Qatar warns of work delays
01 July 2016
A $200-billion infrastructure programme launched by Qatar as part of the World Cup 2022 preparations could see higher costs and delays because of the slump in oil prices, said a report.
A study by the Ministry of Development Planning and Statistics (MDPS) said that “continued volatility” on the oil market was likely to have consequences for the vast construction projects under way, reported the Arab News.
The MDPS predicted that Doha will run budget deficits for at least three years as it adjusts its energy-reliant economy to the fall in oil prices, which have dropped by more half since 2014, stated the report. It also confirmed that Qatar will for the first time introduce a value-added tax in 2018, in the form of a five per cent levy on certain goods that was agreed by GCC finance ministers last month.
The MDPS study pointed out that Doha will run a budget deficit of 7.8 per cent this year, Qatar’s first in 15 years. This will increase to 7.9 per cent in 2017 and fall to 4.2 per cent the next year, it added.
- Agru facility to cater for super-clean systems
- Salini consortium inks Kuwait housing deal
- Orpic to build Muscat-Sohar pipeline
- Airport building nearly complete
- KBR to continue Qatar expressway work
- Qatar to set up special zones
- Bapco seeks bids for oil refinery expansion
- Varsity works on Qatar stadium
- Group wins funds for $7bn project
- Update
- $930m tourism plan for Bahrain islands
- PPP model for Oman medical city
- World-class water park on way
- Volvo Trucks builds on network, reliable range
- Go-ahead for BIW deal
- Consultants sought for water scheme
- Qatar warns of work delays
- New plan to revive projects
