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Author Topic: Qatar spending $655m a week on World Cup projects  (Read 653 times)

Finsta

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Qatar spending $655m a week on World Cup projects
« on: February 08, 2017, 12:59:33 PM »
Qatar spending $655m a week on World Cup projects, Russia increases 2018 budget by $426m
 
AFP, AP, AFP
23 minutes ago

HIGH-spending World Cup 2022 hosts Qatar are splurging almost $US500 million ($AU655m) every week on major infrastructure projects for football?s biggest tournament, the country?s finance minister said on Tuesday.

That eye-watering level of spending could continue until 2021, Ali Shareef Al-Emadi said.

?We are spending close to $500 million per week on capital projects,? he told journalists.

?And this will carry on for the next three to four years to achieve our goal and objective of really getting the country ready for 2022.?

More than $US200 billion ($AU262bn) will be spent in total by the gas-rich Emirate in preparation for 2022.

Emadi said this figure covered not only stadiums but huge and costly projects such as roads, a new airport and hospitals.

?Ninety per cent of the 2022 contracts have already been awarded,? added Emadi.

?That doesn?t mean the stadiums only, we are talking about highways, rail, ports, airports, those are really underway, even hospitals and everything.? He added: ?We are really giving ourselves a good chance of delivering things on time and we don?t want to get in a place that we start painting while people are coming to the country.? Asked if this would make Qatar?s tournament the most expensive World Cup ever, the minister said no.

?We are putting $200 billion in terms of infrastructure... If you look at stand alone, the World Cup, no it is not.? Emadi, who was speaking to a group of international journalists on a government-invited press trip, said the money for World Cup projects had been protected from cuts despite Qatar experiencing budget constraints in recent times because of energy price fluctuations.

Last year, Qatar ran an estimated budget deficit of more than $12 billion ($AU16bn), its first in 15 years.

The state budget for 2017 was approved with a deficit of $7.7 billion ($AU10bn). Qatar, which has the world?s third-largest natural gas reserves and produces up to 800,000 barrels of oil a day, has been forced to tighten its belt following a 2014 collapse in the price of crude.

The market has now partially recovered and Emadi said that Qatar is ?very comfortable? with current oil prices.

Asked if Qatar would consider financing its deficit by selling debt on international bond markets this year, he said no final decision had yet been taken by the government.

In consort with other Gulf nations, Qatar will introduce a Value Added Tax, probably in 2018.

He denied that this could pave the way for an eventual introduction of an income tax in Qatar.

Meanwhile, Russia has increased government spending on the 2018 World Cup by 19.1 billion rubles ($AU426m) without explanation.

Total spending rises to 638.8 billion rubles, with all of the increase coming from federal budget funds, which now make up almost 55 per cent of total spending.

The increase dwarfs previous attempts to cut costs by reducing the number of high-end hotels to be built and trimming expenses on other infrastructure. There was no immediate comment by the World Cup organising committee on the reason for the increase, which was announced when an updated budget document was published on the government legal database.

The document said the extra money would largely go to construction or refits of World Cup-related facilities, without specifying which particular projects.

http://www.couriermail.com.au/sport/football/world-cup/qatar-spending-655m-a-week-on-world-cup-projects-russia-increases-2018-budget-by-426m/news-story/eb0566c523b3bae8f067bd77335c00fe
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BrynFC

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Re: Qatar spending $655m a week on World Cup projects
« Reply #1 on: February 08, 2017, 05:38:18 PM »
thats a lot of $$$$$

Great for the country, even though i wish we were hosting it:(

We can't even get a small stadium from our Government :(

theoworldwide

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Re: Qatar spending $655m a week on World Cup projects
« Reply #2 on: February 08, 2017, 07:38:45 PM »
Sad that it took a wc for the wealthy to spend money that will benefit the people. Interested to see how it goes..

goalfeast

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Re: Qatar spending $655m a week on World Cup projects
« Reply #3 on: February 09, 2017, 07:37:00 AM »
so I'm tipping another dozen white elephants after the world cup though, just like the Athens olympics

BrynFC

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Re: Qatar spending $655m a week on World Cup projects
« Reply #4 on: February 09, 2017, 08:15:13 AM »
so I'm tipping another dozen white elephants after the world cup though, just like the Athens olympics


They have a good little league over there and i wouldn't be surprised if the clubs just didn't play out of the new stadiums as part of the new redevelopment of the country

The only issue is that the current average attendance is around 6000.. but with better stadiums and building a bigger fanbase after hosting the world cup, they should improve the attendance.

time will tell




Finsta

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Re: Qatar spending $655m a week on World Cup projects
« Reply #5 on: February 09, 2017, 09:51:59 AM »
From memory, part of their successful WC Bid was that they were going to pull down some of the stadiums and other things and donating them to 3rd world countries as part of their legacy.

From Wiki:
The first five proposed stadiums for the World Cup were unveiled at the beginning of March 2010. The stadium will employ cooling technology capable of reducing temperatures within the stadium by up to 20?C (36?F), and the upper tiers of the stadium will be disassembled after the World Cup and donated to countries with less developed sports infrastructure.[10] All of the five stadium projects launched have been designed by German architect Albert Speer & Partners.[11]

https://en.wikipedia.org/wiki/Qatar_2022_FIFA_World_Cup_bid
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BrynFC

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Re: Qatar spending $655m a week on World Cup projects
« Reply #6 on: February 09, 2017, 11:15:42 AM »

They were going to air condition the stadiums as well, backflipped on that then then applied to get the world cup moved to there winter time.

I recall they were going to pull most of them down and donate them, but now i'm not entirely sure that they are going to be pulled apart now, and the are trying to reduce the stadia from 12 down to 8 or 9 stadia.

Finsta

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Re: Qatar spending $655m a week on World Cup projects
« Reply #7 on: February 09, 2017, 11:40:26 AM »

They were going to air condition the stadiums as well, backflipped on that then then applied to get the world cup moved to there winter time.

I recall they were going to pull most of them down and donate them, but now i'm not entirely sure that they are going to be pulled apart now, and the are trying to reduce the stadia from 12 down to 8 or 9 stadia.
It will be very interesting to compare their bid book promises to the actual event when it's done and dusted in 2022.. I'm sure there'll be plenty of broken promises but they won't give a flying f**k.
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FireBlades19

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Re: Qatar spending $655m a week on World Cup projects
« Reply #8 on: February 15, 2017, 12:35:13 PM »

They were going to air condition the stadiums as well, backflipped on that then then applied to get the world cup moved to there winter time.

I recall they were going to pull most of them down and donate them, but now i'm not entirely sure that they are going to be pulled apart now, and the are trying to reduce the stadia from 12 down to 8 or 9 stadia.
It will be very interesting to compare their bid book promises to the actual event when it's done and dusted in 2022.. I'm sure there'll be plenty of broken promises but they won't give a flying f**k.

of course not. they're spending billions to recoup billions from the fans, businesses etc that will pay through the nose to be at the event....

 

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