Qatar set invest USD30b on projects in 2015
14 Jan 2015
(MENAFN) According the latest data from Meed Projects, Qatar is expected to invest around USD30 billion on its new infrastructure project deals in 2015, Gulf Times reported.
These new projects come after the country already made significant investments on a number of projects I 2014 including major project awards on Ashghal’s Expressway and Local Roads and Drainage Programs as well as significant investment in real estate and transport projects such as Msheireb, Lusail and the New Port Project.
The new projects for 2015 include the USD5 billion-plus Al-Karaana petrochemical complex, the USD2 billion-plus rolling stock and systems contract on the Doha Metro, and five main multi-billion-dollar packages on the mega water reservoirs main packages.
“Despite falling oil prices, Qatar has the project pipeline, the political impetus, and the financial reserves to continue project spending as it prepares to host the FIFA 2022 World Cup. With around $30bn worth of projects, 2014 witnessed a 25% increase in project spending as compare to the year 2013, and there will continue to be an upward trend in project activity,” Director of Analysis at Meed Projects.
Qatar’s spending on these projects will continue to be boosted by the fact that it remains the fastest-growing economy in the GCC in the years to 2020, as the country’s economy is expected to expand by 7.7 percent in 2015 despite the continuous plunge in oil prices and maintaining that the world’s leading LNG exporter still does not think that the fall in oil prices will affect its growth.
Meanwhile, According to the latest report by the International Monetary Fund (IMF), Qatar’s budget and balance of payments’ surpluses are currently the highest in the region as well as being among the largest in the world, with its financial reserves being more than 100 percent of GDP.