Qatar invests $27bn annually on infrastructure
Qatar’s infrastructure investment is anticipated to reach around $150bn (QAR546bn) in the lead up to the 2022 FIFA World cup and in line with the country’s development plan.
Despite the drop in oil prices, reports indicate evidence of Qatar’s continued construction growth, driven by the National Vision (QNV) 2030 and the rapidly approaching deadline for the 2022 FIFA World Cup.
The country is anticipated to undergo intensified activity, sustaining steady growth driven by the government’s long-term economic development plan QNV 2030.
Owing to its abundance in terms of natural wealth, and its lure for foreign investment, the country is viewed to be the Middle East’s most dependable economy for foreign investments and businesses.
It also has one of the world’s most comprehensive and ambitious economic development and infrastructure programmes.
According to Qatar Investment Fund (QIF), Qatar is projected to witness an above normal pace for the next 5 to7 years, which includes $20bn investment in roads; $40bn investment in railways; $4bn investment in stadiums; $8bn investment on a deep-water seaport; and about 10,000 hotel rooms to be built in the upcoming years.
More than 700 individual projects of more than $30bn are due to be implemented, to ready Qatar for hosting the Qatar 2022 and beyond.
“The country’s construction sector appears poised to continue its growth towards the 2022 FIFA World Cup, said IFP Project Qatar project manager, Rawad Sleem, adding, “Project Qatar will continue to contribute year after year aided by the strong support of the Qatari government, yielding value to the construction industry in Qatar and beyond.”
“For this year we have already registered a record number of strategic partners and sponsors such as Gulf Organisation for Industrial Consulting, Ministry of Municipality and Environment, Qatar Society of Engineers among others,” Rawad Sleem said.
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