(MENAFN) The deep plunge in oil prices in recent times has been a cause of worry for countries which are dependent on hydrocarbon revenues across the GCC.
In comparison with its regional neighbors, Qatar however, is in a strong position with substantial financial resources to withstand the near term decline in the price of oil.
Thanks to its visionary and forward thinking leadership, Qatar has built up sizeable financial reserves equal to about 140 percent of GDP, which should sustain the country for decades.
Qatar's total government spending increased by 18 percent annually between 2004 and 2013, the fastest among the GCC and despite the recent oil price decline.
In total, Qatar is set to award about USD30 billion worth of new contracts in 2016 and around USD135 billion worth of new contracts to be awarded between 2015 and 2020.
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