Qatar Emir Says 2022 World Cup Host Committed To Budget Despite Falling Oil Prices

Qatar Emir Sheikh Tamim Bin Hamad Al Thani said that the country will spend more than half its $60B budget for '14-15 on new projects and will not be "dissuaded by falling oil prices," according to Mohammed Aly Sergie of BLOOMBERG. Al Thani said, "Our economy is strong and solid. Our budget is based on very conservative estimates of fuel prices." Qatar has used wealth from the world's "third-largest natural gas reserves to buy stakes in Barclays Plc, Volkswagen AG and purchase London's Harrods department store." Demand for gas helped Qatar "quadruple its gross domestic product the past decade." The nation plans to spend $210B over seven years on "roads, stadiums, a rail network and a new city" before the World Cup. Al Thani said that more than half of its '14-15 budget of $60B will be for "health care, education, infrastructure and transportation projects" (BLOOMBERG, 11/11).