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
More Construction & Real Estate Stories
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract