Qatar to spend $120bn worth of projects by 2020
- Qatar: Tuesday, February 19 - 2013 at 10:18
- PRESS RELEASE
Qatar's ambitious megaprojects will surge ahead, with $120bn worth of projects to be undertaken until 2020. Much of the government spending on megaprojects will be funded by revenues from oil and gas exports which last year accounted for 70% of state revenues.
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 football 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, organisers of Qatar Projects 2013.
The other major highlight of the conference's opening day was the speech delivered by His Excellency Sheikh Abdullah Saoud Al-Thani, Governor, Qatar Central Bank where he addressed the delegates with business and regulatory updates in Qatar that will drive project development and long-term economic gains in the country.
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, as well as Qatar Financial Centre Authority are on board as Conference Sponsors. Patton Boggs and SSH International have signed up as Lunch Sponsors of the event; while Seib Insurance and Reinsurance is the Breakfast Sponsor. This year's reception sponsor is PWC.
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