Why war is making this rich country even richer

is promising to turn the tiny peninsula into the bigger player it always aspired to be.Soaring oil prices because of the war in Ukraine have boosted Middle East oil producers such as Saudi Arabia and Kuwait, but the financial and geopolitical rewards on offer for Qatar make it the standout winner after Vladimir Putin’s invasion forced Europe to start weaning itself off Russian energy imports.

It’s quite a turnaround for Qatar and its population of less than 3 million people. Saudi Arabia, the United Arab Emirates and allies spent more than three years trying to strangle it economically for being too close to regional Islamist groups and Iran. Thedepressed the price of gas to record lows, accelerating what many said was an inevitable trend of consumers switching from fossil fuels to cleaner, renewable energy.

The start of what could be a gas “supercycle” comes just as the World Cup construction boom that powered the economy in recent years comes to an end, according to Ziad Daoud, chief emerging markets economist at Bloomberg Economics. “The timing is fortunate for Qatar, which could see a new driver of growth for this decade,” he says.The question now is what Qatar will do with its LNG-fuelled windfall.

Sheikh Hamad also invested in Gaza after its takeover by Hamas, designated a terrorist organisation by the US, and backed the revolution in Syria to overthrow Bashar al-Assad. He remains in power as the civil war drags on. “In 1997 or 1998 I went to Germany, I met German officials and we discussed whether Qatar could be a supplier,” says Al Attiyah. “They replied: ‘Oh, we don’t think we need your LNG because we will get a lot of gas from Russia through pipelines and it’s cheaper.’”

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