Qatar infrastructure spend to reach $13bn in 2017
Qatar has earmarked $13bn in investments for 2017 with industry analysts predicting the market to peak within the first half of the year
Qatar has earmarked $13bn in investments for 2017 with industry analysts predicting the market to peak within the first half of the year.
With the country’s construction sector expected to account for 45% of investments between 2015 and 2018, Qatar’s construction market is booming despite economic pressures from low oil prices.
But with diversification efforts in full swing, gross domestic product (GDP) growth in the non-hydrocarbon sector hit 5.6% in 2016 with the construction industry as the largest contributor.
In February, reports revealed that Qatar was spending an average of $500m a week on major infrastructure projects in preparation for World Cup 2022. This level of spending is expected to continue up to 2021.
In line with this growth, the fourteenth addition of Project Qatar is expecting more in terms of project contracts and investment opportunities this year.
George Ayache, general manager, at IFP Qatar, said: “The extraordinary growth of Project Qatar year after year is testament to the scale of infrastructure development that has been going on in the country since 2004.
“Project Qatar continues to attract a large number of companies from nearly 40 countries seeking to take advantage of the massive growth in the country’s construction sector. The quality of deals and networking opportunities have also increased and have had a positive overall impact on the industry.”
Qatar’s lucrative construction market attracts the world’s biggest players and provides unparalleled opportunities for aspiring companies to secure deals with the industry’s top decision makers.