Qatar 'set to overtake UAE in projects market'
Doha, April 7, 2013
Over the coming five years Qatar could overtake the UAE as the GCC’s second largest projects market with more than $90 billion worth of projects likely to be tendered during the period, a report said.
Contract awards are likely to peak at $24 billion in 2014, potentially seeing it overtake the UAE market in terms of project activity, according to the Meed Insight report.
The rapid acceleration in project tendering comes as Qatar seeks to build the necessary infrastructure in time for the 2022 Fifa World Cup.
With a strict timeline for the implementation of many projects, the government has little time to spare for proceeding with its investment plans, the report said.
“Despite hopes that 2012 would be the year that marked a ramp up in activity, delays in tendering and awards mean that 2013 is set to be the pivotal year,” says Ed James, head of Meed Insight.
“This will start with the award of the Doha Metro main packages which are expected to exceed $5 billion and will follow with a raft of contracts on the expressways, local roads and drainage, and sewerage programmes.”
Details of the state’s extensive projects programme are outlined in the Qatar Projects Market 2013 report by Meed Insight.
“According to the government, Qatar plans to spend between $100 billion and $150 billion over the next 10 years on new stadiums, hotels, transport and sewage infrastructure to meet the needs of the global event,” added James. This will turn Qatar into one of the world’s major project hubs almost overnight and represents a fantastic growth opportunity for regional and international contractors alike.” – TradeArabia News Service