Qatar To Invest More Than $200B On Infrastructure For 2022 World Cup
Qatar is planning to invest more than $200B in the next 10 years in construction projects to prepare for the 2022 World Cup, according to a Deloitte study. The country plans to invest more than $140B over the next five years in transport infrastructure to transform Qatar. Investments in constructing a new airport, roads and a metro system have been planned as part of supporting an anticipated influx of visitors for the World Cup as well as leaving a sustainable legacy for Qatar. The Qatar Tourism Authority plans to invest about $20B on tourism infrastructure as the number of tourist arrivals grows at a rate of 5.9% compounded annually, to reach 3.7 million by '22. With millions of visitors and football fans anticipated in '22, Qatar has planned for the development of several hotels in the next few years. The expected influx of visitors also creates the opportunity for the development of commercial units such as various shopping malls around Qatar. Projects are currently focused on housing, hotels -- 90,000 rooms are estimated -- two stadiums, a new port, roads, metro and rail systems, malls and various other mixed asset developments to accommodate an estimated 400,000 fans. Lusail Real Estate Development Co. is expected to award $3B worth of contracts over the next year for infrastructure and roads as part of developing the new Lusail city. The project is expected to be completed by '19. Additionally, new contracts worth up to $3.3B are expected to be awarded by the end of this year as part of Doha's New Port project (Deloitte).