That means the 2022 World Cup in Qatar will be the most expensive iteration of the event ever, and it won't be even remotely close.
While the global fluctuation of energy prices has effected Qatar recently, the country with the world's third-largest collection of natural gas and oil reserves is spending lavishly to overhaul its entire infrastructure for the event.
The head of finance for Qatar's 2022 World Cup told the BBC that pace of spending - $500 million per week - will continue for the next three to four years to get ready for the tournament on time.
More than US$200 billion (€187 billion) will be spent in total in preparation for 2022.
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About 90 per cent of Fifa World Cup projects in all sectors have been awarded and are expected to be executed within the schedule, reported The Peninsula, citing the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani. The 2014 World Cup in Brazil is reported to have price $11bn (£eight.8bn) to host, whereas Russian Federation elevated authorities spending on the 2018 World Cup by $321m to $10.7bn.
The pressure on the state finances is now easing because of higher oil prices, and Mr Emadi said Qatar might not need to issue global bonds this year. "We don't want to be in a place where we start painting when people are coming to the country". The money for the world cup had been protected from the cuts to the national budget caused by low oil and gas prices. The extreme temperatures, high costs and workers conditions have made Qatar one of the most controversial World Cup host nations.
The Qatari government has denied the report.
The pressure on the state finances is now easing because of higher oil prices, and Emadi said Qatar might not need to issue worldwide bonds this year.