Given current oil prices, the country has held back development of new infrastructure projects and has only continued high priority projects (such as the Doha metro line) for the 2022 FIFA World Cup.
The following table shows the amounts involved in the main contracts in place at the reporting date:
(Share in millions of Euros)
|Residual backlog||Percentage of completion|
|Red Line North||648.7||52.7%|
|Al Bayt Stadium||660.2||12.5%|
Red Line North Underground, Doha
In 2013, as leader of a joint venture with a 41.25% share, Impregilo won the tender called 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 programme promoted by Qatar to build a new infrastructure mobility system included in 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 contract’s value has decreased from the previous QAR8 billion (roughly €2 billion) to the current QAR5.7 billion (approximately €1.4 billion), due to the partial use of the contractually-provided for provisional sum.
Al Bayt Stadium
In July 2015, the Group was awarded the contract to build the Al Bayt Stadium in Al Khor, roughly 50 km north of the capital Doha. The contract is worth approximately €770 million and entails the design and construction of one of the sports complexes where the 2022 FIFA World Cup matches will take place. The contract was awarded by the Aspire Zone Foundation, which is responsible for the development of Qatar’s sports infrastructure. The stadium will be able to accommodate 70,000 spectators with an area of 200 thousand square metres. The contract is an example of an eco-sustainable work, thanks to modern construction techniques and the use of environmentally friendly and low energy impact state-of-the-art materials.
The Group’s share of the contract is 40%.
Outlook for 2016
The Group will continue to pursue new business opportunities in 2016 in the country.