Qatar construction sector set for 17pc growth
Doha, May 20, 2009
The Qatar construction sector is poised for a 17. 6 per cent year-on-year growth in 2009, as gas revenues continue to provide the country with ample funds to re-invest into infrastructure development and construction projects, said an expert.
'This presents an expanded opportunity for investors and companies involved with construction, property and infrastructure development to assess the potential in investing within this highly stable economy,' said Muteab Al-Sa’aq, chairman of Trance Continent, organisers of ‘Qatar International Real Estate & Investment Exhibition (Q-REX) 2009’.
Q-REX 2009, the only real estate and investments exhibition in Qatar, will run from May 25 to 28 at the Qatar Exhibition Centre.
The organizer also announced that it is expecting significant participation from UAE-based companies at the event, estimating that 15 per cent of the total exhibitor count will be coming from the Emirates.
Since its inception three years ago, Q-REX has been witnessing a significant influx of participants and visitors from all over the world.
With the real estate sector’s sizeable contribution to Qatar’s GDP, which is expected to reach 9.7 per cent this year, the event is projected to sustain the steep growth trend at the upcoming event despite the global economic crisis.
The exhibition is also expected to witness the launch of several large-scale projects as well as signing of multibillion dollar contracts between investors and developers.
“As the Qatari government continues to undertake massive initiatives to position the country as an economic leader in the region, we can expect significant investments to spill over to its real estate market,” Al Saaq noted.
'Q-REX’s aim is to provide global players with an overview of the current state of Qatar’s property market, and a venue where they can find the best investment options for both residential and infrastructure projects,' he added.
In addition to housing units and public installations, Qatar has also seen growth in office space market due to increased demand among global oil and gas companies, the banking and financial services sector, and government ministries and agencies, he pointed out.
Growing tourism has also prompted Qatar to invest in the development of hotels and resorts, with figures released by the Qatar Tourism and Exhibitions Authority (QTEA) estimating a total investment of $17 billion into tourism infrastructure to support the anticipated 400 per cent rise in hotel capacity by 2012.
Al Saaq said brand new residential towers were being delivered in and around Doha, with projections of 9,000 new apartments to be available by 2010, while 80,000 new hotel rooms will be finished by 2016.
Development at this astounding pace is precedent to the potential of Qatar’s property market despite the challenge of the present economic slowdown.
'As correction envelopes the region’s real estate sector, we are expecting Qatar to lead the way as the centre of development for major industries in the Middle East,” he added.
In addition to Qatari Diar and Barwa Real Estate, Doha Land has also signed as an official sponsor for ‘QREX 2009’, along with Dar Investment Development, First Qatar, Ezdan, and Spain Pavilion who are participating as Platinum Sponsors.
Gold Sponsors - The Land, Aqaar, Engel & Volkers, Asteco, Al Madar, Top Expo, Baz and Meinhardt, and Silver Sponsors - Retaj, Tadmur, Durat Al Bahrain, Era, IBQ and Murabahat, have expressed their trust in the significant role of the show as a major contributor to the corrective trend that the real estate sector in currently undergoing.-TradeArabia News Service