Italian companies are ready to have a “good part” of Qatar’s multibillion dollar infrastructure projects, says Tosi. Picture: Peter Alagos

By Peter Alagos/Business Reporter

Large-scale firms and medium-sized Italian companies have infused an estimated €2.5bn to £3bn into Qatar’s economy since 2008, an Italian embassy official said.

Silvia Tosi, deputy head of mission at the Italian embassy, spoke with Gulf Times yesterday at a business networking session hosted by the Italian Chamber of Commerce in Qatar, in co-operation with the Italian Trade Commission (ITC) and the Qatar Chamber (QC).

Tosi particularly referred to the €1.7bn Red Line North Package that Qatar Rail awarded in 2013 to Italian contractor Salini Impreglio, which is part of a consortium that included Korean firm SK Engineering and Oman-based Galfar Engineering.

The consortium will be constructing the 11.4km underground tunnel of the northern section of the metro project.

“We estimate that over the last five to six years, the presence of Italian companies in Qatar facilitated around more or less €1bn worth of investments. Adding the €1.7bn from the Red Line North Package in 2013, investments would be estimated to have reached €2.5bn to €3bn,” Tosi said.

She noted that Italy’s presence in the country is “stable,” adding that Italian companies endorsed by the embassy, ITC, and the Italian Chamber are ready “to have a good part” of Qatar’s multibillion dollar infrastructure projects.

When asked if more Italian companies are expected to invest in Qatar, Tosi expressed optimism and said, “My hope is that we can have the whole part of the more than $200bn worth of projects in Qatar. But this is absolutely unrealistic, of course, but we really hope that we could have a good part of it, but what is important is that we are ready.”

Tosi also cited the dominant presence of Italian companies in Project Qatar and described Italy’s strong participation in the event as a sign that trade relations between Qatar and Italy are “extremely healthy and growing steadily.”

During Project Qatar, Tosi said Italian Ambassador Guido de Sanctis has been meeting Italian exhibitors to explain how the embassy can support their businesses from an institutional point of view.

She also lauded the efforts of the Italian Chamber for organising the networking session, which gathered some 60 Italian companies at the QC headquarters in Doha.

Tosi described the networking session as an “extremely important” event in order for the Italian Chamber to be credible in the eyes of Qatari businessmen and companies.