Qatar to go ahead with $120bn projects
Doha, February 19, 2013
Qatar’s ambitious megaprojects will surge ahead, with $120 billion worth of projects to be undertaken until 2020, a major conference heard today.
Much of the government spending on megaprojects will be funded by revenues from oil and gas exports which last year accounted for 70 percent of state revenues.
“Our energy sector has played a central role in supporting the economy of Qatar. Last year, oil and gas exports accounted for 50 per cent of GDP and 70 per cent of government revenues. The government will continue to rely on these revenues in the future,” said Mohammed bin Salah Al-Sada, Minister of Energy & Industry in a speech delivered by Hamad Rashid Al Mohannadi, managing director of Rasgas and vice-chairman of Qatar Petroleum, at the Meed Qatar Projects 2013 conference today.
The world’s largest exporter of natural gas, Qatar is experiencing a construction boom, with more than $220 billion of projects planned or under way. Much of the country’s spending is driven by its need to prepare for the 2022 Fifa football World Cup, which will require 12 stadiums, 90,000 hotel rooms and the infrastructure to accommodate more than 400,000 fans.
“The first day of Qatar Projects 2013 has been a resounding success. Already, we have witnessed a number of insightful presentations, giving stakeholders a clearer view of what lies ahead in terms of opportunities and challenges in Qatar’s projects sector,” said Edmund O’ Sullivan, chairman, Meed Events, organisers of Qatar Projects 2013.
The other major highlight of the conference’s opening day was the speech delivered by Sheikh Abdullah Saoud Al-Thani, Governor, Qatar Central Bank where he addressed the delegates with business and regulatory updates in Qatar that will drive project development and long-term economic gains in the country.
The second day of the conference will cover quantitative and qualitative data on Qatar and the GCC Project Market, featuring a comprehensive forecast and assessment of the projects market in the region by Meed Insights. – TradeArabia News Service