Sheikh Tamim said at a Shura Council meeting that Qatar's government revenue fell 42 per cent in the first half of the year and public spending fell 14 per cent, The National reported. He linked the revenue drop mainly to lower LNG exports after the effective closure of the Strait of Hormuz and the attacks on Ras Laffan. Iranian strikes damaged two of the country's 14 LNG export trains, and QatarEnergy expects repairs to take three to five years.
To support recovery, Doha plans investment opportunities worth about 221 billion riyals ($60.7 billion) over five years, covering infrastructure, public-private partnerships, real estate and hospitality. The Emir said non-hydrocarbon activity, about 80 per cent of real GDP, continues to grow, and that the aim is faster diversification rather than a return to the pre-crisis position.
The publication noted that the World Bank expects Qatar's economy to contract by 20.9 per cent this year and the IMF by 15.6 per cent, among the sharpest downturns in the region.
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The National — insurance ↗This is an original summary of the linked report, selected by Axxion’s GCC market monitor. Facts are attributed to the publication.