Qatar will spend about $57 billion over the next decade on infrastructure including stadiums to support the soccer World Cup in 2022, which will boost lending at the country’s banks, Moody’s Investors Service said.
“We expect all Qatari banks to benefit from stronger economic activity and higher credit demand over the next 12 years,” Moody’s analyst Elena Panayiotou said in a report e- mailed today. The spending will create long-term business growth opportunities for the banks and “enhance franchise development in their domestic market,” she said.
The country plans to spend $4 billion on the stadium construction and refurbishment program. A new 200,000-population city called Lusail, north of the capital, is scheduled to be built over the next decade and will feature the stadium that hosts the World Cup final. Qatar expects to construct a rail and metro network, costing more than $25 billion, in Doha and extending to cities outside the capital.
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