With the rapid increase of foreign investments and trade relations between countries and numerous firms, Qatar is paving its way toward a robust economy.
A recent report by Research and Markets, a global research platform analysing the business market stated that the country is moving towards a positive and energetic environment in all sectors including construction with enhancing infrastructures. According to the data provided by the group, the construction industry is expected to forecast a vibrant growth of over 10 percent at a Compound Annual Growth Rate (CAGR) by 2027.
The report says that the Government of Qatar executes a pivotal part in developing well-constructed buildings by investing and attracting foreign investors to carry out business in the region. “Government spending will play a crucial role in boosting the growth of the construction sector. According to Qatar’s 2021 budget, new projects worth QR53.9bn ($14.80bn) were identified. These infrastructure-related projects will be awarded from 2021 to 2023,” it said.
Apart from that, the Qatari regime focuses on enhancing the market by furthermore developing the infrastructure and diversifying the economy. In order to implement such measures, Qatar Free Zone is kept in place to bring in more investors for different companies across the globe. The report highlights that these establishments are assertive in the economic outlook of the country.
It also outlined that the backing of new laws regulating public-private partnerships (PPPs) will woo many potential entrepreneurs in the GCC region, who aims to invest in industries including transportation, healthcare, and education.
Over the past decade, Qatar has been striving towards creating state-of-the-art infrastructures for World Cup and beyond.
Progressing towards establishing top-notch facilities in the region, various developments including the expansion of Hamad International Airport, metropolitan stations, and other roadway-related projects can be witnessed. It said: ”Many construction service providers and facility management companies are racing to enter the Qatari market for services. Companies are partnering with developers to offer after-construction services.”
“As towers, low-rise buildings, stadiums, and malls are built, and near completion, the country’s facility management market is expected to grow exponentially over the coming years,” it added.
