From gas to global minerals: Qatar expands energy legacy

Doha, Qatar: In a world racing toward decarbonisation, the Middle East and North Africa (MENA) are standing at the precipice of historic transformatio...

Doha, Qatar: In a world racing toward decarbonisation, the Middle East and North Africa (MENA) are standing at the precipice of historic transformation. Long defined by oil and gas wealth, the region is now seeking to secure its place in a post-hydrocarbon future.

This was the central theme of the latest Al-Attiyah Foundation podcast, where host Stephen Cole spoke with Michael Finch, Head of Strategic Initiatives at Benchmark Mineral Intelligence, about the accelerating pivot toward critical minerals and what it means for Qatar and the wider region.

Finch emphasised that MENA nations are not merely reacting to global change but actively reshaping their economies for the decades ahead. Still, hydrocarbons represent around 40 percent of Saudi Arabia’s GDP (Gulf International Forum, 2024), over 60 percent of Qatar’s GDP (World Bank, 2023), and roughly a quarter of the UAE’s GDP (Reuters/IMF, 2024). That dependence underscores the urgency of diversification. “There’s a real economic imperative,” Finch explained. “This is not simply about risk management—it’s a lucrative opportunity.”

Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has become a leading international investor in the sector. QIA is the largest institutional shareholder in commodities giant Glencore, holding an 8–9 percent stake, and has recently invested in companies like TechMet and Rainbow Rare Earths, strengthening ties with supply chains vital for the energy transition. “QIA is positioning Qatar not just as an energy powerhouse but as a strategic player in the global minerals market,” Finch noted. “This is a long-term strategy that underpins economic diversification and supply chain security.”

Across the region, sovereign wealth funds hold an estimated five trillion US dollars in assets under management, increasingly channeled into mining, refining, and clean energy infrastructure. Saudi Arabia’s Public Investment Fund and other state-backed vehicles are similarly making bold bets, including downstream ventures in electric vehicles and overseas acquisitions of mineral assets. The strategy is characterised by patience and foresight, with funds pursuing multi-decade returns tied to energy transition industries rather than short-term profit.