Macroeconomic Overview
The UAE and Qatar are the GCC’s two highest-income economies on a per capita basis. Qatar’s GDP per capita leads globally due to its small population and concentrated LNG revenues, while the UAE’s larger and more diversified economy generates greater absolute output.
| Indicator | UAE | Qatar |
|---|---|---|
| Nominal GDP (USD bn, 2024) | 528 | 235 |
| GDP Per Capita (USD, 2024) | 53,700 | 81,400 |
| Real GDP Growth (%, 2024) | 3.9 | 2.4 |
| Non-Oil GDP Share (%) | 70 | 55 |
| Population (mn, 2024) | 9.9 | 2.9 |
| Sovereign Credit Rating (S&P) | AA | AA- |
Sovereign Wealth and Fiscal Capacity
Both countries manage substantial sovereign wealth funds, but their investment strategies diverge. The UAE’s funds are spread across multiple entities with varying mandates, while Qatar’s QIA is more centralised with a focus on global trophy assets.
| Indicator | UAE | Qatar |
|---|---|---|
| Total SWF Assets (USD bn, est.) | 1,700+ | 510 |
| Primary SWF | ADIA (Abu Dhabi) | QIA |
| SWF Assets Per Capita (USD) | 171,700 | 175,900 |
| Fiscal Breakeven Oil Price (USD/bbl) | 60 | 45 |
| Government Debt to GDP (%) | 30 | 42 |
Energy and Export Profiles
| Indicator | UAE | Qatar |
|---|---|---|
| Oil Production (mn bpd, 2024) | 3.2 | 0.6 |
| LNG Export Capacity (mtpa) | 6 | 77 |
| Planned LNG Expansion (mtpa by 2030) | 9.6 | 126 |
| Energy Export Revenue (USD bn, 2024) | 95 | 78 |
| Carbon Capture Capacity (mtpa) | 4.3 | 2.5 |
Economic Diversification
| Sector | UAE Contribution (% GDP) | Qatar Contribution (% GDP) |
|---|---|---|
| Financial Services | 12 | 10 |
| Tourism and Hospitality | 12 | 5 |
| Real Estate | 14 | 8 |
| Technology | 5 | 3 |
| Logistics and Trade | 11 | 4 |
| Education and Research | 2 | 3 |
Global Connectivity and Soft Power
| Indicator | UAE | Qatar |
|---|---|---|
| Airport Passengers (mn, 2024) | 92 | 46 |
| Airline Fleet Size | 260+ (Emirates/Etihad) | 250+ (Qatar Airways) |
| International Destinations Served | 300+ | 170+ |
| FIFA World Cup Host | Bid for 2034 support role | 2022 Host |
| Global Soft Power Index Rank | Top 15 | Top 30 |
Strategic Assessment
Qatar’s economic model relies on the concentration advantages of LNG dominance. The North Field expansion will cement Qatar as the world’s largest LNG exporter, providing fiscal security through the energy transition. However, this concentration creates vulnerability to long-term demand shifts as global decarbonisation accelerates.
The UAE’s model prioritises breadth over concentration. Its diversified economy, multiple urban centres, and sectoral spread provide resilience against commodity shocks but require continuous regulatory innovation and infrastructure investment to maintain competitive positioning.
Key Differentiators
Qatar leads on per capita wealth, LNG export capacity, and fiscal breakeven efficiency. The UAE leads on economic diversification, population scale, FDI attraction, tourism infrastructure, and the breadth of its global connectivity network. The two economies are more complementary than directly competitive, with distinct strategic niches within the GCC architecture.