In just 50 years Qatar has gone from a poor fishing country to an oil giant with the highest per capita
Gross domestic product in the world roughly at eighty thousand to a hundred thousand dollars
and even that's kind of an under estimate to the real wealth of the citizens of Qatar and the
Citizens are about two hundred thousand of them with an average income of well over four hundred thousand dollars
Qatar sits on the world's third largest
Natural gas reserves, which contributes largely to its wealth welcome to another episode of FTD facts
My name is Leroy Kenton
And we're talking about the history of Qatar - how it became so rich and then before you continue
Don't forget to give this video a big thumbs up and also if you're new here in FTD facts
You might want to hit that subscribe button like it's so worth it and then click that Bell notification
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Episodes and a question I gotta throw out to you is how much money do you want to have let me know down below
For me. I don't know I think I want to have a million dollars a day
365 million dollars a year
Yeah, that's uh. What would that look like anyways is that too much money?
I don't know if there's anything called too much money
Whatever Bill Gates has billions of dollars, but yeah, I'd love to hear how much money you want to make now
There's a quite a bit of you guys that requested for us to do a video on
Qatar and so I want to thank everybody that requested Qatar this was so fascinating
I learned a ton when I was doing research about this Qatar has been ruled by the Al Thani family since the early
1900s when it was controlled by the British on July 17th
1913 sheikh abdullah bin
Kasim Al Thani
Became the ruler of Qatar at the time Qatar's primary industry was pearling and fishing the country at the time was dealing with
widespread poverty malnutrition and disease from the collapse of the pearl trade in the 1920s in
1939 oil was discovered in the city of duquan
But development on the field was slow until 1949 because of world war ii while the oil discovery was great
It was nothing compared to the natural gas reserve found 30 later in 1951 Qatar produced
46,500 barrels of oil a day
amounting to 4.2 million dollars in revenue the discovery of offshore oil fields led to an increase in production to
230,000 barrels per day then Qatar began a slow
modernization process the country's first school hospital and power plant and Niemann telephone exchange all
opened in the
1950s all revenue steadily increased through the 1960s out of the Al Thani
family grew stronger by placing relatives in high government positions
However oil productions is not expected to remain at its peak levels of
500,000 barrels a day because of the oil fields are projected to be mostly depleted by the year 2023
But Qatar has natural gas reserves to compensate for that
Qatar's reserves of gas are the third largest in the world
Qatar's reserves are estimated to be at
896 trillion cubic feet in the year
1971 the world's largest natural gas field the south pars North dome gas condensate
Field was discovered off the coast of guitar
But the crash of the oil prices in the 1980s stopped the growth of the economy
By the year 1995 the situation in Qatar had not improved until Hamad bin
Khalifa al-thani
Took power in a coup and then Qatar became a very powerful force
Hamad saw that keeping a low profile could be dangerous and set a whole new
direction for the country so how exactly did Hamad raise Qatar's
Profile in the world what he ended up doing was pretty big so first. He led the u.s.
set up its regional military headquarters the Al Udeid Air Base outside the capital city of Doha the
Partnership with the US military has given Qatar a new level of security
Hamad then went on to integrate Qatar into the global economy he built the world's largest
facilities for condensing liquid natural gas and began exporting
Liquid natural gas for the first time following that over the past 15 years
14 liquid natural gas plants have been built in
partnership with international oil companies in the late
1990s Qatar entered in production sharing agreements with several international oil companies and in
1996 for those of you who keep up to date with anything to do with the news well you probably know about this
Hamad launch al-jazeera which is a 24-hour news station that combined aggressive?
Reporting high production value as well as an Islamic
Worldview al Jazeera became huge and the purpose of this organization
Was really about enhancing Qatar's visibility as well as its influence
But the channel has gone on to be one of the most
Important broadcasters in the whole Arab world when it comes to news Qatar's GDP has skyrocket over the past 15 years
Thanks to steady oil production and high natural gas production in regards to planning for the future
Depletion of its oil well Qatar has taken measures to diversify its economy in the year 1998 the government built
Education city which is a huge campus that supports six American and two European?
Universities as well as research centers Qatar has a sovereign wealth fund of a hundred and seventy billion dollars
Then the Year 2005 Qatar established the Qatar Investment Authority
to recycle oil and gas income into other income streams in other words
It was set up to buy a lot of things around the world and thus reduces the country's exposure to the oil price in
London alone it owns Harrods The Shard the Chelsea barracks site the US
Embassy and the Olympic Village site among many others it is also the largest shareholder in
Sainsbury
Which is just over a quarter of the business and check this guys it also Co owns Miramax Films
After purchasing it from Disney with a group of other investors the Qatar Financial Center was built in
2005 to develop Katara's financial services in industry the country believes it can become a
financial services leader for the Gulf states, thanks to its relative stability and large base of capital in
2006 Qatar passed
Indonesia to become the largest exporter of liquid natural gases in the world with revenues from oil and natural gas
Amounting to 60% of Qatar's GDP but more competition was coming with liquid natural gas production booming in
Places like the United States as well as Australia and then in December of 2010
Qatar was selected as host of the 2022 FIFA World Cup and because of that Qatar promised to build 12 state-of-the-art
Stadiums that would employ cooling technology so players could escape the heat
Qatar has positioned itself as a sporting hub for the region
Hosting or planning to host numerous global sporting events and last June
It was alleged that Qatar spent 5 million dollars on bribes to secure the 2022 World Cup bid
Switzerland is now opening an investigation into mismanagement and money laundering related to Qatar's bid
So there's still quite a bit of controversy going on there, but hey Qatar has really set itself up
Powerfully to be a powerhouse nation in the world
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I'm doing what I'm filming these FTD facts episodes and more in closing now several reports state that
Guitar is the wealthiest country in the world when we look at its GDP per capita
The country developed itself based on natural gas oil and diverse
Investments around the world there are many countries in the world which have fossil fuels
But few have done as well as Qatar to take advantage of them in fact countries like Venezuela
Iraq Libya and Nigeria became victims to the resource curse
Which is when an abundance of resources leads to less economic growth and limited development?
The support of the United States as well as decades of stored reserves have also helped to stabilize the growth and development of the country
Making it now the richest country in the world
What
Hey guys
and thank you so much for watching be sure to check out this playlist of veils that we
Recommend so you can continue learning about the different places and cultures all around the world you guys have been awesome
And I'll see you real soon