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Innovation-Based Strategic Roadmap for Economic Sustainability and Diversity in Hydrocarbon-Driven Economies: The Qatar Perspective

Author

Listed:
  • Ahmed Al-Sulaiti

    (College of Engineering, Qatar University, Doha P.O. Box 2713, Qatar)

  • Abdel Magid Hamouda

    (College of Engineering, Qatar University, Doha P.O. Box 2713, Qatar)

  • Hussein Al-Yafei

    (Chemical Engineering Department, College of Engineering and Technology, University of Doha for Science and Technology, Doha P.O. Box 24449, Qatar)

  • Galal M. Abdella

    (College of Engineering, Qatar University, Doha P.O. Box 2713, Qatar)

Abstract

This research addresses the critical opportunities and challenges confronting economic sustainability for hydrocarbon-based economies. The primary objective is to advocate for a transformative shift towards diversified and knowledge-centric economic models to ensure long-term sustainability. The literature review exposes vulnerabilities in hydrocarbon-based economies. The study innovatively explores multifaceted dimensions of economic diversification, including governance issues, societal well-being, and the necessity for robust ecosystem frameworks. Utilizing a qualitative case study methodology, the research investigates Qatar’s initiatives, such as the Qatar National Vision 2030 and government programs, aiming to reduce dependence on hydrocarbons and foster innovation. Insightful semi-structured interviews provide nuanced perspectives on innovation in the hydrocarbon context with business and academic professionals. The primary data collection method involved the following distinct groups: five business professionals and eleven academic experts, representing eight outstanding local and external organizations. Key findings underscore a holistic view of innovation, associating it with practical solutions, adaptability, and transformative potential, showcasing diverse approaches ranging from business-centric to collaborative and user-centric methods. Identified challenges in the education system, the urgency for a matured innovation ecosystem, and opportunities in sustainable energy further enrich the study. Moreover, this research examines the challenges and mitigation strategies associated with economic diversification in hydrocarbon-driven economies, focusing on Qatar. The research recommends sustained efforts in economic diversification, educational reform, and technological integration for hydrocarbon-based economies. Policymakers, businesses, and academics can leverage these insights to navigate the complexities of resource dependency and ensure long-term viability. The commitment to addressing challenges faced by hydrocarbon-dependent nations remains crucial, with a dedication to fostering economic diversity, innovation, and educational excellence for a resilient and prosperous future.

Suggested Citation

  • Ahmed Al-Sulaiti & Abdel Magid Hamouda & Hussein Al-Yafei & Galal M. Abdella, 2024. "Innovation-Based Strategic Roadmap for Economic Sustainability and Diversity in Hydrocarbon-Driven Economies: The Qatar Perspective," Sustainability, MDPI, vol. 16(9), pages 1-25, April.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:9:p:3770-:d:1386957
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    References listed on IDEAS

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    1. Sun, Jiazhe & Wu, Shunan & Yang, Kaizhong, 2018. "An ecosystemic framework for business sustainability," Business Horizons, Elsevier, vol. 61(1), pages 59-72.
    2. García-Vega, María & Vicente-Chirivella, Óscar, 2020. "Do university technology transfers increase firms’ innovation?," European Economic Review, Elsevier, vol. 123(C).
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    7. Mahmoud Abdulwahed, 2017. "Technology Innovation and Engineering’ Education and Entrepreneurship (TIEE) in Engineering Schools: Novel Model for Elevating National Knowledge Based Economy and Socio-Economic Sustainable Development," Sustainability, MDPI, vol. 9(2), pages 1-21, January.
    8. Matallah, Siham, 2020. "Economic diversification in MENA oil exporters: Understanding the role of governance," Resources Policy, Elsevier, vol. 66(C).
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