By CW Staff www.constructionweekonline.com
Qatar is to invest QAR 450 billion ($120 billion) into local projects over the next 10 years, according to a senior government official.
Speaking to the Arab daily newspaper Alwatan, Yousef Hussain Kamal, the country’s Minister of Economy and Finance said that the government will invest billions of riyals in to the development of infrastructure, oil, gas and petrochemicals projects.
“However, this does not mean that Qatar will stop investment abroad,” he said.
Kamal said Qatar’s investments enjoy diversity and variety internally and externally. With a variety of high profile projects already underway – including the Pearl, New Doha International Airport, new Doha port, Lusail city, Barwa city, Barwa financial district, Barwa Commercial Avenue and others, such as the new Metro service and high speed rail links – Qatar’s investment in local projects is immense.
“Moreover, Qatar does not invest in any project until ascertaining the feasibility of such investments and their returns through consultation with international expertise.”
The minister added that Qatar’s investments varied greatly, and that investing in projects outside Qatar was important in helping to reduce the country’s reliance on the oil and gas industries as major sources of income.
He also said that Qatar was the only country that benefited from the global financial crisis, as it was the only one that was upgraded by international Credit agencies during the crisis.
As Chairman of the Board of Directors of the Qatar Financial Centre, Kamal said that next year Qatar Financial Centre will centralise its company licensing authorities in one office, and that the central bank will also have have the authority to grant such licenses.