Quotes: 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

 


The Peninsula




  MENA News Headlines
 Dec 19 2014 - Int'l community responsible for protecting Palestinians: KuwaitArab Times
(MENAFN - Arab Times) GENEVA Dec 18 (KUNA): Kuwait's permanent delegate to the UN agencies in Geneva Ambassador Jamal Al-Ghunaim said Wednesday the international community needs to shoulder its legal ...

 Dec 19 2014 - Kuwait- Early diagnosis key to defeat breast cancerArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 18 (KUNA): Sheikha Hessa Saad Al- Abdullah Al-Sabah on Wednesday highlighted the importance of early detection in curbing the growth of various forms of cancer. ...

 Dec 19 2014 - Saudi- Host Maskan beats Nesma Inaya edges out Gilas 90-88Arab News
(MENAFN - Arab News) Host team Maskan Arabia Co. brought down Nesma 105-92 while Inaya Medical College edged out S. Gilas 90-88 in the seventh week action in the 2nd Maskan Arabia Invitational ...

 Dec 19 2014 - Saudi- Faisaliah Team A and Courtyard Marriott triumph in Inter-Hotels Cricket eventArab News
(MENAFN - Arab News) Al Faisaliah Team A won its match against Riyadh Marriott while Al Faisaliah-Al Khozama combined Team B went down in defeat to Courtyard Marriott during Friday's matches in the ...

 Dec 19 2014 - Mathy powers to victory in Riyadh Wheelers 60km road raceArab News
(MENAFN - Arab News) A new course used for the first time brought general approval from the 60 riders who signed on for the Riyadh Wheelers 60km road race and with no wind to bother the competitors ...

 Dec 19 2014 - SCTC ABTC-Taif ladies clash in finals Saudia Catering JRTC in ALBAIK Tennis semifinalsArab News
(MENAFN - Arab News) SCTC and ABTC-Taif will dispute the Ladies Division HMX category finals after a grueling double round-robin while in the Men's Division LMX category four teams advanced to the ...

 Dec 19 2014 - Saudi- Hyundai Castrol takes third in 4th MYN 2014 JBL-Lifestylez tourneyArab News
(MENAFN - Arab News) Hyundai Castrol of Dennis Elmenzo beat Fuddruckers 72-53 to claim the third place in the 4th MYN Division at the Ahmed Mohammed Abdul Wahab Naghi Sports Complex in Ash Shati ...

 Dec 19 2014 - Saudi- Natco Desert Warriors win in JCA Money Gram CKB-T20Arab News
(MENAFN - Arab News) The Money Gram-sponsored Cricket Ke Badshah T20 Tournament for the year 2015 under the auspices of Saudi Cricket Center (SCC) took off to a rousing start with 28 teams entered in ...

 Dec 19 2014 - UN seeks 8.4bn to help Syrian victimsArab News
(MENAFN - Arab News) BERLIN: The UN appealed Thursday for $8.4 billion to provide emergency aid and longer-term help to nearly 18 million people in Syria and across the region hit by the drawn-out ...

 Dec 19 2014 - Saudi- Nigeria sentences 54 soldiers to deathArab News
(MENAFN - Arab News) ABUJA Nigeria: Nigeria has sentenced 54 soldiers to death for mutiny assault cowardice and refusing to fight extremists.The court-martial charges all were connected to the ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help