Qatar 2022 World Cup budget to be slashed by at least 40%

The budget for the 2022 World Cup in Qatar is set to be reduced by at least 40%, and possibly as high as 50%, according to the official in charge of the tournament.

Qatar 2022 secretary general Hassan Al Thawadi told CNN on Thursday that the initial budget for the tournament would be reduced by almost half in order to ensure "financial responsibility" for the event.

The Middle Eastern nation won the right to host football’s flagship event in a cloud of criticism, during a period in which organising body FIFA was involved in a series of corruption scandals.

Qatar now expects the total bill for the World Cup will now amount to between $8bn and $10bn.

"We wanted to ensure there is financial responsibility in relation to the infrastructure relating to the World Cup," said Al Thawadi.

Qatar now expects the total bill for the World Cup will now amount to between $8bn and $10bn

"That's why we had set an initial budget early on and made a commitment towards reducing it as the market became clearer, as the project became clearer, as we define the scope."

Oil-rich Qatar is currently developing several new state-of-the-art stadiums in order to cope with the requirements for the football festival, as well having made plans for the construction of a $1bn hotel and new urban development on the coast of Doha.

There were initial plans for 12 new stadiums but with the revised budget that number will be reduced to eight.

"Fifa has not yet agreed on the final number and we are in discussions with them to finalize the final number of stadiums that will fit the operating model of Qatar 2022," said Al Thawadi.

Similar to other Middle Eastern states, Qatar has struggled to cope with the burden of falling oil and gas prices and has attempted to diversify revenue streams into the country in response.