Growth in Qatar

A new report by Timetric’s Construction Intelligence Center (CIC) signals continued evidence of Qatar’s construction growth, driven by the National Vision 2030 – the country’s economic diversification policy – and the preparations for the 2022 Fifa World Cup.

During the review period (2011–2015), the industry’s output value in real terms expanded at a compound annual growth rate (CAGR) of 15.6 per cent – increasing from $20.8 billion in 2011 to $37.2 billion in 2015, and measured at constant 2010 prices and US dollar exchange rates. High levels of spending on infrastructure have been a key factor in driving the industry’s growth; with the government aiming to develop the economy in a way that it becomes more diverse and less reliant on the oil and gas sector.

Other important factors that will aid the industry’s growth are the government’s initiatives to improve the transport and tourism infrastructure, while addressing the country’s housing shortage and modernising energy delivery by increasing the volume of renewable schemes. Commercial construction is set to remain the largest sector over the next five years, driven by expanding retail and tourism sectors.

Moreover, with an investment of $15.8 billion, United Development Company (UDC) is developing the Pearl Qatar project in Doha which involves the construction of mixed-use facilities on a 400ha area. The project will enhance residential housing capacity, hospitality, commercial and retail facilities, with the aim to improve infrastructure and to attract more tourists.