Qatar remains ‘resilient’ and is set to award $220 billion in large-scale projects over the next decade despite low energy prices, according to S&P.

The ratings agency said it expects the bulk of these massive infrastructure developments to be completed before the 2022 World Cup.

“We understand that the government plans to award about $220 billion of large-scale investment projects over the next 10 years,” it said in a research note.

“The program will focus on infrastructure, education, and health, and we expect the majority of these projects to be completed ahead of the football World Cup in 2022.”

Massive projects underway in Qatar include its $40 billion rail network and the stadiums for its controversial hosting of the FIFA World Cup.

Continuing with its public infrastructure investment programme at a time of low oil prices will “contribute to a deterioration in fiscal and external balances” in Qatar, S&P cautioned.

It said the outlook for Qatar is stable, affirming its AA long-term and A-1+ short-term foreign and local currency sovereign credit ratings.

“We believe that Qatar’s economy will remain resilient, supported by strong macroeconomic fundamentals, but we also anticipate continued institutional weaknesses and limited monetary flexibility over the next two years,” it said.