Abdullah Bin Hamad Al Attiyah explains Qatar's remarkable growth to Oxford Business Group

The report published by Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, is currently celebrating the 5th book on the country.

"Much of this progress has come from the country's oil and gas sector, which accounts for 60% of GDP," he said.

"Qatar is now undergoing important political and economic reforms. The government is undertaking other reforms designed to develop the financial sector and capital markets, such as the creation of the Qatar Financial Centre (QFC), which was established in Doha in May 2005. It was set up to provide a regulatory environment for international financial services companies that operate according to international standards. Companies operating in the QFC receive a three-year tax holiday, after which a corporate tax rate of 10% applies."

He told The Report, rated as the premier guide for foreign direct investment into the country's vibrant economy: "Further reforms in 2006 led to significant changes in the capital markets, with the Doha Securities Market creating a regulatory agency called the Qatar Financial Market Authority.

"The organisation is intended to be an impartial body that contributes to the development of a sound financial system that will contribute to Qatar's attractiveness for investors."

He said that foreign investment in Qatar traditionally came in the energy sector, which, along with subsequent reform, has in no small part facilitated the surge in progress the country has seen.

"Our aim has been to utilise our valued resources wisely in a strategic manner and to diversify our sources of revenue. This policy has been highly successful, with Qatar achieving new records in economic growth. GDP rose to a record high of $52.7bn in 2006, registering a growth of 24.2% over the previous year, while its GDP per capita rose to a record level of $62,914, giving Qatar the highest GDP per capita in the Middle East and making it one of the world's wealthiest nations.

"Qatar has witnessed a healthy trade surplus for the past few years by riding this strong wave of hydrocarbons exports. Besides liquefied natural gas (LNG) and gas to liquids, we are utilising North field gas by supplying it through pipelines directly to our customers at both home and abroad.

"Through the Dolphin project, we are currently exporting approximately 2bn cu feet of gas on a daily basis to the UAE and Oman.

"Qatar, which is already the world's largest exporter of LNG, is confident that by around 2012 Qatari LNG will be reaching all the important markets with an export capacity of approximately 77m tonnes per annum."

He concluded: "Qatar has moved a long way in a seemingly short time to become a significant contributor to the world's economy. It can - and will - move a lot further, all the while using its revenues not only for physical development of its industry and hydrocarbon, but also to invest in what is truly our most important asset - our people."

The Report: Qatar 2008 is an invaluable guide to the many facets of Qatar, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments, was produced by a team of six OBG analysts based in Doha for six months.

Two hundred pages long, The Report has a distribution of 71,000, with 25% in Europe, 21% in GCC and the Middle East, 20% in North America, 15% in Asia, 13% in North Africa and 6% elsewhere.

41% of the local subscribers are government organizations and institutions, 39% senior executives, 14% non-governmental organizations and assocations, and 6% others. 26% of the circulation is to the energy sector, 24% to financial institutions, 23% to real estate and construction, 14% to industry, 10% to IT and telecommunications, and 3% to others.

The publication features a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and accurate intelligence available, and is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.