Qatar is a country rich in oil and gas reserves. The petroleum and natural gas industry is the country's most important industry, accounting for 70% of its revenue and 60% of its GDP. Qatar is the second-largest natural gas exporter and has the third-largest natural gas reserve. Oil production aided the country's transition from the poorest to richest countries list.
Another important industry is finance, which includes the Islamic Finance sector, Capital Markets, Real Estate, Banking, and Insurance. The finance industry is the fastest growing and has survived numerous financial crises. One of the challenges that the industry faces is the issue of liquidity.
Another emerging industry in which the Qatar Government has made significant investments as an alternative source of income is hospitality and tourism. The government's development of hotel facilities and infrastructure projects is a step toward the growth of this industry.
Qatar's petrochemical industry produces polythene, ethylene, and gasoline, and it is expected to grow at a 6% annual rate over the next decade. In addition, the country faces challenges and competition from neighboring countries such as Iran and Saudi Arabia. The industry generates an annual revenue of $8 billion.