Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatari companies strike it big in budget  Join our daily free Newsletter

MENAFN - The Peninsula - 01/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar's 2014/15 budget proposals for the record public spending are expected to benefit the local contracting companies in a big way. As per existing government decision, the Qatari contracting companies will get 30 percent share in the QR87.5bn earmarked for development projects this fiscal



The government has recently made it mandatory for all global companies bagging mega infrastructure development work to share at least 30 percent of the contract with local entities



According to the budget proposals, projects valued at an estimated QR664bn are anticipated to be implemented during the next five years.



This excludes oil and gas projects, meaning the local companies, which were just spectators of booming Qatar until recently, will emerge as key players in the over-all development from now.



This also means at least 30 percent of the money spent on a project would be ploughed back into the national economy



In the budget proposals, the government has unequivocally stated that it would adopt a set of policies to support the private sector, such as avoiding competition between public and private sectors in the local market. It has also made it clear that it would award more projects to private sector and encourage the ministries and state institutions to outsource its supporting businesses to private companies



The Chamber, representative body of the private sector, has been lobbying the government for the past four years to ensure the local contracting companies are being part of the country's growth story



Reacting to the budget proposals, Qatar Chamber Board member Sheikh Hamad bin Ahmed Al Thani hoped that the tenders for key proposed projects would be floated without delays.



"Private sector share in the new budget is huge. The issue of local contracting companies missing opportunities in Qatar's development trajectory was a major worry for the private sector. The budget proposal reflects the Emir's decision that the local companies play a bigger role in the country's overall development," Sheikh Hamad said in an interview to Al Arab



Rashid Hamad Al Adbah, a leading businessman, said that the active involvement of local companies in Qatar's key projects will help complete the propose projects on time. The new budget is also aimed at encouraging Qatar's emerging SMEs sectors.



The local contracting companies' opportunities are not limited to the FIFA-related projects. The budget has unveiled a host of projects in the education and health sectors as well. Projects worth a total of QR26.3bn have been announced in the education sector. The budget allocation for the health sector stands at QR15.7bn



Abdullah Al Khater, a local financial analyst, noted the new budget offers enough scope for the much-discussed public-private partnership. He wanted the local contracting companies to get ready, both in terms of infrastructure and manpower; to take up the new challenge and prove they are competent to deliver mega projects. They must also grab the opportunity to get themselves familiar with the expertise of international companies

 






  MENA News Headlines
 Jul 25 2014 - Gilas Last Home Stand that never wasArab News
(MENAFN - Arab News) E fiasco that happened on Tuesday night in what was supposed to be the first of two tune-up matches for Gilas Pilipinas against a crack NBA selection certainly left a bad taste ...

 Jul 25 2014 - Indian Tech Mahindra, Saudi Midad Holding sign dealMENAFN
(MENAFN) Indian IT giant Tech Mahindra Ltd has signed a joint venture with Midad Holding to expand its existence in Saudi Arabia, according to Arabian Business.The JV will be called Tech Mahindra ...

 Jul 25 2014 - Kuwait's Jazeera profit falls in H1MENAFN
(MENAFN) Rising fuels costs and forced rerouting of flights due to unrest in the Middle East affected the net profits of Kuwait's Jazeera Airways Group in the first half of 2014, according to Arabian ...

 Jul 25 2014 - Dubai's R&B launches two stores in SaudiMENAFN
(MENAFN) The Dubai-based giant Apparel Group's fashion arm R&B, most recognized for its exciting portfolio of international fashion and accessories brands, plans to open two stores in Dhahran and ...

 Jul 25 2014 - Adam Levine offers Knightley recording dealKhaleej Times
(MENAFN - Khaleej Times) Dam has just started a label called 222 Records and has been trying to persuade Keira to sign a deal with him the source added.Photo: AgenciesKeira Knightley has been ...

 Jul 25 2014 - Beyonce Jay Z started to go their separate waysKhaleej Times
(MENAFN - Khaleej Times) E source also added that the tour will be the last for Jay Z 44 and Beyonce 32 after marriage counsellors failed to help them get their relationship back on track.Photo: ...

 Jul 25 2014 - Casablanca piano up for sale in New York in NovemberKhaleej Times
(MENAFN - Khaleej Times) Lsons character Sam first played the song on the piano for Bogarts character Rick and Bergmans Ilsa when they fell in love in Paris as Nazi troops advanced on the French ...

 Jul 25 2014 - Im very old-fashioned: BhagyashreeKhaleej Times
(MENAFN - Khaleej Times) Ine Pyar Kiyas Bhagyashree indulges in a bit of nostalgia as she talks up her new TV series Supplied photoThe lovely and seemingly ageless Bhagyashree is probably best known ...

 Jul 25 2014 - Daily probiotics may regulate blood pressureKhaleej Times
(MENAFN - Khaleej Times) Ring the study researchers analysed results of nine high-quality studies examining blood pressure and probiotic consumption in 543 adults with normal and elevated blood ...

 Jul 25 2014 - Al-Athr showcases abstract and geometry inspired works of artArab News
(MENAFN - Arab News) Ddah's Al-Athr Gallery is hosting the abstract and geometry inspired work of 40 local and international artists until Oct. 10.The gallery opened its door in 2009 and has already ...

more...


 






Google

Taqs

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help