Qatar will undertake $120 billion worth of projects over the next seven years in the lead up to hosting the 2022 FIFA World Cup.
The tiny Gulf state has already begun its construction boom that will require 12 football stadiums, 90,000 hotels rooms and infrastructure including a metro and national rail network capable of withstanding 400,000 visitors.
The news was announced at Qatar Projects 2013 in Doha.
It has been confirmed government revenues from oil and gas exports will fund the majority of the megaprojects as focus on developments for the World Cup shift towards the awarding of the first contracts.
Mohammed bin Salah al-Sada, minister of energy and industry, said: “Our energy sector has played a central role in supporting the economy of Qatar. Last year, oil and gas exports accounted for 50 per cent of GDP and 70 per cent of government revenues. The government will continue to rely on these revenues in the future.”
More than $220 billion worth of projects are planned or already under way in the gas-rich state, as part of Qatar’s National Vision 2030 – the catalyst for all project developments in the country, dominated by its preparation for hosting the world’s biggest sporting spectacle.
The opening day of Qatar Projects 2013 saw Sheikh Abdullah Saoud Al-Thani, governor of Qatar Central Bank, deliver a speech where he addressed delegates about project development and long-term economic gains in the country.
The event this week will also be used to address high budget surpluses, averaging an estimated $15 billion a year over the next five years.