Qatar to spend up to $13bn on completion of major projects in 2017

Are you one of those people concerned about the fall of oil price and subsequent loss of employment opportunities in Qatar? There may be cause for cheer, especially if you are working in the construction industry.

Despite the slump in oil revenue, Qatar is gearing up to invest up to $13bn in major infrastructure projects in 2017, according to HE the Minister of Finance Ali Sherif Al Emadi.

Al Emadi said that the country was expected to show a growth rate of 3.4%, which is in line with an International Monetary Fund estimate. It will be up from a projected 3.2% this year.

“Increasing investments in mega projects reiterates the country's commitment to achieving its goals,” Al Emadi said during a conference in Doha.

“It’s expected that on new projects in 2017, spending will be up to QR46bn ($13bn).”

He also said that non-oil sector achieved a 5.8% growth rate this year, thanks to the country’s diversification strategy.

He said that construction related to the 2022 FIFA World Cup had already seen investments to the tune of QR375bn ($98bn), and was set to increase in the coming days.

A majority of investments in the next few years will be in construction and transport industries.

Several measures, including efficiency enhancement in public spending, financial sector growth and higher contribution of the private sector are expected to help Qatar achieve such the high growth.