By Andy Sambidge
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.For all the latest construction 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.