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 grwth 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
 Mar 23 2017 - Ripple - Instant, certain, low-cost cross-border payments.MENAFN Press
(MENAFN Editorial) iCrowdNewswire - Mar 23, 2017 Ripple Instant, certain, low-cost cross-border payments. San Francisco Digital Currency · Financial Services · Finance ...

 Mar 24 2017 - Argentinas Knee Reconstruction Industry To Propagate With Advancement In Technology: Ken ResearchMENAFN Press
(MENAFN Editorial)Ken Research has announced publication titled, “Argentina Knee Reconstruction Market Outlook to 2022” which offers key market data on Argentina’s Knee Reconstruction market with the ...

 Mar 24 2017 - Voltage Stabilizer System Market - Building Automation Shows Steady Growth as Consumers Seek SafetyMENAFN Press
(MENAFN Editorial)Global Voltage Stabilizer Systems Market: Snapshot A voltage stabilizer is used for ensuring a steady level of voltage automatically for various electrical gadgets to prevent ...

 Mar 24 2017 - Connectivity Constraint Computing Market - Ecosystem and Healthcare Management to Top Demand in Global CCC MarketMENAFN Press
(MENAFN Editorial)Global Connectivity Constraint Computing Market: Snapshot The leading factor driving the global connectivity constraint computing market currently is the scope of eliminating ...

 Mar 24 2017 - Repository Prospects of the Global Hair Dryer Industry: Ken ResearchMENAFN Press
(MENAFN Editorial)Ken Research has announced latest publication on growth estimates of Hair Dryer Industry in the global market named as, “Global Hair dryer Industry Situation and Prospects Research ...

 Mar 23 2017 - Blend Anything, Extract Everything With Kenwood's PurejuiceMENAFN Press
(MENAFN Editorial) The new range of slow press juicers is the first step towards Fresh Thinking Dubai, UAE, March 23, 2017: Making your own juice is a healthy choice. So it makes sense to ...

 Mar 23 2017 - HEC Paris in Qatar welcomes Executive MBA Class of 2018MENAFN Press
(MENAFN Editorial) Doha, Qatar March 23, 2017: HEC Paris, one of the world's top three providers of Executive Education programs, has officially welcomed its latest batch of participants for the ...

 Mar 23 2017 - Top Talents Honoured at MENA Digital Awards 2017MENAFN Press
(MENAFN Editorial) IMPACT BBDO Dubai awarded Agency of the Year and BBDO Worldwide named Network of the Year Dubai, United Arab Emirates March 23, 2017: The world's foremost digital advocates ...

 Mar 23 2017 - New services in Metrash 2MENAFN Press
(MENAFN Editorial) Dubai, UAE, March 23, 2017: The Ministry of Interior added two more new e-services to its mobile app Metrash 2 and the website of the Ministry, thanks to the commitment of the ...

 Mar 23 2017 - Celebrate the start of the spring with Lexus Select EventMENAFN Press
(MENAFN Editorial) Exclusive offers on a large Lexus line-up Dubai, UAE, March 23, 2017: Al-Futtaim Motors, leader in sustainable mobility and exclusive distributor of Lexus in the UAE, ...

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

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