Qatar's construction to grow by 17.6%

Qatar’s construction sector is set to grow by 17.6% this year as gas revenues continue to provide funds for construction, organisers of a real estate conference said.

"As the Qatari government continues to undertake massive initiatives to position the country as an economic leader in the region, we can expect significant investments to spill over to its real estate market," said Muteab Al Sa'aq, chairman of Trance Continent.

"This presents an expanded opportunity for global investors and companies involved with construction and property and infrastructure development to assess the potential in investing within this highly stable economy.”

Qatar International Real Estate & Investment Exhibition (Q-REX) 2009, the country’s first real estate exhibition, runs from May 25-28.

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Trance Continent said Qatar’s real estate sector would contribute 9.7% to the country’s GDP this year. Growth in the energy, banking and financial sectors as well as tourism is fueling the nation’s construction industry.

"Brand new residential towers are being delivered in and around Doha, with projections of 9000 new apartments to be available by 2010, while a total of 80,000 new hotel rooms will be finished by 2016,” said Al Sa’aq.;

“Development at this astounding pace is precedent to the potential of Qatar's property market despite the challenge of the present economic slowdown.

“As correction envelopes the region's real estate sector, we are expecting Qatar to lead the way as the centre of development for major industries in the Middle East," he concluded.