There is no lack of ambition in Doha. Blessed with the world’s second-largest gas reserves, Qatar has become one of its fastest-growing economies.

Gross domestic product (GDP) growth stands at almost 25 per cent. And Qataris today are among the richest people in the world, with GDP per capita of about $70,500.

To sustain its impressive performance, Doha is seeking to build a diversified economy. The Qatar Financial Centre wants to become a regional financial hub, the giant Qatalum aluminium smelter is the focus for an industrial zone, and Doha is doubling its hotel capacity to attract more tourists.

Knowing that none of this will happen without the necessary infrastructure, Doha is prioritising investment in its utilities and public services. It is doubling the number of hospital beds and spending heavily on transport, water and electricity. The value of projects stands at about $160bn - a 20 per cent increase on a year ago.

But Doha’s ambitions are severely threatened by rampant inflation, which is hitting 15 per cent, and a chronic skills shortage.

To deliver its plans, Qatar requires a massive influx of skilled workers, and its population is expected to grow from 1 million to 1.5 million in five years. In a global market, attracting all these workers will require higher wages, which fuels inflation.

Doha must step in to take some steam out its overheating economy. Otherwise rising rents and food prices, coupled with a falling dollar, mean that Qataris could see their nominal wealth rise at double-digit rates but their real wealth fall.