It used to be one of the poorest states in the Gulf region, but now Qatar's immense wealth is being spent on cultural imports. And fashion, art and architecture are all on the shopping list

Some are born great, some achieve greatness, and some have greatness thrust upon 'em. In the case of the tiny, oil-rich Gulf country of Qatar, some are acquiring greatness at breakneck speed.

Last year Qatar was named as the 2022 World Cup host and its sovereign wealth fund, Qatar Holdings, bought Harrods. This year, Qatar said it wants to host the 2017 World Athletic Championships. It has become the biggest buyer of contemporary art in the world. A few weeks ago, a Qatari sheikh was unveiled as the principal backer of a £3m racing event at Royal Ascot. The state's ambitions tower over London's skyline in the form of the Shard, in which Qatari investors have a majority stake. Astonishing to think this former pearl-fishing centre used to be one of the poorest states in the region.

Unsurprisingly, it doesn't end there. The country's lifestyle vehicle, the Qatar Luxury Group is expanding into fashion, hospitality and development. Think of it as an Arab LVMH. On steroids. QLG will host Qatar Fashion Week in 2012, when it will launch a new fashion brand that has been designed by Stéphane Rolland. These developments make perfect sense when you consider that, as reported in a recent article by Reuters, women in the Gulf region are the world's biggest buyers of high fashion.

QLG is the brainchild of Sheikha Mozah, who has caused something of a stir with her style. During a state visit to the UK last year, Sheikha Mozah's propensity for wearing haute couture- including these heels-made-of-ice Chanel boots- attracted plaudits from fashion commentators and the designer Julien MacDonald compared her look to that of Jackie O.

QLG declined to be interviewed about its activities, saying it was "working on the development of our fashion brand which is to be launched in 2012" and that to "speak of a brand six months before launch sounds premature". It has been more open about its acquisition of the French leather goods company, Le Tanneur, though. Its CEO, Gregory Couillard, said the company "was targeted as part of QLG's strategy to create timeless luxury goods made to the highest quality standards" and that the group is "committed to the luxury fashion sector in the larger sense", with leatherwork, shoemaking, jewellery and couture workshops especially set up in Doha.

Qatar's emir, Sheikh Hamad bin Khalifa al-Thani has a long-term vision for Qatar's future Photograph: Karim Jaafar/AFP/Getty Images

So what are we to make of the spending spree? The emir of Qatar, Sheikh Hamad bin Khalifa al Thani, has a long-term plan, called Qatar Vision 2030, for how he wants the state to be seen and recognised internationally. "It's all about legacy," says Graham Hales, CEO of Interbrand London. "It seems to be sincere." Hales says that while the trail of acquisition is "hard to penetrate" it is also "brave and audacious".

But signs that Qatar was a juggernaut of ambition, chutzpah and wealth surfaced in 2008, when it coaxed "starchitect" IM Pei out of retirement to design the Museum of Islamic Art in Doha.

"The Qataris can learn lessons from Dubai, but to the naked eye it seems similar," says Hales. "They get involved in landmarks. If they can get involved in something first they will, and the type of brands they're buying are iconic." Hales doesn't know where all the purchasing and construction will lead but says the next decade will be "very exciting". "We're in the middle of a paragraph rather than the end of it," he adds.

In 2008, arts writer Georgina Adam told the Guardian that Gulf states were beginning to see culture as a missing part of the puzzle. "They have the ritzy airports, big towers and financial institutions, but they want to get culture and they're very competitive. Qatar wants to distinguish itself from Dubai, which is seen as brash." John Martin, director of Art Dubai, said: "Doha and Dubai represent a new type of city and culture, they don't have the cultural baggage. Nobody has written any rules and anything can happen."