The Economic Boom in Qatar, UAE & Saudi Arabia Research Paper

The Economic Boom in Qatar, UAE & Saudi Arabia - Research Paper Example Even though the recent political developments in the Middle Easter countries like Egypt, Libya etc are causing some impacts in these three countries, nobody expect a political instability in these countries because of the higher level of standard of living in these countries compared to that in other neighboring countries. Dubai, one of the prominent emirates of UAE faced some financial problems recently; however, Abu Dhabi was able to lift Dubai from the recent financial crisis. In other words, different emirates in UAE are helping each other when any of them face trouble which is the major reason why United Arab Emirates was able to develop properly. Business is the major revenue source of UAE. Saudi Arabia on the other hand is blessed with immense oil resources and their economy is highly dependent on the oil revenues. Qatar has revenues from oil resources, tourism, marine products etc. This paper analyses the economic booms in these three Middle Easter countries; Qatar, UAE and S audi Arabia. The Economic Boom in Qatar Qatar is one of the prominent Middle Eastern countries which have diverse ranges of revenue sources. While most of the other gulf countries rely heavily on oil revenues for economic development, Qatar is blessed with oil resources, marine products, tourism, real estate revenues etc. According to the 2010 statistics, Qatar’s GDP real growth rate is 19.4% compared to 9.5% in 2009 and 11.7% 2008 (Qatar GDP - Real Growth Rate) (See Appendix for more details). It is evident from the above statistics that the GDP growth doubled in year 2010 compared to that in year 2009. Perhaps, no other country in the world has ever recorded such phenomenal growth rates over a year period of time. Oil and gas account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar the second highest per-capita income country. Proved oil reserves of 15 billion barrels should enable continued output at curr ent levels for 37 years (Qatar Population) Oil resources are nonrenewable energy sources. It is exhausting day by day because of over exploitation and increase in the number of automobile vehicles which make use of oil resources. In other words, the demand for oil resources is going to be increased in the coming years. Qatar is one country which has higher oil stocks at present. In short, Qatar’s economic progress may not be affected at least for another thirty or forty years of time because of their oil stocks. Business, tourism and marine products are some other revenue sources for Qatar. Qatar’s coastal areas are blessed with some rare species of fishes. About 150 different species of fishes were recorded in the seacoast of Qatar. â€Å"Sweet lips, emperors and snappers, goatfish, shark, groupers, barracudas, thread fins, lizard fish and rabbit fish† etc are some of the rare fish species available in the sea coast of Qatar (Qatar, 2005) Qatar has a wide coast al area and historically, fishing is one of the major revenue sources for the Qataris. Another reason for the economic boom in Qatar is the development of good educational practices. Qatar is doing everything possible to give good education to its people. They realized that educated people are one of the major pillars upon which a country can develop. Many American, Canadian and British universities are operating in Qatar.