Qatar foresees up to $120 billion of investments in the next five to eight years as it continues to diversify its fast growing energy-based economy, its economy minister said.

"The government is earmarking $100-120 billion in projects in Qatar within the next five to eight years," Minister of Economy and Trade Sheikh Mohammed bin Ahmed Al Thani said.
He said $70 billion would go into the hydrocarbons industry and the rest in infrastructure projects.
Qatar has the world's third largest gas reserves and is the fastest growing economy in the Arab world. Its fewer than 800,000 citizens are also the region's wealthiest, with per capita income of $40,000.
Sheikh Mohammed said the Arab Gulf state sought sustainable high growth without overheating after high oil and gas prices fuelled an boom which led to 20.5 percent economic growth in 2004.
"In 2003 the GDP was $19.5 billion and in 2004 it became $28.5 billion so it grew 20.5 percent so it's the highest growth in the world," he added.
"Growth in the first quarter of 2005 was eight per cent and we want and foresee sustainable growth in the coming years with prudent macroeconomic management of the economy."
He said diversifying the economy would help absorb excess liquidity which has pushed property and stock prices up by over 70 per cent since the start of 2005.
"With every fast growth there is always excess liquidity and a chance of a bubble or over heating. We can see some overheating in the economy," Sheikh Mohammed warned.
He predicted Qatar this year would attract more than the $2 billion of foreign capital that entered the country in 2004 mainly into energy-related industrial projects.