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Putting Qatar on the Map: Investing in Infrastructure
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8 April 2011 |
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On Day Two of the Invest-In-Qatar Forum in New York, the focus moved from Qatar - petrochemical powerhouse, to Qatar - thriving infrastructure.
Those who want in on the market flocked to the conference's real estate matchmaking sessions, or virtual speed-dating for investors vying for a stake in Qatar's future. Partnerships were made today that will add to the $100 billion Qatar promises to spend on transportation and infrastructure in the next 10 years.
And beyond interest in both commercial and residential real estate, the buzz also surrounded tourism and sports venue development as this tiny Gulf emirate gears up to host the 2022 World Cup.
Bechtel Corp., a U.S. construction and engineering company, was there. Its president, David Welch, is bullish on Qatari infrastructure: "The fundamentals are excellent. The political environment is stable, and I believe the way they have structured their development of the next 20 years is promising and a real thing."
One of Qatar's major infrastructure projects now underway is the New Doha International Airport. Valued at $14 billion, it is set to handle 24 million passengers on opening day. The airport is scheduled to open in early 2012, and is expected to handle 48 million passengers per year by 2025.
Welch adds, "Take the airport project for example, with which we were involved. A few years ago I flew to Pakistan through London. Today if I were making the same trip, I might go through Doha. So I think if you look at the pattern of development - of what they are trying to achieve - these are not unrealistic goals. As a business operating there, [our] experience has been good."
Farhan Mahmood, CEO of Citibank, Qatar, moved from London to run the corporate and investment banking business in the capital city, Doha. "We have a lot of competition here. We've been operating in Doha for four years, since 2007 in the Qatar Financial Center. It's an expat city, primarily. Everything has been built from the ground up [including] everything from ports, airports, and highways. To be part of that is unique. It's an entirely new city; it's one big construction site."
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Source: beta.thehindu.com |
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