Doha: Investor confidence in economic policies and their ability to push the construction market in Qatar to reach the previous estimates of $71.65bn by 2025 has given a major boost to the sector’s sustained growth, a latest report by the Qatar Chamber reveals.
It notes that the growth rate is exceptional by all standards to prove beyond any doubt the multiplicity of investment opportunities in Qatar which is known for having one of the highest per capita income in the globe as a result of the Qatar National Vision 2030 which confirms the government’s insistence on diversifying the sources of the economy way from the dependence on oil and gas sectors. The construction and manufacturing sectors are among the key pillars of the diversification, the Qatar Chamber Economic and Commercial Activities Guide lunched recently noted.
Further report states the boom in the construction in the recent years was reflected in many aspects of modernisation that we see throughout the country and this prosperity is supported by the surplus in the state budget that financed public spending for four years. The rail project, new metro lines, the rapid expansion of the airport and the development of the road network in addition to allocating more than three billion dollars to building new highways are some of the areas that have received attention for public financing.
The boom created by Qatar hosting the FIFA World Cup 2022 since it has been awarded the honour of organizing the football festival cannot be undermined. Since then Qatar has witnessed an acceleration in growth in the construction sector and within years the sector has become the largest non-oil sector in the state. The construction sector contributes around 15 percent to the states GDP, according to the Guide.
The global construction sector is poised to reach $14.41 trillion by 2030. In Qatar the building and construction sector is witnessing the golden age which is directly reflected in the optimism prevailing among real estate developers before the 2011 FIFA World Cup in Qatar and for the next stage.
The state is witnessing the final stages of the construction movement related to stadiums and infrastructure faculties. Large and medium projects are continuing after the World Cup such as completing work on projects that have been completed or adding accessories that constitute an added value to those projects which creates opportunities for medium companies and helps to sustain the boom in the construction and contracting sector in Qatar. As a result the construction sector will continue to thrive even after the FIFA 2022. Investors will continue to be open to investment opportunities and make the most of them by working in Qatar for the next several years, the Guide stated.
Qatar is currently seen the implementation of many public projects with the aim of developing infrastructure, transportation, education, health sectors as the cost of completing these projects is about QR74bn, according to a report by Al Asmakh Real Estate Projects Company.
Managed by the concerned authorities in the country, the large package of contracts related to projects to be implemented during 2022is the main axis that will enhance the growth process of the construction sector.
