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Sun 20 Sep 2015 04:13 PM

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Oil prices lead Qatar to prioritise existing projects

Qatar will award contracts worth $220bn over the next ten years as it prioritises its investments amidst globally fluctuating oil prices

Oil prices lead Qatar to prioritise existing projects
Qatar is reprioritising its investments as oil prices continue to dwindle. [Representational image]

Qatar is set to award contracts worth $220bn over the next ten years, prioritising existing development projects in light of dwindling oil prices.

The investment programme will extensively focus on infrastructure, education, and health sectors.

A report by Standard and Poor's (S&P) about Qatar, cited by local daily The Peninsula, stated:  "We expect the majority of the projects to be completed ahead of World Cup soccer in 2022 Qatar is hosting."

Qatar's programme will aim for medium-term real economic growth, despite contribution to "a deterioration in fiscal and external balances, exacerbated by large fall in oil prices", S&P continued.

"The stable outlook reflects our view that Qatar's economy will remain resilient, supported by strong macroeconomic fundamentals, although we anticipate continued institutional weaknesses and limited monetary flexibility over the next two years.

S&P classified Qatar as a wealthy economy, and said it estimates the country's per capita GDP (income) at $81,000 this year, the daily's report added.

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