Minister of Economy says another $40m to be invested in oil and gas projects
Qatar is set to spend up to $150bn on infrastructure projects over the next 5-6 years as it starts preparing for the 2022 World Cup, a senior official said on Tuesday.
Yousef Hussein Kamal, Minister of Economy and Finance, also said spending on the oil and gas sector would reach $40bn in the same period.
His comments came in a speech delivered before the Qatar-Spain Business Forum, state news agency QNA reported.
The Qatari government has reportedly allocated a whopping 40 percent of its budget between now and 2016 to infrastructure projects, including $11bn on a new international airport, $5.5bn on a deepwater seaport and $1bn for a transport corridor in the capital, Doha.
It will spend $20 billion on roads while stadium construction for the World Cup should cost just under $4bn, with the first venue to be built by 2015.
Qatar, which last December won the rights to host the tournament in a surprise vote by FIFA, will build nine new stadiums for the event and renovate three.
Last month, it was reported that Qatar could spend $220bn in its build-up to the 2022 World Cup.
According to German legal and financial adviser Dr Nicola Ritter, $48bn will be spent to build air-conditioned stadia, $77bn will be spent on facilities for soccer fans and players from all over the world and $45bn will be allocated for developing Lusail City.
Qatar has also allocated $50bn to upgrade its transport infrastructure, including new rail and metro systems.