Qatar's spending on projects to continue beyond 2022: official
August 20 2019 10:12 PM
Sheikh Khalifa bin Jassim al-Thani.
Sheikh Khalifa bin Jassim al-Thani.

Doha

Government spending for Qatar’s ambitious projects totaling over $200bn will continue even after the staging of the FIFA World Cup games in 2022, according to a Qatar Chamber official.

“The level of projects will continue after the 2022 World Cup, and this is a very important issue. It is known that more than $200bn will be spend in total in preparation for the tournament.

“This figure covers not only stadiums but huge and costly projects such as roads, a new airport, and hospitals,” Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani told The Oil & Gas Year (TOGY) in its ‘Qatar 2019’ report.

Sheikh Khalifa explained that after the games, more than 150 large-scale projects will be offered after 2022, including infrastructure projects, roads and construction of buildings, hospitals, and schools.

“The pace of projects will continue as usual. I strongly believe that the private sector will play a greater role in these projects in partnership with the public sector to reach the objectives of the Qatar National Vision 2030,” the chamber official stressed.

On Qatar’s business and investment climate, Sheikh Khalifa described the country as “a highly lucrative and attractive investment destination” and that it “constitutes an example of economic excellence regionally and internationally.”

“Its economic privilege is based on a clear vision that depends on the strategic use of the country's surplus from oil and gas, and its foreign investment policy, with the aim of developing a competitive and open economy.

“This economic vision and strategy provide bigger investment opportunities for the private sector and aim to broaden economic relations with countries worldwide. Qatar’s economic growth has and will continue to be accompanied by openness to world markets, which will help foster a better investment climate locally,” Sheikh Khalifa emphasised.

According to Sheikh Khalifa, the Qatari government has introduced a number of incentives for foreign investors and issued a series of laws and acts of legislation that have helped simplify doing business in the country and attracted more domestic and foreign investments.

He said there are “unrivalled” opportunities for investment in Qatar in many of its sectors, namely in manufacturing, hospitality, real estate, energy, health, education and other areas.

“During the past few years, the Qatari government has provided many attractive incentives for nation al and foreign investors. These include facilities in ownership and exemption from Customs duties on imports of machinery, equipment and spare parts. They also include exemption from export duties or taxes on corporate profits for predetermined periods.

“I firmly believe that the period ahead will witness new reforms and incentives for business, thereby improving the investment climate in the country, especially in light of His Highness the Amir Sheikh Tamim bin Hamad al-Thani's directives that stress the need to open Qatar’s economy to investments and initiatives so that the country becomes a producer of food and medicine,” Sheikh Khalifa said.



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