Qatar construction sector set to peak

2024-03-16

construction sector is anticipated to reach $62.95bn (QR229.19bn) in 2024 and is expected to amount to $97.42bn in 2029, growing at a compound annual growth rate (CAGR) of 9.13 percent during the forecast period. Research and Markets in its latest report underscored that Qatar’s various commitments including hosting the 2022 FIFA World Cup, envisioning National Vision 2030, and its ambition to host the Asian Games in 2030, driving the country towards an impressive array of infrastructure and industrial projects. Other initiatives such as the 2050 Transport Plan offer Qatar - 22 new projects worth a total of $2.7bn (QR9.83bn), which was announced last year. “The second of these projects, the multibillion-dollar Sharq Bridge, will likely construct a three-part bridge with underwater tunnels joining it to connect Katara Cultural Village to Hamad International Airport. Dentons was ranked as the fourth-largest law company in the world by revenue for the fiscal year 2021, with gross sales of $2.9bn (QR10.56bn)”, it reported. On the other hand, Qatar’s centralises its focus on developing into a more significant global transportation hub. “The Qatari government has identified several urgent projects for the medium term, earmarking QR54bn ($15bn) for these. In the second quarter of 2021, spending on major infrastructure projects totaled QR15bn ($4bn), or 20.8 percent of the state’s spending budget,” the report added.