Economically, Qatar ranks 3rd as a free economy among the 14 MENA (the Middle East and North African) countries. The country has a high per capita income and much of the credit for this development goes to the production and export of petroleum which started after World War II in 1949. By the 70s, the country had undergone rapid development and despite the fluctuations in the industry maintained a rich status and standard of living. It also factors in that Qatar is the largest exporter and holds the third largest reserve globally, of natural gas which has helped balance the earlier dependence on oil reserve.
The manufacturing and service sector also helped diversify the national economy but the dependence on the overall hydrocarbon industry is still major. This caused the country to suffer during the complete lockdown of the pandemic. But thanks to Qatar’s stringent measures, fiscal policies and most of all by infrastructure related to the FIFA World Cup of 2022. The pandemic has caused a negative graph on the growth chart of Qatar in 2020 and the same is suspected to continue in 2021 but things will look up in 2020, owing to FIFA.
The services sector especially is looking at a boom along with telecommunication and construction, owing to the single 2022 event. The strength of the telecommunication sector can be seen by the high level of mobile and internet usage in the country which is the highest among Gulf nations. The roll-out of 5G is amongst the immediate future plans of the sector. Moreover, the cloud computing market size in the country is massive with SaaS and IaaS is the major service providers. Despite the high supply of services, the market penetration is only 3% which speaks of a huge market opportunity waiting to be taken advantage of.
The cloud computing market is open to international cloud services and Oxtrys is here with its vast number of services from infrastructure to backup to help any business in times to need. The awareness of cloud services was 76% among Qatari enterprises, says Tasmu Digital Valley. The circumstances surrounding the pandemic forced many businesses to adapt to the distance work regime, hence providing the necessary push to adopt cloud as their primary infrastructure base. This series if events have acceleration cloud integration in the nation.
The future of Qatar is rising as the nation works hard to move away from hydrocarbon reliance and looks favourably on the coming digital age to aid their development.