Qatar to spend $120bn by 2020

February 19, 2013 - 2:44:24 am



Hamad Rashid Al Mohannadi, Managing Director of RasGas and Vice-Chairman of Qatar Petroleum, giving a speech on behalf of  the Minister of Energy and Industry H E Mohammed bin Saleh Al Sada during the opening session of the Meed Qatar Projects 2013 conference at Grand Hyatt Hotel yesterday.  Pictures: Shaival Dalal

DOHA: Qatar’s ambitious mega-projects will surge ahead, with $120bn worth of projects to be undertaken until 2020. Much of the government spending on these projects 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 percent of GDP (gross domestic product) and 70 percent of government revenues. The government will continue to rely on these revenues in the future,” said the Minister of Energy and Industry H E Mohammed bin Saleh Al Sada in a speech delivered on his behalf by Hamad Rashid Al Mohannadi, Managing Director of RasGas and Vice-Chairman of Qatar Petroleum, at the Meed Qatar Projects 2013 conference here yesterday.

The world’s largest exporter of natural gas, Qatar is experiencing a construction boom, with more than $220bn of projects planned or under way. Much of the country’s spending is driven by its need to prepare for the 2022 Fifa 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, the organisers.

The second day of the conference continues with a 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.

In addition to Qatar Petroleum, Qatar Chamber and the Public Works Authority (Ashghal), Qatar Projects 2013 is being supported by International Bank of Qatar (IBQ) as platinum sponsor; United Development Company (UDC) as strategic partner; Qatar Islamic Bank and Kharafi National as gold sponsors; Mashreq as silver sponsor; as well as Qatar Insurance Company, Brookfield Multiplex, Black Cat and Autodesk as bronze sponsors. Metito, Drake & Scull and Qatar Financial Centre Authority are on board as conference sponsors.

The Peninsula

 
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