Doha, Qatar: Analysts state that Qatar's construction market size is estimated at QR210.01bn ($57.68bn) and is expected to amount to QR325.03bn ($89.27bn) in the coming years.

Experts at a global researching platform, Mordor Intelligence said that Qatar’s construction industry is anticipated to rise by a 9.13 percent compound annual growth rate (CAGR) by 2028.

The researchers underline key statistics and reasons for the overall growth of the market including commercial, residential, industrial, infrastructure, and energy and utilities. The report said: “For mechanical, electrical, and plumbing items, Qatari contractors, are particularly dependent on European suppliers and manufacturers; hence, a European supply deficit forced Qatari contractors to look for alternate suppliers. This affected the prices of the goods and raised questions about the cancellation of purchase orders and the termination of existing contracts.”

However, it mentions that the World Cup tournament held last year created a significant impact on the industry and the forthcoming events will enable Qatar to construct impressive infrastructures and industrial projects. The report highlights that Qatar will be spending a total of QR9.83bn ($2bn) towards the 2050 transportation master plan this year. Qatar has been well-versed in enhanced infrastructures boosting its leisure industry.

Some of the finest examples of past projects include Doha metro, universities, healthcare centers, museums, and newly-built cities including Msheireb and Lusail.

Most of the stadiums constructed for FIFA 2022 have also indicated the rapidly growing strong market.

According to the 2021 budget, an amount of QR53.9bn ($14.80bn) was provided by the government for infrastructure developments. This accentuates the pivotal role of authorities to strengthen the sector in the region.

The analysts note that “The government aims to develop infrastructure and diversify the economy by moving away from its dependence on the oil and gas sector. In efforts to diversify the economy, Qatar has opened economic free zones attracting companies from around the world.”

“The endorsement of new laws regulating public-private partnerships (PPPs) is expected to attract private sector investment in developing infrastructure, educational institutes, and healthcare projects, hence supporting industry growth during the forecast period. Investments in transportation infrastructure projects will also support growth during the forecast period.

State-run Qatar railways plan to begin construction of a rail line linking Qatar and Saudi Arabia later this year, the report added.

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