Qatar’s per capita income at $62,914!

Qatar’s per capita income has reached an incredible $62,914, Kuwait-based Global Investment House said in a country report yesterday. Qatar has witnessed one more year of unparalleled economic growth. The nominal GDP (gross domestic product) growth was 24.2 per cent in 2006.

The GDP per capita reached to a record level of $62,914 which places Qatar among the wealthiest countries in the world. With regard to the policy initiatives, Qatar continued to adopt new laws and regulations with a view to making its investment environment more investor-friendly.

via Peninsula

After setting up Qatar Financial Centre in 2005, the country took a major step in its legal history with the official inauguration of the new international, independent judiciary for the QFC. As part of an ongoing capital market reform process, the Qatari bourse (DSM) took a major step to set up a securities market regulatory authority, called the Qatar Financial Market Authority (QFMA).

The government has been very supportive of the real estate sector issuing various laws that allowed foreign ownership in designated areas in Qatar. Besides the law announced in June 2004 that allowed non-Qataris to own real estate properties in any of the three projects — Pearl Island, West Bay Lagoon and Al Khor Resort.

The government has also announced a new law in February 2006, where the Emir H H Sheikh Hamad bin Khalifa Al Thani ratified two cabinet decisions regarding the sale and lease of real estate in Qatar. Citizens of other GCC countries can own land and residential units in Losail, Al Kharaij and Jebel Thiyab areas as defined in a special map as a result of the approval of Cabinet while expatriates can lease properties in 18 specified areas for 99 years on a renewable basis.

Due to the progressively relaxed regulatory framework, Qatar came third among GCC states in terms of inward FDI by attracting nearly $1.5bn. The country’s GDP rose to a record high of QR191.9bn ($52.7bn) in 2006 at current prices as compared to QR154.5bn ($42.4bn) the previous year.