Before COVID-19 was recognised as a pandemic, the IMF published a thought-provoking paper whose main conclusion was that if GCC countries maintained their current fiscal stance, the region as a whole could exhaust its financial wealth in the next 15 years. A key assumption underlying this conclusion was that global oil demand would peak round 2041 at 115 million barrels per day (mbd) from its pre-COVID-19 level of around 100 mbd. If global oil demand peaks much earlier than was previously expected, it will have profound implications for a region that has been trying to diversify away from dependence on oil and gas.
This webinar will look at challenges and opportunities for a transition to a post-oil future with a focus on structural reforms to help achieve long-term fiscal sustainability and fair inter-generational wealth transfers.
The event will take place on 10 March 2021 and commence with opening remarks by Yousuf Mohamed Al-Jaida, Chief Executive Officer and closing remarks by Sheikha Alanoud Bint Hamad Al-Thani, Managing Director, Business Development, QFC.
The discussion will feature economic experts Khaled AL-Derbesti, Advisor to Minister of Commerce and Industry (MoCI), and Tarik Yousef, Senior Fellow, Brookings Doha as panel speakers, and Thaddeus Malesa, Senior Advisor for Economics and Research, QFC, as moderator.
11:00 AM - 11:05 AM | Opening Remarks
Yousuf Mohamed Al- Jaida, Chief Executive Officer, Qatar Financial Centre
11:05 AM – 11:15 AM | Presentation of Main Takeaways, Structural Reforms, Fiscal Sustainability and Inter-generational Wealth as the GCC transitions to a post-oil future
This article was prepared by Irfan Aleem, Visiting Fellow, at Brookings Doha Center
11:15 AM – 11:45 AM | Panel Discussion, How GCC governments Navigate Volatile Hydrocarbon prices with their Fiscal and Savings policies
Khaled Al-Derbesti, Senior Trade and Economic Consultant, Ministry of Commerce and Industry
Tarik Yousef, Senior Fellow, Brookings Doha Center
Moderated by Thaddeus Malesa, Senior Advisor for Economics and Research, Qatar Financial Center
11:45 AM – 12:05 PM | Q&As
12:05 AM – 12:10 PM | Closing Remarks
Sheikha Alanoud Bint Hamad Al-Thani, Managing Director, Qatar Financial Centre