Ashghal tops list with $50bn projects on offer

March 19, 2014 - 11:30:18 am

DOHA: The presentations on the first day of MEED’s Qatar Projects conference saw Qatar Petroleum being positioned as one of Qatar’s top five project owners. With about $18.3bn schemes currently out to tender, the largest of which are two massive petrochemicals projects that will support Qatar’s National Vision 2030.

Qatar Public works Authority tops the list of Qatar’s biggest projects owners with over $49.9bn worth of projects, followed by Qatari Diar with $47.8bn. Qatar Rail is next with $40.2bn, followed by Barwa Real estate Company with $25.8bn.

Addressing the opening session, Ali Al Kuwari, Acting Group CEO, QNB said the country is expected to roll out an estimated $165bn worth projects in the next four years. The country’s private sector will play a key role in the development boom..

Al Kuwari noted the biggest spending would be in the infrastructure and service sectors. The banking sector will be supporting the private sector in a big way.

Qatar is major driver of the region’s banking growth. The country’s banking sector is currently witnessing 10-15 percent growth, mainly supported by projects.

QNB is committed to support the local economy in line with the Qatar National Vision 2030. QNB also act as conduit to leverage FDI to Qatar as well as incubator to go abroad.

Addressing the opening session, Stijn van Els, the Chief Executive (Designate) of Al Karaana Project highlighted the project’s milestones, phases and upcoming third party opportunities. He said the mixed-feed cracker will use ethane and propane to produce 1.1 million t/y ethylene and 170,000 t/y of propane, along with other plastics.

Later, talking to the media Stijn said the financing of the project would be a mix of bank loans, and Islamic financing . “we are right now in the middle of FEED phase. Financing will be done along side of the EPC.”

The Peninsula

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