| Qatar has had the feast – now comes the self-imposed famine. The country’s absolute ruler Sheikh Tamim bin Hamad al-Thani on Nov. 3 told his subjects that they should prepare for harder times. After the decade-long splurge that saw Qatar buy significant stakes in companies such as Volkswagen AG, Barclays and Glencore, the belt-tightening won’t just pinch in Doha.
Oil wealth has made Qataris among the world’s richest people, with a GDP per capita close to $100,000, according to the World Bank. But, Sheikh Tamim said, it has encouraged Qataris to be wasteful. Arguably the biggest example is its sovereign wealth fund, which is thought to hold $334 billion in assets. Next year might see Qatar fall to a budget deficit, its first in 15 years...............................................Full Article: Source
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