Former Emir Sheikh Hamad bin Khalifa Al Thani, architect of Qatar's economy, dies at 74
Sheikh Hamad bin Khalifa Al Thani, who ruled Qatar for 18 years and transformed it into the world's largest LNG exporter and a major global investor, has died at the age of 74.
Qatar mourns the loss of its former emir. Sheikh Hamad bin Khalifa Al Thani, who ruled from 1995 to 2013, passed away at the age of 74. During his reign, the country underwent a remarkable economic transformation.
When Sheikh Hamad came to power, Qatar's economy was small and heavily dependent on oil. The vast gas reserves of the North Field were still in early development. In less than two decades, Qatar became the world's largest exporter of liquefied natural gas (LNG), established one of the largest sovereign wealth funds, and achieved one of the highest per capita incomes globally.
The development of the North Field in the second half of the 1990s changed Qatar's position in the energy market. The first LNG shipment was exported in 1996, and within 15 years, Qatar became the top exporter. By 2010, production capacity reached 77 million tons per year. The added value of the hydrocarbons sector rose from 11 billion Qatari riyals (about $3 billion) to 403 billion riyals (about $110.4 billion).
Economic growth was staggering. Gross domestic product (GDP) grew from about $8 billion in 1995 to about $199 billion in 2013 – a more than twentyfold increase. Real growth reached 18 percent in 2006 and 26.2 percent in 2011, driven by LNG projects.
Sheikh Hamad established a system to manage energy revenues. In 2001, he created the Supreme Council for Economic Affairs and Investment, and in 2005, the Qatar Investment Authority (QIA). QIA quickly became one of the world's largest sovereign wealth funds, acquiring stakes in companies like Barclays, Volkswagen, and Harrods. Its assets are now estimated at over $500 billion.
Per capita income exceeded $90,000 (purchasing power parity). The state invested in education, health, and infrastructure. The Qatar Foundation for Education, Science and Community Development was established in 1995, and international universities such as Georgetown, Texas A&M, and Carnegie Mellon were attracted to the country.
Massive infrastructure projects, including Hamad International Airport, Hamad Port, Lusail City, and the Doha Metro, were launched using gas revenues. These projects laid the groundwork for hosting the 2022 FIFA World Cup, for which the government approved over $200 billion in infrastructure spending.
In 2008, Qatar launched its National Vision 2030, a strategic plan for a knowledge-based economy. Sheikh Hamad's legacy lies in transforming exceptional energy revenues into long-term development tools, a path continued by his son and successor, Emir Sheikh Tamim bin Hamad Al Thani.
