Priming itself for the new year, Qatar’s Emir H.H. Sheikh Tamim Bin Hamad Al Thani approved the country’s budget for 2024 which is projected to be an estimated QAR202 billion ($55.4 billion). The new budget is less than that of last year with an 11.4% decrease, especially in oil prices. Across the country, residents will be seeing lower oil prices as the prices are estimated to drop from $65 per barrel to $60 per barrel in 2024.
The new budget is in line with Qatar’s National Vision 2030 that is all about promoting the health and education sectors of the country. Qatar’s minister of Finance mentioned how “allocations for the two sectors constitute 20 percent of the total budget.”
Diversifying the economy is nothing new to the country as it was always a major part of how Qatar operated especially with how it saw a major boom in its tourism industry after hosting the 2022 FIFA World Cup. Not stopping there, Qatar will draw on its experience from hosting the World Cup to also successfully host several international sports competitions including the 2024 World Aquatics and the 2030 Asian Games.
In the same way, the country successfully promoted its tourism industry, Qatar will direct its attention to promoting its education and health sectors. To boost the two sectors, the country is securing many investment opportunities through unique partnerships. Recently, Qatar’s Finance Minister, Ali bin Ahmed Al Kuwari, met with his Irish counterpart, Michael McGrath and the two have plans to engage in bilateral economic cooperation.
Along with that, there will be an increase in the amount of funds spent on Qatar including a 2.4% rise in salaries and wages in an effort for Qatar to support its workforce. Overall, shifting from an oil-based economy has been the goal of many Gulf countries including Saudi Arabia. Diversifying the economy has been proving to be a fruitful approach to both the Kingdom and Qatar especially through their ability to excel in offering prime tourism opportunities including the Kingdom’s bustling heritage and tourist spot AlUla.