Due to current oil price trends, the country has slowed down the development of new infrastructural projects, maintaining only priority ones (such as the Doha subway line) linked to the 2022 Soccer World Championship. At the moment, the Group is not experiencing any issues with existing projects.
The table below shows quantitative values for the main projects in the portfolio at December 31, 2015:
(Figures in € million)
|Group residual portfolio||Percentage of completion|
|Red Line North||1,443.5||26.6%|
|Al Bayt Stadium||741.8||2.5%|
|Shamal Roads & Infrastructures||294.2||-|
Red Line North Underground, Doha
In 2013, Impregilo, as leader of a joint venture with a 41.25% share, won the competitive bidding launched by Qatar Railways Company (“Qrail”) for the design and construction of the “Red Line North Underground” in Doha. The project, along with three other metro lines, is part of a program led by Qatar to build a new infrastructure mobility system as part of the National Development Plan for 2030 (“Qatar National Vision 2030”), which provides for significant investments to ensure sustainable economic growth over time, both within the country and abroad.
The total value of the contract amounts to approximately 8 billion Qatari Ryal (QAR), equal to about €2 billion.
The percentage of completion as of December 31, 2015 was 26.6%.
Al Bayt Stadium
In July 2015, the group won the tender for the construction of the Al Bayt stadium in the city of Al Khor, about 50 km North of the capital Doha. The contract, with a value of €770 million, entails the design and building of one of the sports venues for the 2022 Soccer World Championship. The project, called by the governmental foundation Aspire Zone, responsible for the development of sports infrastructure in the country, involves the construction of a stadium that can accommodate 70,000 spectators, covering an area of 200 thousand square meters.
The percentage of completion as of December 31, 2015 was 2.5%.
The client ASGHAL stopped the Shamal project, a contract awarded in July 2015 for a value of approximately €280 million (with a 50% Salini Impregilo’s share). With respect to this contract, for which a new bid was requested in November 2015, there are uncertainties about the progress of the project itself.
The Gibe project envisages the construction of a 1,870 MW hydroelectric plant as well as of a 66kw power line from the Sodo-Wolayta substation to the Gibe III site. At December 31, 2015, the works had reached completion stage. The remaining part pertains to the spillway and to finishings in the power station and the external areas occupied by the site.
Pre-qualifications were submitted for the construction of two stadiums and for the second stage of a local infrastructure project.