Qatari, US firms eye new deals worth $5bn

Infrastructure, transport, scientific research contracts expected to be signed at New York forum
Qatari, US firms eye new deals worth $5bn
US flag, Washington
By Andy Sambidge
Fri 01 Apr 2011 11:01 AM

Qatari and US-based companies are expected to sign contracts worth more than $5bn during the Business and Investment in Qatar Forum to be held in New York next month.

The deals will involve large-scale projects in such sectors as the infrastructure, transport, and scientific research, Qatar daily Gulf Times reported on Friday, citing Arabic paper Al Arab.

Qatar has allocated 40 percent of its 2011 budget to development projects, the largest in Qatar’s history.

New investments for the next 10 years are estimated to reach $130bn, transforming Qatar as a business and investment hub, according to the US-Qatar Business Council, which is one of the participants.

The two-day forum, which begins on April 6 at the Waldorf Astoria Hotel in New York, aims at promoting the role of Qatar in the business and investment world.

A 500-strong Qatari delegation will be led by Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani who will be accompanied by dignitaries and high-level executives.

“The US is an important partner for us. We are particularly pleased that a large number of domestic companies, alongside the US companies, will be participating,” Mohamed bin Abdullah al-Romaihi, assistant foreign minister for follow-up affairs, told the paper.

The forum comes as it was reported that Qatar's government spending will jump 19 percent in the new fiscal year 2011/12.

The world's top liquefied natural gas exporter pencilled in expenditures of QR139.9bn for the fiscal year, which starts in April. It raised spending by 25 percent the previous fiscal year.

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