Meetings Calendar

Key Points:

·         Impact of the war in the Middle East. The war has implications far beyond the GCC, disrupting trade and energy flows with potentially severe global macroeconomic consequences. While the region has felt immediate effects, the full global impact – through energy availability, inflationary pressures, logistics disruptions, and food security – has yet to materialize. Ensuring the stability of strategic chokepoints, including the Strait of Hormuz, should therefore be a global endeavor rather than a regional concern alone. Despite damage to LNG facilities, Qatar expects to offset much of the lost production capacity through planned expansion.

·         Building resilience through robust fiscal frameworks and buffers. Qatar has been able to manage the shock thanks to robust fiscal frameworks established well before the crisis. Conservative budget assumptions, clear targets for debt and reserves, and dedicated shock‑absorption mechanisms have provided both resilience and the flexibility to respond decisively. Crises such as the current one can present an opportunity, as they create the political impetus to accelerate structural reforms that might otherwise face resistance.

·         Diversification and economic transformation. Beyond crisis management, Qatar is focused on sustaining growth and limiting economic scarring. Supporting affected sectors and the private sector remains a priority. Qatar is also committed to accelerating diversification under its development strategy, including broadening revenue sources, expanding non‑hydrocarbon activity, and advancing structural reforms.

·         Deepening GCC integration. Supported by strong fundamentals, the Gulf region is emerging as a success story in resilience, fiscal discipline, and policy coordination amid an increasingly fragmented global economy. The crisis underscored the value of GCC cooperation, particularly in keeping supply lines open and mitigating disruptions. Looking ahead, there are opportunities to deepen integration through joint infrastructure, alternative routes, and more systematic crisis preparedness.

Quotes:

“The best time for any minister of finance is during a crisis, because everybody listens to you. When things are good, nobody listens. So I don’t know whether this is good or bad, but this is usually the situation. And if you want to implement discipline and real budget adjustment, I think a crisis is always the right time.” Ali bin Ahmed Al Kuwari (9.50-10.13)

“The crisis has put more pressure on us to think about issues, such as revenue diversification. We are dependent on oil and gas revenues, but from a stability perspective – and to be less exposed to oil shocks, prices, and exports – it is very important to build other sources of revenue, such as taxation, for example. We have introduced the global tax, the Pillar Two global tax regime, in Qatar. We also plan to implement VAT very soon, in line with other GCC countries. And we will continue to look at other ways to enhance the country’s revenue streams away from oil and gas.” Ali bin Ahmed Al Kuwari (14.42-15.26)

“The real impact goes well beyond the Gulf countries and beyond what we are seeing so far. It affects the whole world. As I mentioned at the beginning, what we are seeing now is only the tip of the iceberg. The broader impact on the world’s economies – across Asia, Europe, Africa, and the Americas – we have not seen it yet. For now, we have seen energy prices going up, but very soon we’re going to have a problem of energy availability, not just prices. Even if countries can afford to pay, they may simply be unable to secure supply. This will be a major issue.” Ali bin Ahmed Al Kuwari (20.58-21:37)

Contributor: Lucas Menut, SECOP