Qatar Spending $500 Million A Week For 2022 World Cup Infrastructure Projects
Qatar is spending almost $500 million a week on capital infrastructure projects as it prepares for the 2022 FIFA World Cup, the country's finance minister has confirmed.
According to Doha News, the pace of spending could continue for the next three to four years as the nation prepares for the 2022 World Cup, said Qatar's finance minister Ali Sheriff Al Emadi. The money for the world cup had been protected from the cuts to the national budget caused by low oil and gas prices.
The finance minister expected spending to continue at that level for three to four years for the new stadiums, motorways, rail links, and a new hospital. More than $200 billion will be spent in total by the gas-rich emirate.
BBC has reported that in 2014 World Cup, Brazil was reported to have spent about $11 billion. On the other hand, Russia increased government spending on the 2018 World Cup by $321 million to $10.7 billion.
In 2014 Brazil struggled to get many of its stadiums ready. But the report from the Qatari government suggests that Qatar had already awarded 90 percent of the contracts for the 2022 World Cup projects. Among them, two-thirds would be delivered within the next 24 months.
According to a government report, some of the contractors have brought in hundreds of migrants workers mainly from South Asian nations. The human rights groups have claimed that the workers have been exploited and forced to work under very dangerous conditions.
The Qatari government has denied the report. In December they were forced to implement reforms designed to improve the rights of the migrant workers.
Meanwhile, due to the higher oil price, the pressure on the state finances is now easing. The government said Qatar might not need to issue an international bond this year.
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