Qatar's Commercial Construction Activity Expected To Record Steady Growth - ConsTrack360

Overall construction industry in Qatar has flourished over the years to become a growth engine driven by public investments related to Qatar National Vision 2030 and the 2022 FIFA World Cup. COVID-19 has crippled many industries including construction industry in Qatar delaying projects due to movement restriction and supply chain disruptions. The private sector construction projects have been critically affected due to COVID-19. However, with improving economic situation, the construction sector is likely to rebound in 2021.

As part of commitment to hosting 2022 FIFA World Cup, Qatar is undertaking various infrastructural and industrial projects. As part of the commitment, Qatar plans to construct eight stadiums of which construction of Khalifa International, Al Janoub and Education City stadiums is complete and operational. The remaining five stadiums including Al Thumama, Al Rayyan, Al Bayt, Lusail, and Ras Abu Aboud are at various stages of construction and will be completed before the world cup.

Ahead of FIFA World Cup 2022, Qatar is focusing on developing an extensive tourism development strategy. With millions of visitors and football fans expected in 2022, Qatar has planned for the development of several hotels in the next few years. Demand for hotel accommodation is expected to increase in 2022. As per Qatar National Tourism Council (QNTC), a total of 107 hotels with 21,577 rooms under construction at various stages of development. Due to COVID-19, there were delays in launch of hotels in 2020. Qatar is planning to build 16 floating hotels with more than 1,600 rooms. The expected influx of visitors creates the opportunity for the development of commercial units, such as various shopping malls around Qatar.

The Qatar National Vision 2030 which was launched in October 2008 aims to diversify economy and reduce dependence on hydrocarbons. As part of the vision, the country plans to increase spending on infrastructure and real estate projects over the short to medium term.

During December 2020, commercial buildings were at the forefront of non-residential with around 44% or 36 buildings permits. Also, among non- residential building, commercial buildings received the highest completion certificates of 39% (16 certificates).

Moreover, the approval of new law regulating Public-Private Partnership (PPP) (Law No. 12) will appeal private sector investment for development of schools, infrastructure, hotels, and healthcare projects). This is expected to boost commercial construction industry. PPPs will be used to support projects connected to the Qatar National Vision 2030 and Qatar 2022 FIFA World Cup event. Under the law, the government is expected to grant projects with an estimated combined value of US$85 billion by 2030.

Under the PPP, 45 schools are expected to be constructed which are distributed into 6 packages, each comprising of 6-8 schools. Each package will be carried out as a separate PPP Project. Barwa Real Estate Group will develop eight public schools out of the 45 across Qatar.

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This release was published on openPR.