Qatar will invest up to $13 billion in major infrastructure projects next year despite a slump in revenues resulting from low energy prices, the Gulf state’s finance minister said on Tuesday.

Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.

“Increasing the investment in mega projects reiterates the country’s commitment to achieving its goals,” Emadi told delegates at a Euromoney conference in Doha.

qatar airways

“It is expected that on new projects in 2017, spending will be up to 46 billion Qatari riyals ($13 billion, 12 billion euros).”

The minister added that the 2022 World Cup host had already spent almost 375 billion riyals ($98 billion dollars, 95.6 billion euros) on large-scale projects.

Most of the investment in the next few years will be in construction and transport as the country gears up to host football’s showpiece tournament.

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Speaking at the same conference, Qatar National Bank’s chief executive officer, Ali Ahmed al-Kuwari, said construction would account for 45 percent of investment between 2015 and 2018, and transport almost 30 percent.