Qatar: QAR46bn ($13bn) megaproject spend for 2017
Around QAR46bn ($13bn) will be allocated for infrastructure spend with construction and transport the main investment focus over the coming years
Growth of 3.4% predicted by Minister of Finance at Euromoney conference.
Minister of Finance H E Ali Shareef Al Emadi stated that Qatar will invest up to $13bn (QAR46bn) in major infrastructure projects during 2017.
He also predicted a growth of 3.4% in 2017, in line with an International Monetary Fund (IMF) estimate and up from a projected 3.2% this year, The Peninsula reported.
The minister pointed out that by increasing the investment in mega projects “reiterates the country’s commitment to achieving its goals” he said while addressing the conference.
“It is expected that on new projects in 2017, spending will be up to QAR46bn ($13bn, 12 billion euros).”
According to the minister, Qatar had already spent almost QAR375bn ($98bn dollars, 95.6 billion euros) on large-scale projects.
Construction and transport will be the focus of most of the investment in the next few years as the country gears up to host the 2022 World Cup tournament.
Qatar National Bank’s chief executive officer, Ali Ahmed Al Kuwari, said at the same conference that construction would account for 45% of investment between 2015 and 2018, and transport almost 30%.