QATAR'S construction sector, which witnessed a significant transformation in the lead-up to the 2022 FIFA World Cup - when the nation invested heavily in infrastructure projects to cater to the mega event - is now facing a period of adjustment.
Having staged the World Cup, Qatar is left with a lasting legacy of world-class infrastructure, which the construction sector is now focused on maintaining. The stadiums, transportation systems, and accommodation facilities built for the event have not only enhanced the country's tourism appeal but have also provided a solid foundation for future economic growth.
Qatar has grown as a global tourism destination driven by hosting such large-scale sporting events and the continuous development of tourism-related infrastructure over the past two years, according to Alpen Capital's latest report on 'GCC Hospitality Industry'. Its hospitality sector is projected to rise at a compound annual growth rate (CAGR) of 11 per cent (from $900 million in 2023) to $1.5 billion in 2028.
While the construction industry saw a contraction in 2023 due to the completion of major projects for the World Cup and a slowdown in new building permits, analysts in the country have noted an upswing in the sector this year which is estimated to surge by 4.4 per cent, according to a recent report by Researches and Markets. These views were echoed by data analytics and consulting company Global Data which stated that the Qatar construction market size was $49.3 billion in 2023 and is expected to achieve an annual average growth rate (AAGR) of more than four per cent during 2025-2028. Investments in renewable energy, oil and gas, and industrial projects will result in the growth of the construction market over the period, it added.
This story is from the October 2024 edition of Gulf Construction.
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This story is from the October 2024 edition of Gulf Construction.
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