Page 135 - Aamir Rehman - Dubai & Co Global Strategies for Doing Business in the Gulf States-McGraw-Hill (2007)

Silicon from Sand: Essential Background on the GCC 119

that Qatar’s GDP per capita could become the highest in the
entire world.
Intense public-sector investment is a theme of the Qatari econ-
omy that is likely to continue for the foreseeable future. According
to press reports, the Qatari government has committed to a $100 bil-
lion investment program that includes $75 billion for oil and gas, $15
billion for infrastructure, and $10 billion for tourism and cultural
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projects. Multinational companies are hotly pursuing the lucrative
contracts associated with these massive projects and are eager to
demonstrate their commitment to Qatar. GE, for example, has
established a research center in the state as a sign of the long-term
partnership it wishes to foster. The economic activity associated
with natural gas is expected to extend far beyond the energy sector
into areas such as health care, construction, real estate, retail sales,
telecommunications, and a host of population-linked industries.
Qatar, taking lessons learned from its GCC neighbors to heart,
has wisely focused on diversifying its economy as rapidly as possi-
ble. One prominent nonenergy asset is the media outlet Al-Jazeera,
which has rapidly become a key source of Arab and Muslim out-
looks on world affairs. Al-Jazeera has maintained the independence
of its voice and opinions, criticizing Arab states (and even Qatar)
and ensuring that it not be seen as a mouthpiece for government
propaganda. This, along with an extensive network of correspon-
dents worldwide, has allowed Al-Jazeera to differentiate itself from
local news stations in the region that are seen as not as free from
government influence. Experts see Al-Jazeera as a breakthrough for
free speech in the Arab world and have viewed its phases of
sensationalism and increased restraint with much interest. Another
example of diversification is in the financial services sector: the new
Qatar Financial Centre (QFC) represents the state’s commitment to
developing a world-class banking and investment sector.
To quickly migrate toward a knowledge-based economy,
Qatar has made a remarkable level of investment in its educational
system. Qatar has partnered with leading US universities to create
its Education City complex and has attracted several marquee
institutions. Cornell University, for example, has established a
degree-granting medical college in the country with a high level of
connection with Cornell’s medical school in New York. US-based
faculty members travel frequently between the two campuses and