Qatar has been ranked or labeled as a high-income financial system by the World Bank. Though the Center Jap nation solely has a GDP of round $200 billion (quite a bit much less in comparison with many trillion-dollar economies), it’s house to simply over 2.7 million folks so the GDP per capita is kind of excessive (round $70,000 per individual).
As beforehand reported, Qatar has a really excessive human improvement index (HDI), which means the nation’s residents take pleasure in a extremely prime quality of life when in comparison with different international locations. Nearly all of Qatar’s residents have entry to pretty aggressive job and enterprise alternatives and healthcare companies.
Qatar and different Center Jap nations such because the United Arab Emirates (UAE), Saudi Arabia, Oman, Kuwait and Bahrain have needed to take care of declining world oil and gasoline costs. They’ve dropped much more because of COVID-19 as a result of worldwide journey had been banned or severely restricted which led to significantly decrease demand for gas.
Whereas international locations equivalent to Bahrain, Kuwait, Oman, and even Saudi Arabia (till just lately) haven’t completed a lot to diversify their economies, the UAE and Qatar have taken the lead in the case of establishing sturdy economies, together with main tasks targeted on Fintech adoption.
Qatar has dedicated to a nationwide Fintech technique with the intention to additional diversify its financial system. The initiative will reportedly be supported by one of the vital economical photo voltaic power sources with the intention to meet sustainable and renewable power targets. The nation is planning to acquire 20% of its complete energy provide from photo voltaic power throughout the subsequent decade (which may be a part of its Imaginative and prescient 2030 Technique).
Yousuf Al-Jaida, CEO on the Qatar Monetary Middle (QFC), had just lately famous:
“[COVID-19 related challenges] not only highlight the importance of tech and fintech, but also accelerates adoption and development. We will continue in our efforts to enrich and develop the tech and fintech infrastructure in Qatar as an enabling platform and look forward to seeing more international Fintechs, including those from the US, easily integrate into Qatar’s thriving ecosystem via QFC’s Fintech license and wide range of benefits.”
The QFC’s operations have grown by 35% in the course of the previous 12 months. It at the moment has greater than 900 shoppers from each the monetary and non-financial industries.
Qatar-based companies have additionally adopted blockchain or distributed ledger know-how (DLT)-based options. In March 2019, Qatar-headquartered telecommunications service supplier, the Ooredoo Group, launched a blockchain-focused initiative.
Ooreedo has been working with non-public, public and educational organizations to create blockchain-powered options. Ooredoo Group CEO Sheikh Saud bin Nasser Al Thani had stated that blockchain has the potential to “facilitate new digital business models and revenue in the next five years.”
He believes that DLT will help organizations with reducing operational prices and boosting total effectivity, whereas selling larger transparency and belief that’s wanted to conduct safe digital funds.
In line with native sources, good contracts are being explored for his or her use in managing titles, property deeds, product monitoring and bank to bank cross-border settlements.