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

 


The Peninsula




  MENA News Headlines
 Sep 22 2014 - Kuwait make strong start at AsiadArab Times
(MENAFN - Arab Times)  KUWAIT CITY Sept 20 (Agencies): Kuwaiti national teams for volleyball handball and basketball had a powerful start at the 17th Asian Games which officially started two ...

 Sep 22 2014 - West Ham 'inflict' fresh EPL misery on LiverpoolArab Times
(MENAFN - Arab Times) LONDON Sept 20 (AFP): Liverpool suffered a second successive Premier League defeat after losing 3-1 away to West Ham on Saturday. Brendan Rodgers's side had lost 1-0 at home to ...

 Sep 22 2014 - Ronaldo Bale combine for 5 in 8-2 routArab Times
(MENAFN - Arab Times) MADRID Sept 20 (AFP): Cristiano Ronaldo scored a hat-trick as Real Madrid equalled their biggest ever away win in La Liga with a 8-2 thrashing of Deportivo la Coruna on ...

 Sep 22 2014 - N.Korean lifter breaks recordArab Times
(MENAFN - Arab Times) INCHEON South Korea Sept 20 (Agencies): Hosts South Korea were the Asian Games' surprise first-day medal leaders on Saturday but they had to share the limelight with China and ...

 Sep 22 2014 - 'Enjoying the return to music'Arab Times
(MENAFN - Arab Times) NEW YORK Sept 20 (AFP): Releasing a new album near his 80th birthday Leonard Cohen cheekily addresses his age in the very first song intoning 'It's not because I'm old ... I ...

 Sep 22 2014 - QFC Authority Seeks Public View on Rule ChangesQatar News Agency
(MENAFN - QNA) Qatar Financial Centre (QFC) Regulatory Authority has released a consultation paper seeking public comment on proposed rule changes that amend the approved individuals regime (AI ...

 Sep 22 2014 - $88.5 Million Grant from Qatar for 'Recovery, Reconstruction' in DarfurQatar News Agency
(MENAFN - QNA) Qatar signed Monday an agreement at the Permanent Mission of the State of Qatar to the United Nations, to provide a grant of $88.5 million to the United Nations multi-partner trust ...

 Sep 22 2014 - HE the Premier Meets US AmbassadorQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met on Monday morning with HE Ambassador of the United States of America to Qatar Dana ...

 Sep 22 2014 - Kyrgyzstan Parliament Speaker Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Kyrgyzstan Parliament Speaker Asylbek Jeenbekov met Monday with Qatari Ambassador to Kyrgyzstan Mohammed Arar Omeer Alramazani Al-Nuaimi. They discussed bilateral relations and the ...

 Sep 22 2014 - CMU Qatar Opens 11th Year With Record 427 StudentsQatar News Agency
(MENAFN - QNA) Carnegie Mellon University in Qatar welcomed 112 new students for the 2014-2015 academic year, growing from an inaugural class of 41 students in 2004 to 427 students from 40 different ...

more...


 






Google

Click to Apply

 
 

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