Doha, Qatar: Over the past ten years, Qatar has made significant economic progress and has established itself as a major participant on the world stage.
Qatar will keep expanding its options for foreign direct investment and diversifying its economy.
Qatar’s construction activity will continue to be driven by state-backed ambitions to diversify the traditionally oil-rich economy.
Construction activity in Qatar has seen a period of slowdown of big projects compared to the major investment period in the lead-up to the World Cup, noted Qatar Market Intelligence Autumn Q3 report by Turner & Townsend.
The fundamental market conditions nonetheless remain strong, and a new round of megaprojects is expected to be announced. As a result of major sporting events such as the 2022 FIFA World Cup and the upcoming 2023 FIFA Asian Cup, Qatar will remain in the public eye and become a key worldwide sporting destination for years to come.
Aligned with Qatar National Vision 2030, Qatar has witnessed a notable surge in sustainable construction initiatives incorporating cutting-edge technologies designed to minimise environmental harm.
The Public Works Authority ‘Ashghal’ has made significant efforts to incorporate sustainability in its strategic plan through implementing several initiatives on site.
The initiatives aim to ensure both sustainability and environmental protection, as part of the commitment to play a significant role in contributing to Qatar’s strategic objectives, in line with Qatar National Vision 2030, the report noted.
The two biggest trends now influencing the global construction industry are undoubtedly digital transformation and sustainability.
Since technologies like 3D printing and prefab help reduce waste, it is obvious that the sector needs to promote digitalisation.
Construction companies now have the ability to improve the efficiency and sustainability during project execution and as part of the finished product.
BIM can assist the construction sector in reaching sustainability goals by producing a virtual 3D model with data that enables energy calculations and material comparisons to determine which building materials best meet sustainability standards.
Qatar has seen sustained cost inflation due to extensive construction activity in recent years. In Doha, the market is now cooling following the completion of the 2022 FIFA World Cup, with the rate of cost inflation easing from 8 percent in 2022 to 3.5 percent in 2023.
The report stated that the Qatari government’s 2050 Transport Plan consists of 268 new projects that will be awarded between 2023 and 2025.
“Qatar has become a popular tourism destination as a result of key infrastructure and cultural developments, including the metro system, contemporary motorways, the Museum of Islamic Art and the National Museum of Qatar.”
“A key area of focus for transport development will be rail, with the construction of the Gulf Railway being an important component of the plan. The 2,177km Gulf Railway, which connects Saudi Arabia and Qatar, will be split among the six countries based on the size of their respective rail networks,” it added.
According to a Mordor Intelligence forecast, Qatar’s construction sector is expected to be valued $57.68bn this year and $89.27bn by 2028.
