‘Construction industry to boom in coming years’

December 28, 2022

Doha: Qatar’s construction industry has a very good future as the industry is poised to grow rapidly in the coming years with the inflow of foreign direct investments into mega construction projects across the country said a construction industry official.

We see a very bright future for the construction industry which has grown leaps and bounds in the past years having received a turbo boost from the World Cup which will certainly pay rich dividends to the industry in 2023, said Golden Keys Trading and Contracting CEO Tuan Farzan (pictured).

He said competing with Qatar’s construction industry will not be a walk in the park for competitors as the economy is projected to record a solid growth this year. A vibrant economy is a plus factor for the construction industry in any country and this would result in a boom in Qatar’s construction industry during the current decade backed by the ‘State’s 2030 Vision’ and the policy direction of the government.

The economy is projected to grow 4.9 percent this year followed by 4.5 percent and 4.4 percent in 2023 and 2024, according to a World Bank forecast.

The hosting of a successful world cup rebuffed claims of critics and skeptics and proved to the world that Qatar has all the trappings to host an event of any magnitude. Regional and global sporting events lined up for 2023 and beyond will be tail winds for the construction industry with the need for accommodation and sporting facilities, Farzan said.

“The road network and transportation infrastructure such as the metro and the bus service are due to the future plans and vision for the state,” he said adding that in line with the 2030 Vision all existing spaces across the country will be utilised for new construction projects in the near future.

He said construction projects in Lusail and in many other iconic locations will be carried out transforming their landscape.

On the current year which is at its tail end he said 2022 was a good year as the company had been called to undertake projects in air-conditioning, building villas and maintenance of major food outlets across the country.

The latest economic insight report for the Middle East, commissioned by ICAEW and compiled by Oxford Economics, reveals Qatar’s economy is booming. Concerns about the deteriorating global outlook are yet to overshadow the boost from the World Cup tournament, which concluded on December 18. The travel and tourism sector will spur 7.6 percent growth in Qatar’s non-oil economy this year, the fastest pace since 2015.

Qatar’s construction market size was valued at around $46.8bn in 2021 and the market is projected to achieve an AAGR of over 3 percent during 2023-2026 according to statistics.

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