Doha: The expansion of various industries including commercial, residential, infrastructure, energy, and utility has led to a significant rise in the market. The sector is poised to grow at a Compound Annual Growth Rate (CAGR) of 9.5 percent from this year till 2030, stated a report by Verified Market Research. The research organisation that analyses the data globally outlined that the construction sector will keep increasing and is projected to amount to an estimation of QR448bn ($123.1bn).
In the given data provided, it highlights that some of the major players in the sector include Bilfinger Burger Qatar WLL, QDVC Q.S.C., HBK Contracting Company WLL. Medgulf Construction Company (WLL), Ammico Contracting Co WLL, MIDMAC Contracting Co WLL, Redco International WLL, Construction & Reconstruction Engineering Co, Khayyat Contracting and Trading, Gulf Contracting Co WLL.
The industry remains buoyant during the forecast period with enhancing and expanding projects in the region.
The report noted that the construction sector is upbeat in boosting the country’s economy by playing a vital role in surging tourism and hospitality. Brand new buildings and infrastructure facilities in Qatar have been an added benefit for the market.
The report further stated that “The sector’s growth is driven by government expenditure, with huge reserves and budget surpluses allowing the government to fund many projects directly rather than depending on public-private partnerships.
The Central Tenders Committee (CTC), which was founded in 2005 to handle all government projects and requests, including those from Ashghal (the Public Works Authority), Qatar General Electricity and Water Corporation (Kahramaa), and Qatar Foundation, awards contracts.”
In the years to come, “Qatar is also spending extensively on infrastructure and building projects, with over QR800bn ($220bn) planned for the road network, stadiums, and facilities, as well as several big projects in the planning or construction stages, including hotels, leisure, and recreation,” it added.
