Qatar dedicates QAR 46 billion for development projects in 2017 during the Euromoney Qatar Conference.
At the opening of the Euromoney Qatar Conference this week, Minister of Finance Ali Sharif Al Emadi said that the state will be investing an additional sum of QAR 46 billion ($13 billion) on development mega-projects in 2017.
The money will go to heavy investments into the healthcare, transportation and construction sectors in the country, despite this year’s cutbacks and lower fuel prices.
The country has already spent an excessive QAR 367 billion of mega-projects in the country. Not to forget the 2022 World Cup which is estimated to cost Qatar more than $200 billion.
According to an AFP report citing the CEO of the Qatar National Bank, construction will account for 40 percent of investments between the years 2015 and 2018, while transport will account for almost 30 percent.
Despite the low oil prices, the IMF predicts that Qatar’s economy will witness a growth of 3.4 percent next year, the highest among the GCC countries.
At the conference, the Minister of Finance Ali Sharif Al Emadi pointed out that the steady growth rate in Qatar’s economy was “achieved through a number of measures, including an increase in efficiency in public spending, the growth of the financial sector and a rise in the private sector’s contribution to economic growth.’
“The non-oil sector achieved a growth rate of 5.8 percent this year, demonstrating the success of our diversification strategy”, he added.
However, the government still believes that the next three years will witness budget deficits. Since the country is still engaged in mega-projects like the Doha Metro and the 2022 World Cup, they will most likely suppress any surpluses until they are completed.