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

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.