World Economy

Qatar to Spend $350b on Development Projects

Qatar to Spend $350b on Development ProjectsQatar to Spend $350b on Development Projects

Qatar will invest around QR1.27 trillion ($350b) in sustainable development over the next 15 years, said the organizers of the upcoming Project Qatar 2015, an international construction and building materials exhibition in Doha.

The 12th edition of the event is scheduled to run from May 4 to 7 at the Qatar National Convention Center, TradeArabia reported.

“Qatar in the run-up to the 2022 Fifa World Cup and in line with the National Vision 2030 document will be investing nearly $350 billion,” George Ayache, general manger of International Fairs & Promotions (IFP) Qatar was quoted as saying.

“The figure includes the value of all the projects since the launch of QNV 2030 program, including the industrial projects and the $70 billion investment dedicated to the country’s hospitality and tourism sector development,” he added.

He was speaking at a press conference held Monday in Doha to announce details of Project Qatar 2015, which will be held under the patronage of Sheikh Abdullah bin Nasser bin Khalifa al Thani, Qatar’s prime minister and minister of interior, represented by Sheikh Ahmed bin Jassim al Thani, minister of economy and commerce, who will inaugurate the show.

This year, Project Qatar will feature participation from 40 countries, representing over 2,000 companies and brands, including 1,130 exhibitors and 21 national pavilions spread over seven halls and an outside area, covering 41,500 sq. m. of exhibition space.

  Professional Visitors

The show is also expected to attract over 50,000 professional visitors. Cyprus will have its first presence as a pavilion at the exhibition this year, being represented by 10 of its leading companies, according to a press release issued by IFP.

At the press conference, Gerd Bommer, commercial counselor at the Embassy of Austria in Doha, noted: “The Austrian pavilion at Project Qatar 2015 will once more be the perfect platform for Austrian companies in the areas of interior design, materials for construction industry and optical systems.”

Lee Kwang-il, Commercial attache at the Korean embassy to Qatar, said: “Over 40 years of history of the tie between the two countries, Korea and Qatar, we are currently entering into a new era of the cooperation. With 11 companies under the umbrella of the Korean pavilion, we hope to strengthen the relationship, especially in the eco-friendly sector.”

Considering that Qatar’s economy is expected to record a 7.7 percent growth in real GDP this year, with the non-hydrocarbon sector accounting for 50 percent of GDP, the construction sector will remain vital, contributing to the development goals of Qatar National Vision 2030, the IFP press release said.