Qatar’s construction market is growing very quickly and will keep doing so for the next few years as the government is spending a lot of money on building projects. By 2030, the market is expected to be worth much more than it is now. It’s projected to be worth $123.1 B, compared to last year’s $53.3 B.
Construction activity will increase in many sectors, including commercial, residential, industrial, and infrastructure (transportation construction). This will help to spur the economy’s growth. The latest reports found that the government has plenty of money, so it doesn’t have to rely on private partnerships, which makes it easier for the government to fund its projects.
“Qatar is also spending extensively on infrastructure and building projects, with $220 B planned for the road network, stadiums and facilities, as well as several big projects in the planning or construction stages, including hotels, leisure, and recreation,” the report said. “The administration has also pledged to improve health and education services, as well as to grow the tourist industry, which offers up a plethora of building options.”
The Qatar government has identified several projects worth a total of QAR 53.9 B. These projects will be awarded between 2021 and 2023. A separate report from Research and Markets says that Qatar’s construction market is expected to grow by 10% annually between 2022 and 2027 due to government spending on projects.
“The government aims to develop infrastructure and diversify the economy by moving away from its dependence on the oil and gas sector. In efforts to diversify the economy, Qatar has opened economic free zones that are attracting companies from across the world,” the report said, according to Zawya.
The government is hoping that new laws regulating public-private partnerships will encourage private businesses to invest in developing infrastructure, educational institutions and healthcare projects in Gulf state. The growth will be supported by investments in transportation projects. This will help people get to where they need to go more easily. “In addition to building stadiums specifically to host World Cup matches, Qatar has been investing and continues to invest in modernising its infrastructure. The goal is to become more of a transport hub for a significant part of the world.”
