Qatar is set to award more than $22bn worth new contracts this year as it maintains its spending spree in advance of the FIFA 2022 World Cup, according to MEED.

The details of these new projects, together with some of the challenges they present, will be outlined at the annual MEED Qatar Projects Conference, which will be held in Doha on March 15 and 16.

The estimated $22bn worth contracts to be awarded this year is about 24% lower than the $29.3bn worth of deals awarded in 2015, primarily due to lower oil prices but also thanks to a renewed focus on existing project delivery rather than the launch of new schemes.

However, this year’s figure is also almost exactly in line with Qatar’s $22.3bn contract award average experienced over the past five years.

“Like all GCC (Gulf Cooperation Council) countries, Qatar is set to spend less this year as government revenues are impacted by lower oil prices,” said Ed James, director of Content and Analysis at regional projects tracker MEED Projects, which created the forecast.

Nonetheless, the projects market in Qatar is expected to continue apace owing to its capital investment plans as the deadline for the World Cup looms closer, ensuring a healthy pipeline of new projects that will come to the market throughout 2016, thus providing numerous new opportunities for suppliers, contractors and vendors alike, according to him.

Notable keynote speakers at the event are HE Sheikh Ahmed bin Jassim al-Thani, Minister of Economy and Commerce; and Nasser bin Ali al-Mawlawi, president of Ashghal, the largest single client in Qatar.

With more than $30bn worth of projects either planned or under construction, Ashghal is a key stakeholder in Qatar’s future development, and will outline its vision at the event. It will also reveal details of its major challenges as well as how companies can work more closely with it to achieve its objectives.

Ashghal’s major projects include the $10bn-plus expressway and local roads and drainage programmes, the Inner Doha Re-Sewerage Implementation Strategy; and the major public buildings programme. Other key projects set to be awarded or tendered this year include the first phase of the $15bn long-distance passenger and freight network, and the estimated $2bn expansion of Hamad International Airport.

Other speakers include Saud Abdullah al-Attiyah, director of Economic Policies and Research Department at the Ministry of Economy and Commerce; Ahmed Nassar al-Kowsi, Logistics director; and Kaldoon Truman, senior director of Contracts and Procurement, both from Qatar Rail; Mohamed al-Malki, chief planning business development officer at Manateq; Atter Exxat Hannoura, director of PPP Central Unit at the Ministry of Finance in Egypt; and senior representatives of the Ashghal.

“Qatar’s going to lead the region and the world once more with further progress in the execution of its inspiring vision for the years to 2030,” Richard Thompson, editorial director of MEED Magazine, said, adding lower oil prices can’t be ignored, but it’s clear that Qatar has the financial and human resources overcome this challenge.