By Francesca Astorri
New airport and metro system to receive bulk of funds, says head of Qatar Financial Centre
Qatar plans to invest $200bn in infrastructure development over the next 10 years, according to the managing director of Qatar Financial Centre.
“Infrastructure is vitally important. We plan to invest $140bn over the next five years in projects such as a new airport, a new seaport and a rail and metro system. Total infrastructure investment, including the 2022 FIFA World Cup, will be about $200bn over the next 10 years… Qatar’s investment benefits the whole region, not just Qatar itself,” said Abdulrahman Al Shaibi, speaking at the 2nd Bloomberg Doha Conference.
“Our infrastructure (development) programme will create a wide range of funding and investment opportunities for the private sector, such as project finance, bond and Sukuk issues and public-private partnerships,” he said.
Al Shaibi highlighted Qatar’s economic achievements including receiving the same Standard & Poor’s Sovereign rating (AA+), as the United States.
Qatar is now seeking to raise its credit rating to AAA. The World Economic Forum Global Competitiveness report 2012-2013 ranked Qatar as the world 11th most business-friendly country, which is the highest ranking in the Middle East and three places up from last year.
“We have highest proportions of high net worth individuals and highest percentages of millionaire households,” Al Shaibi added.
According to Qatar Financial Centre Authority MENA Asset Management Barometer, Qatar's nominal GDP doubled in the last four years, from $98bn in 2009 to $193bn last year, and the country economy is expected to reach a 5.2 percent annual growth rate until 2017.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.