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Qatar to reduce the number of 2022 World Cup stadiums

Qatar has slashed the number of stadiums it will build for the 2022 World Cup by a THIRD.

Bloomberg claims rising costs and delays are to blame for the Gulf nation's decision to scale back from their original plans for 12 stadiums - nine of which were to be brand new builds.

Ghanim Al Kuwari, the organising committee’s senior manager for projects, confirmed the news in a press conference on Sunday although he did not divulge a reason for the cut.

It is also not yet known which of the 12 planned stadiums will be shelved.

The news will come as no surprise to many after it emerged 12 months ago that Qatar was negotiating with FIFA, football’s world governing body, to reduce the number of stadia it planned to build for the event.

The cost of hosting the prestigious tournament is already set to cost Qatar in excess of $200bn, with $34bn of that set aside for a rail and metro system and $4bn earmarked for their ambitious stadium projects.

However, with costs spiralling, Qatari officials have now had a rethink. “Their decision was motivated by cost-cutting following an assessment of the real needs on the ground,” John Sfakianakis, chief investment strategist at investment company MASIC in Riyadh, told Bloomberg via email.

“It does always make good sense to do necessary cost-cutting and reviews of capex for such huge projects that are front loaded," Sfakianakis added.

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It emerged last month that Qatar suffered a 1.4 percent decrease in its 2014-15 budget surplus compared to the previous year as spending on key projects increased by 17 percent.

Bank of America Merrill Lynch head of emerging market fixed income strategy Alberto Ades said last year that the total cost for infrastructure for the World Cup would likely exceed the bank’s initial estimate of $95bn.

That announcement followed the news that Qatar had delayed the start of work on their new state-of-the-art metro system and opening of a new $17bn airport.

Construction has thought started on the Wakra stadium, while work on the Al Rayan stadium is set to start by early 2015, Al Kuwari confirmed.

The latest development is another blow to Qatar which has attracted plenty of controversy and negative headlines since being named the Middle East's first ever World Cup host back in December 2010.

Allegations of labour abuse have plagued the country in recent months while the ongoing debate over a possible switch to a winter tournament refuses to subside, with a decision now not likely until 2015.

Brazil legend Pele last month questioned the decision to hand Qatar the World Cup, saying it was "difficult to understand" while Chelsea boss Jose Mourinho hit out at the prospect of moving the event from its traditional summer slot.