Qatar Emir reports 42% revenue drop amid Strait of Hormuz crisis

Emir of Qatar Sheikh Tamim bin Hamad Al Thani reported that the country's total revenues fell by 42 percent in the first half of the year due to the crisis surrounding the Strait of Hormuz. The Emir noted that the crisis negatively impacted public finances, while public spending decreased by 14 percent. He attributed the decline to the closure of the Strait and direct damage to energy facilities in the Ras Laffan industrial zone, which halted a significant portion of state exports.

Addressing the Shura Council, the Emir also commented on regional instability, describing the situation in the Gaza Strip as ‘genocide’ and stating that those responsible must be held accountable. He emphasized the need to protect maritime transport, critical infrastructure, and civilian assets in the Gulf and the Strait of Hormuz.

Despite the economic impact, Al Thani stated that the national economy remains on a solid foundation, with real economic growth projected at 2.9 percent for 2025 and inflation at 0.5 percent. He noted that the non-oil and gas sector's share of real GDP has reached 80 percent. The Emir reaffirmed Qatar's commitment to dialogue and peaceful solutions while maintaining its right to defend its sovereignty.