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Wednesday, 1 March 2017

Qatar’s slowing economy puts World Cup spending in spotlight

Qatar’s slowing economy puts World Cup spending in spotlight:

"In Doha’s hotels, men in hard hats and steel-capped boots outnumber the suited bankers who used to swoop into the Qatari capital to pitch deals to the Gulf state’s sovereign wealth fund. It is a sign of the changing fortunes in Qatar, which garnered a reputation as one of the oil-rich Gulf’s most lavish spenders and aggressive dealmakers, as it seeks to manage the fall in oil prices. At a time when the economy slowed on other fronts, construction work — and the economic activity that comes with it — is now focused on preparations for the 2022 World Cup. The Gulf state is building nine sports stadiums, “cooled” fan zones, hotels, sewage works and roads ahead of the football tournament. But the question is how far and at what cost the construction work can compensate for the downturn elsewhere in the economy."



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