By Qatar’s construction sector is on an upward trajectory.
Analysts at Research and Markets forecast the market to reach a value of $62.95 billion in 2024, with continued growth projected to reach $97.42 billion by 2029. This translates to a significant annual increase of 9.13%.
Driving Factors
Qatar’s transformation is in full swing, fueled by a combination of ambitious goals. Hosting the 2022 FIFA World Cup was just the beginning. The country’s national vision for 2030 and a bid to host the 2030 Asian Games are propelling a surge in infrastructure and industrial projects.
One project is the expansion of the existing Doha Metro network, known as “The Blue Line. Which will be carried out as part of the second phase of the Doha Metro project. Additionally, the multibillion-dollar Sharq Bridge, featuring a three-part bridge with underwater tunnels, will connect Katara Cultural Village to Hamad International Airport.
The Role of Government
Qatar’s government is a driving force behind the construction boom. They’re not just investing heavily themselves – in 2021, they identified a whopping $14.8 billion worth of projects, with a focus on infrastructure. To further fuel growth, Qatar is welcoming private partners to the table. New laws make it easier for private companies to invest in infrastructure, schools, and healthcare facilities, expanding the construction industry and diversifying the economy.
Furthermore, the government aims to develop Qatar into a significant global transportation hub. With QR54 billion ($15 billion) earmarked for urgent transportation projects in the medium term, the country is making substantial investments in its transportation sector.
Overall, Qatar’s construction market is set to experience robust growth, driven by its ambitious projects, government support, and focus on becoming a global hub. These developments position Qatar as an attractive destination for construction companies and investors from around the world.
