Qatar to spend $13bn on ‘mega projects’ in 2017

Kuwait Times - - BUSINESS -

Qatar will in­vest up to $13 bil­lion in ma­jor in­fra­struc­ture projects next year de­spite a slump in rev­enues re­sult­ing from low en­ergy prices, the Gulf state’s fi­nance min­is­ter said yes­ter­day.

Ali Sha­reef Al-Emadi pre­dicted growth of 3.4 per­cent in 2017, in line with an In­ter­na­tional Mon­e­tary Fund es­ti­mate and up from a pro­jected 3.2 per­cent this year. “In­creas­ing the in­vest­ment in mega projects re­it­er­ates the coun­try’s com­mit­ment to achiev­ing its goals,” Emadi told del­e­gates at a Euromoney con­fer­ence in Doha.

“It is ex­pected that on new projects in 2017, spend­ing will be up to 46 bil­lion Qatari riyals ($13 bil­lion, 12 bil­lion eu­ros).” The min­is­ter added that the 2022 World Cup host had al­ready spent al­most 375 bil­lion riyals ($98 bil­lion dol­lars, 95.6 bil­lion eu­ros) on large-scale projects.

Most of the in­vest­ment in the next few years will be in con­struc­tion and trans­port as the coun­try gears up to host foot­ball’s show­piece tour­na­ment.

Speak­ing at the same con­fer­ence, Qatar Na­tional Bank’s chief ex­ec­u­tive of­fi­cer, Ali Ahmed Al-Kuwari, said con­struc­tion would ac­count for 45 per­cent of in­vest­ment between 2015 and 2018, and trans­port al­most 30 per­cent. — AFP

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.