Qatar construction market continues to boom
The State’s construction projects are already currently valued at “close to $75bn.” This is coming from the report commissioned by The Big 5 Construct Qatar, which states that “at $4.5bn, the value of work awarded in the first six months of this year is more than half the total for 2018 as a whole, providing evidence that the market is rebounding positively.”
Furthermore, it declares that “of the $75bn of construction projects in the pipeline in the state, the largest portion at 68% are defined as being mixed-use. This means they are a combination of residential, commercial, and retail.”
The report was given during the press conference announcement of “The Big 5 Construct Qatar”. This second edition will be held on September 23-25 at the Doha Exhibition and Convention Centre (DECC). Already more than $23bn of the future project line-up is “in design stage, indicating that they are due to come out to contractors to bid over the next 24 months or so.”
“Longer term, there are more than $46bn worth of projects in the study stage, highlighting the healthy pipeline of project activity.” These projects include “$10mn boutique hotels to multi-billion-dollar master planned projects.”
What are the biggest projects to date? Because the Qatar market has “one of the world’s highest GDP per capita, immense gas wealth, and the prospect of the FIFA 2022 World Cup looming”, this means that it can provide “a stable and lucrative opportunity in the years ahead.”
The FIFA 2022 World Cup is boosting construction activities in the country. “The state is spending tens of billions of dollars on sport, transport, and tourist infrastructure to ensure the peninsula is ready in time for the massive influx of players, officials, and supporters during the event. There has been healthy investment in world-class museums and outdoor public spaces, new hotel infrastructure, and an expansion of the Hamad International Airport in order to accommodate the increase in visitors to the state,” the report stated.
As such, with the construction industry booming and gaining more and more momentum in the years to come, job opportunities for both locals and foreigners are also on the rise. This contributes to overall economic development, and can enhance tourism and other highly attractive business opportunities in this healthy investment environment.
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