Gas-rich Qatar said on Sunday it has no intention of scaling down massive investments at home and abroad as a result of the global financial crisis. "We have no intention of halting infrastructure projects at home or reducing overseas investments," Qatari Prime Minister Sheikh Hamad bin Jassem bin Jabr al-Thani told a joint news conference with visiting Greek counterpart Costas Karamanlis. "All projects are ongoing and we are preparing a budget which will speak for itself," he said.
Qatar is investing betweeen 130 and 150 billion dollars in the energy sector and in infrastructure projects.
Qatar Investment Authority (QIA), the tiny Gulf state's sovereign wealth fund chaired by the prime minister, manages assets estimated at up to 50 billion dollars. Sheikh Hamad reiterated that OPEC member Qatar favours a price in the range of 70 to 90 dollars for a barrel of oil, saying it would be "beneficial to both producers and consumers."
The Qatari prime minister said the recent slump on the Qatari stock market was "unjustified, since all companies in Qatar have posted good earnings." Shares in Qatar and other stock markets in the oil-rich Gulf region plunged on Sunday amid growing expectations of a global recession. The Doha Securities Market dived 8.93 percent to end the day below the 7,000-point mark at 6,892.95 points.