Qatar’s con­struc­tion mar­ket valued at $75 bil­lion

Qatar Tribune - - Front Page - SATYENDRA PATHAK

QATAR’S cur­rent con­struc­tion project mar­ket is valued at close to $75 bil­lion, Pres­i­dent of dmg events Matt Den­ton said at a press con­fer­ence or­gan­ised to an­nounce the sec­ond edi­tion of The Big 5 Con­struct Qatar in Doha on Tues­day. “Of the $75 bil­lion of con­struc­tion projects in the pipeline in the state, the largest por­tion at 68 per­cent are de­fined as be­ing mixe­duse. This means they are a com­bi­na­tion of res­i­den­tial, com­mer­cial and re­tail,” Den­ton said.

QATAR’S cur­rent con­struc­tion project mar­ket is valued at close to $75 bil­lion, Pres­i­dent of dmg events Matt Den­ton said at a press con­fer­ence or­gan­ised to an­nounce the sec­ond edi­tion of The Big 5 Con­struct Qatar the in Doha on Tues­day.

“Of the $75 bil­lion of con­struc­tion projects in the pipelinein the state, the largest por­tion at 68 per­cent is de­fined as be­ing mixed-use. This means they are a com­bi­na­tion of res­i­den­tial, com­mer­cial and re­tail,” Den­ton said.

“More than $23 bil­lion of fu­ture projects are in de­sign stage. More than $46bn worth of projects in the study stage,” he said. The sec­ond edi­tion of The Big 5 Con­struct Qatar is backed by Qatar Na­tional Tourism Coun­cil (QNTC) and will run from Septem­ber 23-25 at Doha Ex­hi­bi­tion and Con­ven­tion Cen­ter.

Qatar con­struc­tion and in­fra­struc­ture mar­ket is set to pick up in 2019 and ac­cel­er­ate in 2020-2021, Den­ton said, adding the value of work awarded in the first six months of this year is es­ti­mated to be at $4.5 bil­lion.

“It is more than half the to­tal for 2018 as a whole, pro­vid­ing ev­i­dence that the mar­ket is re­bound­ing pos­i­tively,” he said.

With one of the world’s high­est GDPs per capita, im­mense gas wealth and the prospect of the FIFA 2022 World Cup loom­ing, he said, the Qatar mar­ket of­fers a sta­ble and lu­cra­tive op­por­tu­nity in the years ahead.

“The state is spend­ing tens of bil­lions of dol­lars on sport­ing, trans­port, and tourist in­fra­struc­ture to en­sure that the country is ready in time for the mas­sive in­flux of play­ers, of­fi­cials and sup­port­ers dur­ing the event,” he said.

“There has been a 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,” he said.

Pro­vid­ing break­down for Qatar’s fu­ture con­struc­tion mar­ket, he said, “There are hun­dreds of fu­ture con­struc­tion projects in Qatar rang­ing from small $10 mil­lion bou­tique ho­tels to multi-bil­lion-dol­lar mas­ter planned projects.”

“At $9 bil­lion, a new city de­vel­op­ment around Ha­mad In­ter­na­tional Air­port is the largest con­struc­tion project in the pipeline. The ex­pan­sion of the Al-Udeid Air­base is the sec­ond largest project with a value of $1.8 bil­lion,” he said.

Ac­cord­ing to Loubna Aghzafi, dmg events Doha Country Man­ager,as many as 150 com­pa­nies from 20 coun­tries will ex­hibit at the event. The three-day ex­hi­bi­tion will also of­fer more than 35 free to at­tend Con­tin­u­ing Pro­fes­sional De­vel­op­ment cer­ti­fied cour­ses.

Ahmed al Obaidli from QNTC, Ali al Marri of Taleb Group and Al Dar­wish En­gi­neer­ing Group De­vel­op­ment Man­ager Ali Chahrour were also present on the oc­ca­sion.

Qatar Na­tional Tourism Coun­cil’s Ahmed al Obaidli, of­fi­cials from dmg events and other firms at a press con­fer­ence an­nounc­ing the launch of the sec­ond edi­tion of The Big 5 Con­struct Qatar expo, in Doha on Tues­day.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.