The cement mixers motoring up and down the highway to Lusail are the only signs of human activity on a stretch of drab Qatari desert north of Doha.
Lusail City is not built yet, let alone the 86,250-seater stadium where the 2022 Fifa World Cup will play out to its thrilling conclusion.
A few solitary towers have started to sprout from the ground on the patch of otherwise listless desert. But a year after Qatar won the bidding to host the football tournament, there are only faint signs of a World Cup effect gripping Qatar.
The emirate experienced a surge of sales of team jerseys and other football-related merchandise in the wake of Fifa's announcement that the Qatari bid had succeeded, says Pawan Dangol, the manager of the Adidas store at Doha's resplendent Villaggio mall.
"We're selling a lot more compared to before winning the bid," he says. "It's been mainly locals - expats are more concerned about fitness equipment here."
But it is a burst of construction and infrastructure development expected to total about US$100 billion (Dh367bn) during the 11 years between now and the tournament that most excites investors.
The effort is more of a marathon than a sprint, but young Gulf states have rarely experienced anything like the kind of decade-long investment needed for the tournament.
Lending to fund World Cup projects is yet to be factored into the outlook for many banks, with infrastructure projects the biggest concern for the next three years, says Elena Sanchez-Cabezudo, a financial analyst at EFG-Hermes.
"It's very difficult to make assumptions on a 10-year view," she says. "Whatever we have in our forecasts is for the short term: projects that were approved before the World Cup related to transportation, one of them being the Metro."
Planned sporting expenditure has yet to filter through to the country's private sector, with non-oil spending remaining "constrained", analysts from Standard Chartered wrote in a research note.
For the time being, a number of big developers and construction companies from the region and elsewhere are setting up offices in Doha, with companies, including Dubai's Arabtec, seeking to capitalise on an anticipated boom.
But the rush of infrastructure projects being awarded is paying off in droves for government-owned companies.
Qatar National Bank, the country's biggest lender and the bank most closely linked to the government, recorded a 30 per cent increase in earnings to 5.4 billion Qatari rials (Dh5.44bn) in the nine months since the start of the year.
Details remain scarce of the government's construction plans for 2022, says Ankur Khetawat, a property analyst at AlembicHC.
"We haven't heard anything in terms of new projects being awarded and it'll take time before things kick off," he says.
Projects to build the World Cup facilities are expected to be put to tender next year, he adds.
[ ghunter@thenational.ae ]
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
The five pillars of Islam
Empty Words
By Mario Levrero
(Coffee House Press)
Mohammed bin Zayed Majlis
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region