Qatars Construction market forecasts growth of 9.13%
31/03/24
Qatar’s construction sector is expected to be valued at QAR 354.7 billion (USD 97.4 billion) by 2029, reflecting a compound annual growth rate (CAGR) of 9.13 percent.
A recent report also predicted the sector would be worth QAR 229.2 billion (USD 63 billion) in 2024. It notes infrastructure and industrial projects as a catalyst for the growth with various mega sporting events including the Fifa World Cup 2022, The Asian Football Cup 2023 and the potential staging of the upcoming 2030 Asian Games all contributing.
Other initiatives, including the recently announced 2050 Transport Plan will include 22 new projects worth a total of QAR 9.83 billion (USD 2.7 billion). Further projects, according to global law firm Dentons, include the second phase planned expansion of the Doha Metro network, which includes a new line as well as the multibillion dollar Sharq Bridge proposal. The bridge is expected to encompass three overground sections combined with underwater tunnels to connect Katara Cultural Village to Hamad International Airport
Over the past decade and in line with the Qatar National Vision 2030, the States government has swiftly upgraded its infrastructure, with major highlights including kilometres of new highways, Hamad International Airport, Hamad port, new sports stadiums, the three line Doha Metro system, universities and medical facilities.
In order to realise the Qatar Vision 2030 and the 2050 Transport Plan the government has opened several economic free zones, with the intention of attracting global corporations. Further strategies include developing public private partnerships (PPPs) to attract private sector investment and continuing to develop itself as a significant global transportation hub.
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