Qatar projects grow 26pc, 2nd highest in GCC
Doha, March 20, 2014
Qatar’s projects market grew 26 per cent last year, the second highest growth rate in the GCC, where project awards increased overall by 21 per cent between 2012 and 2013, according to recent statistics.
The data was presented in a breakfast briefing at the Qatar Projects Conference, where a Meed Insight report detailed a comprehensive review of the GCC projects market from 2008 to 2013.
The report said 2008 was a landmark year for Qatar, when over $22 billion worth of projects were awarded predominantly by the construction and power sectors for megaprojects such as Ras Girtas Power and Water, Kharamaa Transmission Phase VIII, Barwa City Development and Lusail Development.
Qatar awarded about $20 billion worth of projects in 2013, including Qrail’s Doha Metro Red and Green Lines and several stations, which account for 41 per cent of all projects awarded in the country.
During 2008 to 2013, Qatar’s project market accounted for about 12 per cent ($96 billion) of the total projects awarded in the GCC, an average of $16 billion a year.
With project awards estimated to range between $140 and $150 billion this year, the report expects a positive outlook over the long-term, as GCC economies continue to grow and as population explodes requiring further investments in infrastructure.
The challenges, however, include stiffer competition as contractors from Asia move to gain a bigger share of the market and financing will play a factor in ensuring projects are not delayed.
Elie Andraos, general manager of Al Maysan, said the steady growth of the projects market is a great opportunity for heavy equipment and machinery suppliers.
“Our participation in MEED’s Qatar Projects Conference 2014 is due to its importance in attracting local and international contractors. This conference is considered as a unique opportunity to display Sany’s heavy equipment and its proven reliability and quality in major construction projects in the GCC region. We are delighted to have participated, as it falls in line with Qatar’s 2030 vision in all aspects, particularly economic and construction,” he added. - TradeArabia News Service