Oil and gas firms pull back spending, but rent in Qatar keeps climbing

In the latest sign of spending restraint in Qatar, several major oil and gas firms have hit the brakes on leasing new apartment blocks and villa compounds in Doha, a local real estate firm has said.

But high demand from other industries, including the growing hospitality, healthcare and construction sectors, will keep rental prices up through the rest of the year, DTZ officials told reporters yesterday.

Plunging oil prices have prompted Qatar’s state-backed companies to scrap or postpone billions of dollars worth of mega-projects, namely Industries Qatar’s Al Sajeel petrochemical plant and, more recently, the al-Karaana petrochemical facility planned by Qatar Petroleum and Royal Dutch Shell.
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Source News: Doha News
Photo: Sam Agnew