This paper aims to present an overview of the framework and methodology that might help Qatari decision makers understand and identify factors affecting the transition towards a knowledge-based economy in a non-static fast-changing real-world setting, with a specific focus on clarifying some of the key dynamics and characteristics of its establishment. In this regards, it aims to quantify the effect of government policies, ICT infrastructure, and society norm dimensions by seeking to provide an insight on the main driving forces behind its emergence—exploring the core pillars, potential pitfalls, and bottlenecks. In addition, it attempts to help close the existing gaps resulting from the discrepancy between the pace of the knowledge-based economy foundation and inadequate supporting institutional framework. Country-specific characteristics of the Qatar economy are considered in order to determine the right approach for adopting the knowledge-based economy orientation that would be aligned with Qatar National Vision 2030. Finally, the expert-driven fuzzy-logic approach has been proposed to help decision-makers in providing guidance for outlining and evaluating the relevant strategies.