Qatar which is noted as
one of the richest country per capita of the world by becoming the third
largest natural gas and oil reserves in excess of 25 billion barrels. By
becoming the richest country in the world, the impact on its financial and economy markets might latent much smaller than the propel to its reputation and
with the blistering growth of the country might slowdown if it misses the right
to host the 2022 World Cup soccer tournament.
Moreover, question are
being raised as the country at this instant risks on losing the right to host
the 2022 World Cup and after a long protracted voting process and to host the
major sporting event in the year 2022, the Middle Eastern country in the year
2010 had beat Australia, Japan, South Korea and the US. The FIFA World Cup
which is held after every four years by the Federation Internationale de
Football Association (FIFA) is currently under pressure to demeanor a re-vote
in the midst of recent accusation of bribery which had implicated in the
bidding process, which resulted in Qatar winning the bid to host the event.
According to the Middle
East-based industry source, the Petchem industry does not really need to be too
concerned as the country will progress with its goals to develop the country
rapidly with or without the World Cup. Moreover to build infrastructure,
including stadiums the country is almost ready to squander USD 140 billion and
the scheduled of massive spending is probable to decipher to robust demand for
petrochemicals.
As per the data from state-owned
Qatar National Bank (QNB), in the year 2013 the economy of Qatar had grow 6.5%
due to aggressive government spending, however this year it is estimated to
pick up pace and post a 6.8% growth. One of the major UAE
based Polypropylene (PP) trader said that there are sequels benefits
on hosting the World Cup as the demand of Petchem will augment in Qatar and the
downstream sectors will flourish.
Furthermore the
expected surge in the demand was one of the plans of the government to thrust
in USD 25 billion to give a boost to the petrochemical capacity of Qatar to 23
million tons by 2020 in compare to 16.8 million tons in 2012. However with the
fear of a FIFA World Cup pull-out, none of the Qatar projects are expected to
be halted mid-way.
According to the
industry experts, in the years leading to the World Cup event in 2022 the
country has budgeted around USD 20 billion in investment for tourist
infrastructure which will include the building of the Hamad International
Airport in the second quarter of 2014. However if the country loses the chances
to host the 2022 world cup then it might delay the construction of world scale
football stadiums or sport complexes.
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