2 The Financial Markets of Qatar
Five decades ago, there was little in Qatar that financiers and world leaders in New York or London would find of importance. Today, the picture is much different. It owns expansive swaths of prime real estate and corporate equity in the most developed markets the world, is home to the Arab world’s largest news network, and will host the World Cup in 2022. This change has overwhelmingly come on the back of one development. As of 2016, Qatar provides the world with a third of its total liquefied natural gas supply (LNG). Indeed, LNG and the related production of Natural Gas Liquids (NGLs) has made the state of Qatar is a very rich country. In an oft repeated metric, the country has the world’s largest GDP per capita based on purchasing-power-parity, one well over US$125,000.1 This largely derives from the fact that it is also a very small country. It has 2.6 million inhabitants, of which only 300,000 are citizens, on a territory smaller than Connecticut.