Qatar’s construction market valued at $75 billion
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.