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.”
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