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Qatar begins down-sizing World Cup plans

Qatar plans to scale back plans for the World Cup it is scheduled to host in 2022. Ghanim Al Kuwari, the Qatar 2022 organizing committee’s senior manager for projects, said at a conference in Doha on Saturday that it plans to build eight stadiums, not 12 as originally announced.

Before 2022, Qatar plans to spend more than $200 billion to get ready for the event, including $34 billion on a rail and metro system, $7 billion on a port and $17 billion on an airport, plus $4 billion on stadiums.

“Their decision was motivated by cost-cutting following an assessment of the real needs on the ground,” John Sfakianakis, chief investment strategist at investment company MASIC in Riyadh, Saudi Arabia, said in an e-mail to Bloomberg. “It does always make good sense to do necessary cost-cutting and reviews of capex [capital expenditures] for such huge projects that are front-loaded.”

Read the whole story at Bloomberg »

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