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The Qatar government will invest US$123.57 billion for local projects during the next ten years, Minister of Economy and Finance Yousef Hussain Kamal has been reported as saying by the Qatar News Agency. Kamal told daily Arabic newspaper 'Alwatan' that Qatar will invest billions of riyals in infrastructure projects, oil, gas and petrochemicals. However, he added that Qatar will continue its investment abroad.
Investment outside Qatar is important for the country, said Kamal, helping reduce dependence on oil and gas as a major supplier of income and avoiding being at the mercy of price fluctuations in the future. Qatar is the only country that benefited from the global financial crisis, as it was the only one that was upgraded by international credit agencies during the crisis, said Kamal. He added that Qatar does not invest in any project until ascertaining the feasibility of such investments and their returns through consultation with international experience.
As Chairman of the Board of Directors of the Qatar Financial Centre, Kamal said that next year the Qatar Financial Centre will have one office to issue licenses to all companies, whether local or foreign, and that the central bank will have the authority to grant such licenses.