It’s been almost two years since Qatar hosted the World Cup and the euphoria is fading as state-backed lenders that helped finance everything from highways and hotels to stadiums and sewage systems grapple with rising loan losses.

The Qatari government is now considering ways to shore up these banks’ balance sheets, according to people familiar with the matter, who asked not to be named discussing confidential information. The options on the table include hiring restructuring advisers, stepping in to buy struggling real estate portfolios from banks stung by defaults or forcing smaller lenders to merge.