas field
in the world renders the state of Qatar a considerable economic weight.
Qatar enjoys a unique geographical location in the Gulf region. Being a
peninsula stretching into the waters of the Persian Gulf gives it an added
advantage of having a number of beaches and ports on the Persian Gulf,
which increases Qatar's chances of becoming an investment hub. Qatar follows
free market policies and is currently undertaking to draft and update laws
and regulations to establish and support its free economy in its dealings
with all the countries of the world. This in addition that Qatar does levy
neither taxes nor any kind of restraints on businesses or transactions
or money transfers.
Qatar enjoys a healthy banking sector.
There are no restrictions on the transfer
of money, a factor that makes the whole
of Qatar a free trade region where investors
can achieve high financial gains. Major
Banks in Qatar have their main branches
on Grand Hamad Street and their other
branches spread around Doha and other
major cities. ATM machines are available
in main streets, bank branches, shopping
complexes and big companies. Most shopping
complexes accept international credit
cards. |
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