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FINANCIAL NEWS
Qatar’s infrastructure spending to hit USD24b in 2015
17 Nov 2014
(MENAFN) Qatar’s infrastructure spending, which registered a 16 percent growth in2013/14, is expected to continue its growth in 2015/16, with USD24 billion especially allocated of the budget to be spent on key projects, The Peninsula Qatar reported
Qatar, which is projected to spend USD182bn over the next five years, is currently working on a number of mega projects including the completion of Hamad International Airport, the New Doha Port Project, the rail and metro projects, and the roads program, with the majority of the spending expected to be dedicated for the Qatar Rail project, which is expected to cost around USD45 billion to be constructed.
In terms of the GCC countries, the worth of construction projects completed in 2013 has reached USD70 billion, with this number predicted to rise to USD83.5 billion this year, with residential developments accounting for over 43 percent of total completed projects in the GCC countries.
Meanwhile, the GCC’s rail industry is expected to create 50.000 jobs as most nations are currently creating or developing their rail networks, including work on the multi-nation interconnected railway network, as well as the metro and tram projects of which include the Riyadh Metro project, Etihad Rail, Qatar Rail and the upgrades to the Dubai metro.
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