Qatar’s construction and infrastructure market is set to pick up in 2019 and accelerate in 2020 and 2021, a summary of reports by The Big 5 Construct Qatar and MEED Projects has showed.
The report was distributed yesterday to media during a press conference announcing the second edition of ‘The Big 5 Construct Qatar’, which will be held at the Doha Exhibition and Convention Centre (DECC) from September 23-25.
According to the report, which was commissioned by The Big 5 Construct Qatar, the value of the country’s construction projects market “is close to $75bn.” “At $4.5bn, the value of work awarded in the first six months of this year is more than half the total for 2018 as a whole, providing evidence that the market is rebounding positively,” the report said.
MEED Projects also reported that there are hundreds of future construction projects in Qatar ranging from small “$10mn boutique hotels to multi-billion-dollar master planned projects.”
“Of the $75bn of construction projects in the pipeline in the state, the largest portion at 68% are defined as being mixed-use. This means they are a combination of residential, commercial and retail,” stated the report. Further, the reported stated that “more than $23bn” of future projects “are in design stage, indicating that they are due to come out to contractors to bid over the next 24 months or so.”
“Longer term, there are more than $46bn worth of projects in the study stage, highlighting the healthy pipeline of project activity,” it continued.
According to the report, the top three largest projects in the country are the $9bn new city development around Hamad International Airport, which, it stated, “is the largest construction project in the pipeline.” Similarly, the expansion of the Al Udeid Air Base is the “second largest project with a value of $1.8bn,” followed by four iconic towers at Lusail.
The report stated that with “one of the world’s highest GDP per capita, immense gas wealth, and the prospect of the FIFA 2022 World Cup looming, the Qatar market offers a stable and lucrative opportunity in the years ahead.”
“The state is spending tens of billions of dollars on sport, transport, and tourist infrastructure to ensure the peninsula is ready in time for the massive influx of players, officials, and supporters during the event.
“There has been 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,” the report added.