The State of Qatar is expected to invest more than QAR 113.15 billion (USD 31 billion) into large-scale projects this year. The estimation is in line with the country’s QAR 47.45 billion (USD 13 billion) expansion of the oil and gas sector in the first quarter of 2021.
The investments in projects in the countries part of the Gulf Cooperation Council (GCC) doubled in the first quarter of this year at QAR 94.9 billion (USD 26.3 billion) compared to the last quarter in 2020. As a region known for the influence on the world’s oil and gas markets, the sector attributed for QAR 65.1 billion (USD 17.83 billion) or 68% of the investments followed by construction, power and transport with QAR 11.6 billion (USD 3.18 billion) or 12%, QAR 5.9 billion (USD 1.61 billion) or 6% and QAR 5.7 billion (USD 1.57 billion) or 6% respectively.
Qatar is the only country in the GCC to have reported an increase in projects awarded this year. Qatar’s high levels of investment this year is in contrast to the decline in the GCC.
The countries part of the GCC forecast QAR 416.1 billion (USD 114 billion) to be awarded in terms of contracts this year. This is twice of the awards in 2019 and triple of the awards in 2020. The accumulation of projects from last year and the halts related to the pandemic are reasons for the spike in awards this year.
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