Oil prices lead Qatar to reprioritise $220bn funds

Qatar will award contracts worth $220bn over the next ten years as it prioritises its investments amidst globally fluctuating oil prices

Qatar is reprioritising its investments as oil prices continue to dwindle. [Representational image]
Qatar is reprioritising its investments as oil prices continue to dwindle. [Representational image]

Qatar is set to award contracts worth $220bn over the next ten years following a prioritisation programme in light of dwindling oil prices. 

The programme will extensively focus on infrastructure, education, and health sectors. 

A report by Standard and Poor's (S&P) about Qatar, cited by local daily The Peninsula, stated:  "We expect the majority of the projects to be completed ahead of [the 2022 World Cup, which] Qatar is hosting."

Qatar's programme will aim for medium-term real economic growth, despite contribution to "a deterioration in fiscal and external balances, exacerbated by large fall in oil prices", S&P continued.

"The stable outlook reflects our view that Qatar's economy will remain resilient, supported by strong macroeconomic fundamentals, although we anticipate continued institutional weaknesses and limited monetary flexibility over the next two years."

 S&P classified Qatar as a wealthy economy, and said it estimates the country's per capita GDP (income) at $81,000 this year, the daily's report added. 

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