Qatar`s Ministry of Finance selects medium term projects
29/12/20
Qatar has selected medium term projects with a value of QAR 53.9 billion (USD 14.8 billion) as part of the strategic plan by the Ministry of Finance (MoF) and the Public Works Authority – Ashghal to prioritise public spending.
A list of new projects has been selected and will be awarded between 2021 and 2024. The public spending in projects under the strategic plan will amount to QAR 5.9 billion (USD 1.6 billion) in 2021 with QAR 9.1 billion (USD 2.5 billion) in 2022, QAR 11.5 billion (USD 3.15 billion) in 2023 and QAR 27.4 billion (USD 7.5 billion) in 2024 and beyond.
Ashghal will supervise 88% of the projects with a value of QAR 47.5 billion (USD 13.0 billion). It includes QAR 35.2 billion (USD 9.7 billion) for development of existing areas and new citizen’s lands with projects in 13 regions in the first phase and 19 regions in the second phase, QAR 5.8 billion (USD 1.6 billion) for maintenance, QAR 4.9 billion (USD 1.4 billion) for drainage and estuaries to prevent flooding, improvements to water treatment and pumping plants and updating drainage networks and QAR 1.6 billion (USD 440 million) for the enhancement of roads and public spaces.
The remainder of 12% of the projects with a value of QAR 6.4 billion (USD 1.8 billion) will include QAR 2.2 billion (USD 600 million) for requirements of the Ministry of Interior (MoI), Ministry of Foreign Affairs (MoFA), Ministry of Sports & Culture (MSC), Qatar Museums Authority (QM), Economic Zones Company - Manateq and Others as well as QAR 2.1 billion (USD 575 million) for the Ministry of Municipality & Environment (MME), QAR 1.1 billion (USD 300 million) for Hamad Medical Corporation (HMC) and QAR 1.0 billion (USD 275 million) for the Ministry of Transport and Communications (MOTC).
In line with the strategic plan, the MoF will evaluate the completed projects based on value and impact in order to ensure the most effective and efficient utilization of the financial resources and to adjust or amend the economic plans of the country. Further, it is aimed and intended to insure the participation of the private sector.
Please click on the link and reach out to learn more about the initiatives of the most relevant stakeholders in the State of Qatar and Business Start Up Qatar.
