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.
Read more: http://thepeninsulaqatar.com/qatar-business/226190-qatar-to-spend-120bn-by-2020.html
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