By Mark Baber
April 24 – According to Bank of America Merrill Lynch, Qatar may reduce the number of stadiums for the 2022 world cup from the widely expected 12 to 8 or 9.
In a note to investors Alberto Ades, head of emerging-market fixed-income strategy at Bank of America Merrill Lynch, said that Qatar was negotiating the issue with FIFA whilst costs for the world cup were likely to exceed the bank’s initial estimate of $95 billion.
In a statement reported by Bloomberg, Yasir Al Jamal, technical director of the organizing committee, said, “We are fully committed to delivering on the commitments we made to FIFA.”
Al Jamal added, “The requirement is a minimum of eight and a maximum of 12 stadiums. We are currently working on delivering our first five stadiums.”
Bloomberg reports FIFA saying Qatar will submit a list of as many as 12 stadiums to the FIFA executive committee for approval and “The process of selecting the final proposed line-up of host venues is in process.”
Whilst costs for the massive infrastructure projects required for 2022 have risen, regulations are also being put in place to tackle the questions raised by human rights groups and trade unions, who have complained of the lack of workers’ rights and dangers to their safety and well-being, with the Qatar Foundation launching a new welfare initiative designed to curb unfair employment practices and other Qatari institutions expected to follow suit.
Contact the writer of this story at moc.l1734792249labto1734792249ofdlr1734792249owedi1734792249sni@r1734792249ebab.1734792249kram1734792249