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
 Aug 2 2014 - Arabtec profits up 11 percent in Q2MENAFN
(MENAFN) Arabtec, the UAE construction company, reported an 11 percent rise of its profit in the second quarter of 2014, The Peninsula Qatar reported.Net profit climbed to USD28.1 million in the ...

 Aug 2 2014 - Qatar's MPHC net profit hits USD246.8m in H1MENAFN
(MENAFN) Mesaieed Petrochemical Holding Company (MPHC) posted a net profit of USD 246.8million in the first half of the year, The Peninsula Qatar reported.The group consists of six companies, as all ...

 Aug 2 2014 - Alitalia sets date to finalize Etihad dealMENAFN
(MENAFN) According to the Italian transport minister, Alitalia Airline is due to finalize a tie-up deal with Abu Dhabi"s Etihad on Aug. 8, Arab News reported.Italy"s government is keen to sell a 49 ...

 Aug 2 2014 - Gulf Air launches 2 more weekly flights to KuwaitMENAFN
(MENAFN) Gulf Air has announced an increase in flights between Bahrain and Kuwait from 40 to 42 per week, Gulf Daily News reported.The Bahraini carrier said that the decision follows an increase in ...

 Aug 2 2014 - India hires 'monkey men' to combat macaque menaceArab News
(MENAFN - Arab News) W DELHI: India has hired a group of monkey impersonators to scare the real marauding animals away from Parliament and other key buildings in the nation's capital officials said ...

 Aug 2 2014 - 'Katy is a wonderful person' says ObamaArab News
(MENAFN - Arab News) SHINGTON: In what might be the ultimate seal of approval Barack Obama hailed Katy Perry as a 'wonderful person" reported Daily Mail.The US President hosted the 'Dark Horse" ...

 Aug 2 2014 - Whimsical TV movie is a massive hit on social mediaArab News
(MENAFN - Arab News) SHINGTON: Whimsical TV disaster movie 'Sharknado 2" reeled in 3.9 million viewers the Syfy specialty channel said recently one day after the sequel's broadcast.The followup to ...

 Aug 2 2014 - Disgraced star seeks to appeal convictionArab News
(MENAFN - Arab News) NDON: Jailed children's entertainer Rolf Harris has applied for permission to appeal against his convictions for a string of sex offenses in Britain judicial officials said ...

 Aug 2 2014 - Shahrukh is 'king' of BollywoodArab News
(MENAFN - Arab News) MBAI: Superstar Salman Khan who has been delivering hit films back-to-back feels his arch rival Shahrukh Khan is the 'King of Bollywood" reports The Hindu.Salman has become the ...

 Aug 2 2014 - Saving Private Smith: The real WWI story that beats HollywoodArab News
(MENAFN - Arab News) VING PRIVATE RYAN became a Hollywood classic with its heroic tale of how a World War II soldier was rescued from the front line after losing three of his brothers in action.But ...

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

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