Qatar set to award $30B worth of contracts in 2016

In its latest Qatar report, Samba Financial Group said it expects the second half of 2015, and all of 2016, "to be very busy with project activity." Citing research from the MEED business news outlet, the report said with $30 billion to be awarded this year, Samba expects a similar amount to be spent next year as the country accelerates its preparations for the 2022 FIFA World Cup, which will see $135 billion worth of contracts awarded in Qatar between 2015 and 2020. "The government's investment program will be one of the key determinants of economic performance over the medium-term. Although there is evidence that the authorities have scaled down certain projects in the light of the sustained fall in the [price of] oil, crucially we expect most of the planned investment will go ahead," the report said. "The scale of investment relative to the size of the country and the looming deadline of the 2022 [FIFA] World Cup are challenging. But the authorities are well aware of the issues, including the risks of overheating, over-spending and poor yielding investments, and are looking to set up appropriate timelines and management processes." The report said Qatar's economy expanded by 4.1 percent in the first quarter of 2015, on the back of strong growth in the non-hydrocarbon sector. In particular, there were strong performances from the trade, restaurant and hotel, construction and finance sectors, it said.