Qatar’s construction market to witness 12.1% growth through to 2021
Qatar is expected to be among the fastest-growing global construction markets during the next five years, with projected growth of 12.1% between 2017 and 2021, according to BMI Research
Qatar’s construction market will grow at a projected rate of 12.1% between 2017 and 2021, according to a report from BMI Research.
The country’s construction industry is expected to benefit from investments made in preparation for the 2022 FIFA World Cup, according to the UK-based research firm.
Qatar is expected to be among the fastest-growing global construction markets during the next five years, with double-digit growth forecasts as the government works to meet its significant infrastructure requirements.
The authors of the BMI Research paper stated that growth within Qatar’s construction sector will be primarily driven by public investment into the country’s transport and commercial construction sectors.
The country’s government aims to spend $54.5bn (QAR198.5bn), and generate $46.7bn (QAR170bn) of revenue during the current calendar year. The resulting $7.8bn (QAR28.4bn) fiscal deficit will be covered by the issuance of debt in the international financial markets.
Approximately 21% of the budget has been allocated to the transport sector, as the anticipated influx of visitors is likely to place strain on existing infrastructure. 47% of the funds have been ring-fenced for projects relating to the hosting of the 2022 FIFA World Cup, including stadiums and ancillary infrastructure.
BMI Research contends that the competition will serve to draw international investors into Qatar, facilitating an acceleration of tender announcements and contract opportunities through to 2021.