Qatar's government revenue fell 42% in first half due to Iran war, Emir says
Qatar's revenue fell 42 per cent in the first half of this year, as exports of liquefied natural gas (LNG) dropped due to the impact of the Iran war, Emir Sheikh Tamim said during a Shura Council meeting. LNG exports from Qatar, the world’s second-largest supplier before the conflict, has fallen sharply due to the effective closure of the Strait of Hormuz as well attacks on its Ras Laffan complex…
Qatar's government revenue plummeted by 42% in the first half of 2024 due to the Iran war, according to Emir Sheikh Tamim. The fall was primarily attributed to a drop in liquefied natural gas (LNG) exports, as the Strait of Hormuz remained effectively closed due to the conflict and attacks on Qatar's Ras Laffan complex. Despite the crisis, the Emir stated that essential services were maintained and development priorities were not altered.
Measures taken before the crisis, such as strengthening reserves, reducing public debt, and diversifying revenue sources, helped Qatar absorb the economic impact. About 17% of Qatar's LNG capacity is currently offline following Iranian strikes. The World Bank projects a 20.9% contraction for Qatar's economy this year, the weakest performance in five decades.
However, Sheikh Tamim remains optimistic, highlighting a portfolio of $60.7 billion in investments planned over the next five years to boost infrastructure, public-private partnerships, and private-sector projects. The Emir emphasized Qatar's strategy to defend sovereignty, ensure services, contribute to ceasefire efforts, and encourage peaceful negotiations.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Qatar's government revenue fell 42% in first half due to Iran war, Emir says thenationalnews.com
